You offer products and services to B2B clients. You maintain good business relations. You ensure that your associates are on good terms with you. And while doing so, you are offering services and products in credit. Now, the problem with credit buyers is that they might not want to pay at the right time. They keep the credit away from their priority list and that is why you don’t get the payment at the right time. This is when businesses seek help from commercial collections agencies.
Business Debt Collection and Lenience
If you are facing a situation currently where your debtors are not willing to pay, then this is not an exceptional case. Given the global pandemic and its effects on the economy, businesses are running in survival mode. And that is why they are stalling payments to keep the cash in hand. At Nelson, Cooper and Ortiz LLC, we are getting hundreds of queries regarding this and how it will work once we take over. But here we are going to tell you how you can get some of the money back by yourself too.
Offer Discounts and Incentives
Owing to the present scenario, your clients are scared to pay you or to let go of the money. And that is why you need to offer them some discounts and incentives. You can offer some discounts for their next order if they pay you within a stipulated timeline. Or you can give them some incentives to pay on time every month to keep the cash coming. This is a step that many debt recovery services suggest.
Long Term Payment Plan
Instead of asking for the money all at once, you can ask the debtor to go for a long term payment plan. This way, they can give the payment in installments for a longer period of time. The financial burden will be less on them, and you will also get your money back. Even though it will take time, yet it is better than paying us or any agency for business debt collection.
Maybe the debtor you are dealing with is really in a tight position and it is difficult for them to pay the whole amount. Loss in the business, death of the stakeholders due to the pandemic can cause such situations. We recommend that you can go for a settlement with such debtors. This is a better way to get the money as this debtor might be already considering filing for bankruptcy and in that case, getting money will become a long shot.
So, implement these plans in your strategy and for any assistance regarding pre-litigation process, dial (800)939 7213 now.