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Owning a business is the American dream. Filled with an abundance of opportunities and rewards for anyone lucky enough to get their venture off the ground, owning a business also has a few risks that any successful business owner understands ahead of time. The biggest of those risks is non-paying clients, whether they pay late or don’t pay at all. When clients do not pay, your bank account and business hurts. You cannot possibly survive with a clientele full of non-paying clients. Fortunately, many options help business owners get non-paying clients to clear up their debts.
Debt collection is an important process for any business. Without a debt collection process, do not expect your business to stay alive -or collect on those past due and unpaid debts any time in the near future. Evaluate each of the debt collection options, learning more about the pros and cons of each. We’ll get you started by providing additional information about the various debt collection options available on the list below.
Option One: DIY Debt Collection
DIY debt collection is the most affordable option available to business owners, but also the least effective. Clients do not take seriously the emails, phone calls, or even visits to their business, diminishing the odds of collecting the debts owed. After all, if they were willing to pay their debts, you wouldn’t need the debt collection process. Visiting a business, making calls, and other DIY techniques take a lot of time, and with their low result rate, may not be the best option for a business that wishes to stay afloat. You cannot keep the doors open if you cannot collect monies owed to you, after all. Most business owners use DIY collection methods for personal clients or perhaps when business first gets off the ground. There are better options available than DIY debt collection!
Option Two: Enlist an Attorney
Using an attorney to collect a debt can be another option small business owners may consider. Attorneys put fear into the mind and that’s exactly what you need when collecting debts. Going to court is the last thing anyone wants to do, so most of the time a client will pay their debt to avoid the risk they’ll end up in court. On the downside, attorney fees are exuberant, leaving man small businesses unable to afford the costs. Furthermore, the costs to hire an attorney to collect debts may not be feasible for low debt amounts. When clients do not intend to pay, hiring an attorney can rack up a lot of fees that yield little to no return. For most small businesses, an attorney is a last-resort option only. You’d likely be better off using a DIY method rather than an attorney debt collection service.
Option Three: Hire a Collection Agency
The most practical debt collection method available to a business owner is to hire a collection agency. The agency provides services that you’d DIY such as phone calls, letters, and emails, but they’re more successful than the usual business owner. Although not as precise as an attorney, collection agents still put fear into clients who often pay what the owe after one or two attempts from an agent. Collection agency costs a fraction of the price of an attorney and helps reduce the amount of outstanding debt threatening the future of your future. This option is the most popular amongst business owners; with good reason. Hiring a collection agency is fairly simple, doesn’t take up a lot of time, and offers a great value to a business of any size.
Get Your Money. Call Now 321-710-3530
We are experts at collecting debt previously deemed “un-collectable debt”.
GET A FREE QUOTE