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How can you efficiently collect business debts?

When you are in a position where you are waiting on several notable business accounts to pay their debts, it can be both disconcerting and frustrating. If you passively continue to wait for these accounts to take action on their own, you could compromise the financial stability of your enterprise in Florida. Fortunately, there are proactive steps that you can take to encourage business accounts to pay their debts promptly without coming across as abrasive or obnoxious. 

From the creation of your organization, it is critical that you set boundaries for your payment requirements that are clear and concise. Having your expectations visible to the other companies with which you conduct your business can help you to protect yourself while informing purchasers of their responsibilities. 

According to profitableventure.com, one of the most important things to remember when confronting a debtor is to cut straight to the chase. Refrain from sugarcoating your requests. Instead, be frank and forward in asking that they make timely payments. You should also set your expectations a little below what you would ideally like to receive as some debtors are unable to maintain their promises to pay in full. As soon as you recognize that payment is missing or overdue, be swift about addressing the issue before discussing it becomes awkward or requires more resources to settle. Despite your frustration with having to ask for payment that should have already been made, always maintain a professional attitude in dealing with your debtors.

The information in this article is intended for educational purposes only and should not be taken as legal advice.  

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CreditorCollections, A Law Firm

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