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Why Do I Have Slow-pay Accounts?

The short answer is, because you’re in business. Any company can expect somewhere between five and ten percent of their accounts to be slow paying. This holds true even when we take a cross-section among various industries. To be sure some industries will fall on the lower end of the spectrum and some on the higher end, but the law of averages holds true. Are slow-pay accounts just slow paying, are they bad debt, or are they simply uncollectable. The answer to this question is more important than any other since making this determination early on will save both time and money.

By Matt H.

I recently had the privilege of attending the Tennessee Funeral Director Association Conference in Murfreesboro TN.   I met some amazing people.   One of the organizations that was set up next to my booth was “The Compassionate Friends”.  This organization was created to help families that have suffered the death of a child.   They were truly there to get out the word out that there is help.   The couple that was there told their story to anybody that walked by.  It broke my heart to listen to their tragedy.  In 2008 their eldest son was at college playing a video game and his heart stopped and he […]

Did you ever wonder if you should be a little more flexible with your customers that don’t pay on time? After all, in some cases, there are very good reasons for someone’s delinquency on a bill. The short answer is yes, you should try to create some flexibility when your customers are late paying your business but it’s how you do it that matters. In the short video below, we discuss why you should be more willing to work out a resolution with a late-paying customer and a few tips for making it a win-win.

Business-to-business debt is a sensitive issue to resolve. When a business becomes a client, there’s a good chance it will be a recurring customer, resulting in weekly or monthly revenue. But just like individual people, businesses are sometimes late to pay on accounts.

Delinquent accounts are frustrating, but you want to collect the payment without risking the long-term relationship. This is why we have released a video on the most important factors for resolving business-to-business debt, preserving a source of recurring revenue for you and your company.

A few points to consider before we get to the video:

• Diplomacy: Companies often bring repeat […]
  

Proper information helps with debt collections

Information is a great way to keep in contact with your customers for a whole host of reasons. Marketing new products and services, rescheduling appointments and good old fashioned customer service.

It’s also vital to working with your customers to work out late payments. After all, the easier it is to get in contact with a delinquent account, the easier you can resolve that payment issue. We can’t tell you how many times we see a business come to us and they have very little information on their clients. In fact the credit bureaus just released news that starting in 2017 you may not […]