As a small business owner, you will likely come across clients who do not pay on time or, even worse, do not pay at all. Dealing with such situations can be both frustrating and stressful. However, there are diplomatic and effective approaches to dealing with clients who have delinquent accounts.
Almost every business will encounter non-paying customers at some point. There are various reasons why customers may fail to make payments, and it falls upon the business owner to handle these situations professionally. When all other attempts fail, engaging a collection agency can assist in recovering the outstanding debt.
Hiring a collection agency is often considered the last resort for businesses seeking to settle unpaid invoices, typically those that have been overdue for around 90 days. These agencies specialize in collecting payments on behalf of businesses, with expertise in dealing with delinquent accounts. By enlisting their services, small business owners can increase their chances of receiving the owed payments without resorting to legal action.
The Credit App
Credit Reporting Services for Small Business
An SMART and easy way to collect nonpayments
Step #1 Upload the information and documents of the customer that is in default.
Step #2 We send out a customize notice via email, text, and certified letter notifying the debtor of the nonpayment. We notify them to pay you directly to prevent the negative credit mark from going on their record.
Step #3 Allow two-week grace period , if no payment has been made, the debt will be reported directly to the credit bureaus with your company's name as the creditor.
Step #4 - Credit reporting with The Credit App is similar to filing a lien. It lets the world know that this person is a high credit risk. The negative mark remain on their record until fully paid off or 7 years.
Step #5 When the property owner sees the negative mark on their credit, they know where to mail the check when they are ready to have credit again.
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