Dealing With Unpaid Invoices From Clients – Should A Small Business Hire A Collection Agency?
Financial viability is essential to running a business, especially for small businesses. Small scale companies do not have a huge amount of money kept in an emergency fund – the expenses of these businesses are run by their income. Unpaid debts cause significant interruptions to small businesses’, often leading to business failure.
If you are a small business and have unpaid dues, you are not alone; this happens in every other business. The major problem with small businesses is that they do not have employees or departments solely dedicated to collecting dues. So, it is worth it to hire a small business debt collection agency to help you with unpaid invoices.
However, most of the time, the small business owners hesitate to hire a debt collection agency and find them not worth it – because the owners assume these agencies only work for large scale businesses or they will have to pay the amount of money to the collectors. To make it clear, these are just myths. Several debt collection agencies in Melbourne work for small businesses, and also they do not charge you any money until they collect your unpaid dues; eCollect is one of those debt collectors.
Here are some of the reasons why small businesses should not hesitate to hire a debt collection agency:
Nothing can be more valuable than time for a business. Also, the chances of recovery decrease as time passes. Hiring a debt collection agency can create a sense of urgency among your customers, driving them to pay the debt quickly.
Build Repeat Business
While collecting the debt, it is important to preserve the customer relationship, and a person who is not an expert on the field can sometimes make an error. A debt collection agency ensures your relationship with your customer is not hampered at any cost and builds repeat business.
As a creditor, you have the right to collect the debt. But you should also know that the debtors have their rights as well. Laws regulate the debt collection process, and you might be unknown of the updates that happen. Professional debt collectors know the right way to collect your debt; they won’t go against the law and are educated about the rights of both parties; hence they will work ethically.
Debt Collectors use technology to trace contacts, document the progress, and share live updates and reports to the business owners with various software and online portals. So, you are free from all the hassle and can focus on your core business.
As said above, eCollect is one of the best business debt collection agencies in Melbourne. They collect your debt as their own and work on a commission basis, which means you don’t have to pay anything upfront. The most significant advantages of working with eCollect are that they won’t spoil your relationship with any of your customers, as they know how important a customer is for the success of a small business.
If you are a small business owner struggling to collect unpaid invoices from customers, you should consider hiring a debt collection agency. Contact eCollect today and allow them to collect your debt while you focus on the growth of your business.