How To Navigate the Challenges of Slow-Paying Customers?
Businesses depend on cash flow. When you have to deal with multiple customers who delay payments or don’t pay their dues, your business may get choked and that may hurt your growth opportunities.
If you’re looking for credit collection services that can help you collect overdue payments swiftly, Nelson, Cooper & Ortiz, LLC is the agency that can help. We use innovative and data-driven techniques to work with slow-paying customers and help free up your payments without harming your business relationship. Our clients know that they can count on us when they are in a desperate situation.
Professional Credit Collection Service Agencies Use These Techniques for Slow-paying Customers:
1. Check The Customer’s Payment History
To kick things off, take a close look at your customer’s payment history. You might notice that some folks are a bit slow when it comes to settling their bills – they tend to rack up dues and clear them out only after a few weeks have passed. This usually happens when their business model involves getting paid once certain milestones are achieved. For example, a subcontractor working on a construction site might get their paycheck after completing half of the job.
In these situations, it’s generally a good idea to exercise some patience and wait for them to come through with the payment. However, if you’ve got customers who consistently drag their feet with payments, it’s time to put some solid strategies in place or consider looking up the “best debt collection agency near me” in your area. If you happen to be in Houston, look no further than Nelson, Cooper & Ortiz, LLC, a respected name in the industry that can help you out.
2. Embrace Technology
Digitizing your infrastructure also plays a huge role in facilitating easy payments. If you’re a cash-only business, then you will run into several problems while collecting your business debt. Instead, keep all forms of electronic payment options open to your customers.
As a credit collection services company, Nelson, Cooper & Ortiz, LLC, has an exceptional record for collecting payments from borrowers and digitization is one of the factors responsible for it. We don’t just provide easy online payments through the internet and mobile apps but also provide borrowers payment in the form of easy installments.
3. Offer Incentives For Early Payments
Think about giving your customers a little extra motivation to pay up early – like a sweet discount for consistently making payments on time, or some other perk. And if they’re running late, you might want to gently nudge them with a late fee or a nudge to their credit limit.
If you are dealing with late payments from several clients and have a hard time recovering them, Nelson, Cooper & Ortiz, LLC can help you out. As a collection agency in Houston TX, we have years of experience dealing with all kinds of businesses and have successfully helped them recover unpaid debts for them. Contact us today at (713) 360-6645 or click here to talk with our experts.