Creditors often have to try to find ways to convince debtors to pay the bills they owe. One of the best ways for creditors to make this happen is to learn more about why they do not pay. This can help creditors find solutions that enable them to get payments as...
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Debt Collection
Why are wage garnishments useful for collection efforts?
When someone owes a significant amount of money to another party, various tactics may be used to collect the balance. It often begins with simply contacting the debtor to inform them of the issue—perhaps the debt was merely overlooked or forgotten, and they will pay...
How to run a cost-benefit analysis on business debt collection
Unpaid invoices can quickly spiral into a huge financial crisis. You could send payment reminders over and over, make collection calls or even withhold goods and services. However, these techniques are not always effective. At this point, filing a debt collection...
Is your small business owed significant payment?
If you are a small business owner, you understand how challenging it is to remain operational without dipping into the red. When a client or customer fails to pay on time or at all, it can inspire significant financial stress and disrupt your operations. Even if you...
What should you do if clients ignore collection calls?
Some businesses have to invoice clients for the services they provide. They count on these clients to pay the invoice so the business has an income and a steady flow of cash. When the client doesn’t pay, it can put the company in a financial bind. One of the first...
How to encourage your clients to make prompt payments
Being paid on time is important for every business. However, it is especially important for startups and companies that are trying to grow. These businesses may not have the financial capital as a backup for missed payments. In short, a series of missed payments could...
4 tips for making successful debt collection calls
Calling clients to ask for delayed payments or business debts is not everyone’s typical day in the office. Making debt collection calls is an art that takes time to master and involves effective strategies and techniques. The following are some tips for making...
Reasons debtors may fail to make timely payments
It can be very frustrating when clients don’t pay what they owe. They took on that debt and made it sound as if it would be affordable. But they have since failed in their obligations to make timely payments, and now it’s having a larger impact on the lender. But why...
Taking collections action against a debtor
Every business, regardless of size or industry, faces challenges related to unpaid invoices or debts at some point. While extending credit can foster customer loyalty and boost sales, it's essential to have strategies in place to recover any money owed to one’s...
When can creditors call?
When creditors have an outstanding debt, they will certainly attempt to contact that individual when they fail to pay the debt back on time. They may do this by email, by sending a letter in the physical mail or by making a phone call. That being said, there are...