Three strategies to reclaim owed money

Whether commercial (B2B) or consumer debts, learning to promote debt collection success requires patience, diligence, and professionalism. At Greenberg, Grant & Richards, we have extensive experience in the B2B debt collection realm, earning a solid reputation as a firm that delivers results as well as excellent customer satisfaction across the board.

Here are three essential strategies that the expert corporate debt collectors at GGR would impart to those who are seeking to formulate a successful debt collection case.

Be patient

As expected in these situations, we often find that our clients are irritable and uneasy with the amounts owed to them. This is a perfectly reasonable sentiment; your organization has rendered products or services which haven’t been compensated for. Breach of contract for non-payment is an unfair situation and a universal injustice, and it’s natural to be angry.

At Greenberg, Grant & Richards, many of our clients have previously attempted to collect on a debt owed, but despite their best efforts, have fallen short to achieve a desirable result. Issuing an abusive or threatening collection tactic is the worst mistake that can be made – not only is it ineffective, but it can lead to legal ramifications. For this reason, we highly recommend consulting the services of a professional B2B debt collector who will deploy a non-abusive debt collection strategy that works for you and your business.

Be timely

When contacting the debtors in the question of your case, it is imperative to demand prompt, timely action.

In order to optimize your chances of collecting on the debt, your strategy should include a full schedule including specific deadlines for payments, and deadlines for obtaining appropriate responses. In the case that a deadline is missed, the debtor should be contacted the very next business day.

At GGR, we know from experience that every moment wasted will reduce your chances of claiming money owed. With every case we handle, we do so with the utmost care of your timeline, which not only indicates the seriousness of the debt owed but also furthers the chance of success. We have processes in place that allow us to deliver successful results within a reasonable timeframe and set the understanding in motion that failure to take the debt seriously will result in an escalation of the collection efforts.

Be reasonable

The third strategy that GGR would like to impart in this informative post to our readership is the importance of being reasonable.

In our experience, we have always found that there is a reason why the debt exists in the first place. We seek to understand why the debt originated, and what steps may be taken in order to resolve the situation. We take the time to find out why the payments haven’t been made – and we use that information to develop a solution to the problem that works for both the debtor and creditor.

At Greenberg, Grant & Richards, we understand that each situation is unique, and therefore it is of utmost importance to gain a clear view of the debtor’s position when creating a strategy to collect on a corporate debt.

Using these fundamental strategies as a starting point, we can fairly and quickly gain an idea of the best tactics and strategies that will work together to improve the efficiency of the collection process.

To get started on your B2B debt collection strategy, contact the experts at GGR for more insights on how to become another successful debt collection story.

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