Commercial collections can be stressful for a business of any size. And, without the right tools in place, it can be challenging. For example, the older the debt, the harder it may be to collect on it. Here are four ways that you can improve your commercial collections.
Become a Problem Solver
In many instances, the mere existence of a past due account means you have a problem. During the collections process, you're looking to solve your problem and get paid, but you must also realize that there's a reason why the debtor didn't pay you. You can become a problem solver for debtor, too. Solving their problem may help you solve yours. Options may include creating a payment plan, settling for a lesser amount, or offering a discount if the debtor can find a way to pay their bill. This tactic also preserves the goodwill of your relationship. The debtor may be likely to continue to refer you to their colleagues because you tried to help. If, after continued efforts to collect you are getting nowhere, reach out to an experienced collections attorney.
Listen Well and Be Assertive
If you're tasked with collecting on a past due account, know that there is a big difference between someone who is aggressive and someone who is assertive. When you're assertive, you state the facts without shouting or getting angry. You listen to what the debtor says and you respond with grace and professionalism. When you listen well, you're able to become a problem solver (see above). Make sure that you ask the right questions to learn why the delinquency happened and be assertive about getting paid.
Follow-up Earlier in the Collections Process
Start the follow-up process on past due accounts earlier in the collections process (learn more about that here). To do this, you begin calling clients who are one day past due. This can help get the issue under control and assert to the client that you're serious about this matter.
Get Professional Help
You can improve your commercial collections by getting professional help. A lawyer who focuses on commercial collections can ascertain which accounts can be collected on and the best options you could use. The right attorney can guide you through the collections process and can even help you access legal rights through the court.
For more information, contact experienced collections attorney Ronald P. Slates today.