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When you are looking to collect from a customer who’s check still hasn’t come in the mail (even though the due date has well-passed), nothing can be more frustrating than the excuses they give. One of the best debt recovery solutions is to get on the phone and immediately call, but you have to prepare yourself to battle the “reasons” they give you for late payment. However, if you want to make these kinds of debt recovery solutions work for you, get ready to respond to anything thrown your way. When you are in need of super-effective debt recovery solutions, turn to an action plan for common late payment excuses to get the job done.
Debt Recovery Solutions: Action Plan for Late Payment Excuses
Excuses to prepare for:
1) The check is in the mail: Perhaps the easiest excuse, many times customers will claim the check is on it’s way or was even lost in the mail. It’s always a possibility, but there’s a good chance it’s just an excuse.
2) We pay on our own schedule: This can be an excuse you hear often, especially if you are dealing with a larger business. If there is a lot of red-tape in a company, they might try to tell you you have to do things their way.
3) Our accountant keeps the books: Customers might put the blame on their accountants, who most likely (if they have one) do keep their books. However, the accountants don’t handle the cash. Don’t let this fool you. Again, this is an excuse more often heard with bigger businesses.
4) The company is going out of business: When you hear this, you must go to many lengths to confirm it. No need to take the necessary action for a failing business without first confirming the story.
5) We are waiting to get paid by our customers: This excuse is perhaps the most ironic, as you are both in the same boat. We all know how small businesses can run into cash flow troubles, but you must be prepared to sensitively deal with such excuses.
Now, these are just some of the most popular responses you will come across when exploring your debt recovery solutions. To prepare yourself, checkout this action plan that provides responses to the above solutions. Know how to approach each situation, allowing you to increase your chances of debt recovery. No matter what debt recovery solutions you’re exploring, preparedness should always be involved.