Debt Recovery Solutions That
Would Work Most Of The Time
by Ravi
(India)
What I am going to do here is to list down some debt recovery solutions that would work for most businesses, and of course they worked for me in my business.
- Remind the customer: In majority of the cases the customer just needs to be reminded of the debt. The use is two fold. It reminds them if they forgot and at the same time it tells them that we are expecting it back.
- Gently let him know the consequences: Put the possible consequences of missing the payment in a non-threatening fashion. It is understood that he/she owes you and you are expecting him/her to pay back. So, obviously there would be some side-effects if this does not happen. Let the customer know about it.
- Ask for a deadline: Most of the time instead of setting the customer a deadline, asking them to commit to one themselves would help. This is a gentle and professional strategy which makes him/her feel guilty if the self-set deadline is missed. And obviously he wouldn't set a deadline which is unreasonable because that way we get to know his actual intentions on paying it back.
