10 Tips On Recovering Debt Quickly
- Ensure all new customers/clients are familiar with your terms of trade and terms of engagement.
- Run credit checks on new customers/clients, including the directors of the companies and don’t continue to trade with companies with a bad debt history.
- Follow up all overdue invoices as soon as they become due. The follow up process should be by multiple methods, text, email or phone to connect with your client/customer.
- Understand your customer/client’s payment cycles. Structure your recovery process to work with this or assist your clients/customers with restructuring their payment cycles.
- Offer as many options to pay as possible, cash, cheque, EFT, credit cards, etc.
- Ensure your client signs to accept your terms of trade and terms of employment.
- Ensure you have a clear and easy to understand debt recovery process.
- Keep regular contact with your clients/customers to ensure you know they are facing or going to face financial difficulties.
- Try to ensure you keep regular contact with your customers/clients.
- If you still find yourself with unpaid debts, contact your lawyer, who can assist with a letter of demand or court proceedings.