Collecting debt, in order to be as effective as possible, must be done routinely and persistently. Maximizing the amount of debt recovered is contingent upon a variety of
factors, including the debt collector’s willingness to set aside the necessary
time to engage the debtor and recover the amount owed.
Any company can attempt to collect debt, however, a desire to recover monies owed to your company alone, will not guarantee success.
How to Collect More Debt – Be Persistent
In order to collect more debt you must be willing to devote a lot of your time to contacting your debtor. The time spent collecting debt may include many, many failed attempts at
making contact, before the debtor can even become engaged in a dialogue. Many business owners grossly underestimate the time this process can consume. However, the debt must be at the front of your debtor’s attention in order to recover any amount from them. The longer the subject of owing you money is not addressed, the more your debtor will develop a feeling of having gotten away with not paying the debt they owe you. Persistence is the
key to success in debt collecting. Any lack of consistency when collecting debt will greatly reduce the chance that your will recover the money owed.
How to Collect More Debt – Engage the Debtor
Keeping the debt fresh in their mind will greatly increase the chances of recovery. Collecting more debt will also depend on your ability to effectively engage your debtor. Be sure that your debtor understands that you will continue to pursue payment until the matter is resolved. Let the debtor know that you will find out who they are doing business with, who they work for, where their income source is and that you will use any information and all resources available to recover the amount they owe you. Keep in mind, at this stage, you are not simply asking for the account to be paid in full, you already did that when you originally invoiced them and provided them a product or service. You are now demanding the debtor take responsibility and resolve the matter.
How to Collect More Debt – Resources:
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About the Author
Business Development Consultant with over 15 years of experience assisting companies in a variety of sectors, including venture capital/investment firms, call centers, real estate, auto, apparel, durable medical supplies, industrial recycling, industrial fabrication, land development, credit management and commercial collections agencies. Areas of expertise include internet marketing, corporate strategic planning, business writing, risk assesment, sales, call center management, credit/collections and international business strategy.