Your business relies on timely payments from your customers and clients. When your customers aren’t reliable with their payments, it hurts your bottom line. Whether accidental or intentional, missing payments will not only have consequences on your business, but can have major consequences for those customers who are simply unwilling to pay.
If you’re tired of waiting around for your customers to pay, hiring a collection agency is worth considering. Founded in 2017, Capstone Collections uses effective debt collection methods to get you the money you’re owed. Here are some of the top signs it’s time to involve a collection agency.
Multiple Missed Payments from Multiple Customers
If you notice a trend of multiple missed payments from multiple customers, it’s time to get
involved. What may start as just one or two customers that have missed payments can quickly turn into a large-scale problem for your business. Unreliable payments can put your business at risk for financial problems, so getting your customers to pay on time is a crucial part of your business’ success.
Have a dedicated member of your team regularly check your accounts due to ensure payments are submitted on time. Staying on top of communication can mean the difference between an on-time payment and multiple late payments.
You Have Unpaid Invoices Older than 60 Days
The longer an account goes unpaid, the more you lose on the unpaid invoice. If you don’t have payment in 60 days of the completed sale or service, that may be a red flag. The more accounts that you let go past due, the less you earn for your business. If you’re not regularly reviewing your accounts and how far they go past due before you receive payment or write them off, the time to start is now.
When you have customers who are simply unwilling to pay on time,
. Our skilled team members can help you collect the money you’re owed and can give you tips and resources to get your clients to pay on time.
Lost Contact with a Client
If you have a customer who vanishes into thin air, it’s time to call a collection agency if they have outstanding balances. When customers actively avoid calls and emails, they know that they’re skipping out on paying their invoice. In fact, there are some who will go so far as to change their contact information and address to get out of paying.
You need a dedicated team that can help track down those that owe you money. We offer field call services to verify contact and residence information, and will reach out to those that owe you money to find out why they’re not able to pay.
You Don’t Have a Standard Contact Timeline
A standard contact timeline is essential for reinforcing good payment habits from your customers. Be clear and concise up front when discussing payment terms and conditions, such as the price, when you expect to be paid, and the method of payment.
Remind your customers before the sale is completed, then set up regular intervals to contact the customer after the sale is completed if necessary. Where many businesses fail is consistent followup. We can help you set up an effective contact timeline to follow with all of your customers.
When customers don’t pay, it hurts your business. Regardless of why a customer is unable or unwilling to pay, the team at Capstone Collections is here to help. For more information on how we can help you and your business,
the team at Capstone Collections today.