One of the most frustrating and challenging aspects of running your own business is chasing clients with unpaid invoices. If bills are not paid on time, your cash flow will be negatively affected and if this happens often enough, your company’s survival will be in jeopardy. To avoid such a disaster, you must nip the issue right in the bud. Start by learning to identify the signs that you need to hire professional debt collectors.
Here are some of the most common signs that you need the help of debt collectors:
1. Client’s Initial Payment Doesn’t Go Through
Consider it a red flag when clients attempt to pay an invoice but the payment doesn’t go through because of insufficient funds. Make sure you take note of this client and immediately send reminders that their invoice is due and their payment attempt failed. If after a few emails or calls, you get no response, it’s best to call debt recovery specialists./
2. You Are Not Able to Contact the Client
Be wary of clients who are suddenly unreachable when it’s time to pay bills. If this happens to you, don’t wait until the overdue invoices pile up on your desk. Take action immediately by referring delinquent accounts to a professional debt collection agency. These firms know exactly which strategies work best when dealing with these kinds of customers. Plus, they can offer you expert advice on how to avoid this issue in the future.
3. Debt Is More Than 90 Day Overdue
An invoice that is one or two days overdue is unfortunate, but it’s something that you can easily deal with. However, you have a serious problem in your hands if you have an account that’s more than 90 days past the due date. At this point, it will be extremely difficult for you to recover the debt by yourself. Even companies that specialise in late invoice collection struggle with these kinds of accounts. The best course of action for you is to hire debt recovery experts. These professionals are experienced in dealing with delinquent accounts like this so they have a better chance of successfully collecting payment.
If you notice any or all of these signs in your business, be sure to get in touch with our debt collectors here at Slater Byrne Recoveries New Zealand. We specialise in collecting debts that no one else can and we’ll work with you every step of the way to ensure your cash flow is properly secured. Call us today and get a free consultation!