Every small business knows the importance—and the hassle—of collecting past due balances. Also known as accounts receivable, small business debts must be resolved to maintain positive cash flow and keep the lights on. To avoid cash flow problems, there are some efficient strategies for any small business to keep the books clean and healthy.
Many Collections departments consider live agents to be the most efficient way to reach customers and, in a few cases, that’s true. But an effective collections process must incorporate voice broadcasting into their practices. Voice broadcasting is perhaps the most preferable method to reach clients, especially when it comes to sending bill payment reminders.
Personal debt tends to increase around the holiday season thanks to traveling, shopping and similar activities. Implementing an effective debt collection process is particularly important during this time of year, especially with people frequently out of town and maximizing holiday budgets.
Trying to figure out the best way to collect past payments? Is your current method failing to work as it should? Look into automated debt collection—a simple yet effective method of collecting that offers a variety of benefits, including time to focus on other aspects of your business.
Dealing with customers who don’t pay is never pleasant, and can seriously affect your ability to pay not only company bills, but personal bills as well. Rather than watching your business be affected by financial loss, check out the following options for improving the collections process:
