When a customer fails to pay an invoice, it can put a strain on your business's cash flow. While pursuing friendly reminders and attempting to negotiate a repayment plan are important first steps, there may come a time when considering stronger collection actions...
Collection
What percentage of students fail to pay college debts?
Student debt is a major issue in the United States. Most students cannot afford to pay for college on their own, as it could cost them over $100,000 just to go to a local school. As a general rule, the United States does not have tax-funded college options like the...
Excuses people make when they don’t pay what they owe
As a lender or a business owner, you certainly expect people to pay back the money that they owe. An agreement was made and you upheld your end of the deal. You expect them to pay on time and pay the correct amount without issue. Of course, this doesn’t always happen....
Keeping track of actionable accounts in need of collection
For businesses, managing accounts receivables efficiently is important for maintaining a healthy cash flow. However, when payments are overdue and accounts go into collections, it becomes vital to have a system in place to track these accounts effectively. This effort...
Debt in America reaches historic levels
The economy in the United States has been rough lately, and it appears that people are turning to debt more and more often to try to make things work. Specifically, reports in the last few months show that credit card debt reached $1 trillion. This is the highest that...
In this economy, unpaid debts are becoming more common
The economy has become difficult for many Americans. Costs have been going up as businesses post record profits. But wages have not increased to match those costs, so people are naturally running out of money. This can be seen in a rising number of foreclosures and...
Going modern: Getting your debt collection practices up to speed
It can be tough to get some consumers to pay what they owe – but modernizing your company’s debt collection process can actually help. Essentially, if you want your debtors to pay up, you need to make it as easy as possible for them to comply with your plans. Here are...
3 debt collection options to consider for your new business
Here is a common question from entrepreneurs planning to open a startup. I’m not open yet, so why would I need a debt collection plan? Unfortunately, unpaid debt can overwhelm your startup before you realize it has happened. With insufficient money coming in, you...
Encouraging on-time payments from your customers
Although there are several options for collecting on unpaid invoices, business owners need on-time payments to keep things running smoothly. Late payments can disrupt the flow of operations, thereby compromising your business finances. You may already have a strategy...
How should you handle unpaid invoices?
When your company is dealing with past-due invoices from other companies, it is important to take a proactive and structured approach to ensure the best possible outcome. A few outstanding debts might not seem that significant right now, but your situation could...