Tired Of Chasing Your Overdue Payment?
I believe most of us who earn our living through online businesses had been in a stressful situation where we are trying so hard to collect overdue payments from non-paying partners and clients. The bad news is most of these debtors turned out to be missing and unreachable. At the end, we have to write some of it off as bad debt, which mean uncollectible payment and in other words - Losing Money!
This is one of the stressful moment that we have to deal with when we are doing business. These bad debt situations can be very frequent depending on the industry sector and the nature of web businesses. The questions we ask ourself are:
- Are these outstanding debts really impossible to collect?
- Would it be more effective if we use legal action and hire lawyers to collect the debts for us?
- Is there a way to prevent or avoid non-paying partners and clients in the future?
And many more questions that really test our patience.
Bad Debt = Losing Money + Business Failure + Stressful Life
I have been in the online business industry for years. During this time, I lost thousands of dollars from my hard earned commissions because of non-paying partners and affiliates that went missing overnight. In one particular case, my partner didn’t paid up after I did some design works for his company. After weeks of excuses and repeated invoice reminders sent by me, he finally replied by simply saying that he will not pay me without stating any reason at all. There is nothing I can do by that time because I was based in Asia and he was in Europe. If I don’t think rationally, I would fly there and ask him to PAY UP in person. After weeks of wasting time and money with him, I finally gave up. I only wish that I know how to use the online debt collection services at that time.
Approach Your Debtors By Using Online Debt Collection Agency
It doesn’t matter where you reside and what countries your debtors live in. There is a cost-time effective way of collecting those overdue accounts. The best approach if you are geographical constraint (i.e you in Asia and your debtors are in US) is by using the online debt collection agency.
Because of the increasing bad debts ratio in the internet businesses nowadays, there are many online debt collection agency provide debt collection service for a small fee. These online debt collection agencies will act on your behalf collecting those unpaid accounts. They will send debt reminder letter to your debtors, follow up cases by phone and they can even report the payment defaulters to a credit reporting agency. As we all know, reputation is the heart and soul of a business. Once you’re blacklisted in the credit authorities, you can kiss your business good bye. I’m sure it is something that your debtors wouldn’t want for their businesses. These professional online debt collectors have the expertise in making the debtors to pay up willingly in a legal ways, of course.
These Online Debt Collection Agencies will only charge you a percentage, usually between 20 - 30 percent (Subject to changes depending on the online debt collection agencies), if they successfully collecting the debts on your behalf. For example, if someone owes you USD10,000. They will collect the debt on your behalf and charging a service fee of USD2,500 (25% of the debt) if they successfully collecting the debt, the remaining USD7,500 will be restore to your bad debts account. It is a small price to pay than losing it all. Don’t let those stubborn debtors think they can walk away with it.
If you too experiencing the difficulties of getting your debtors to pay up their overdue payments and you don’t want to waste your time and money chasing, calling and reminding them yourself, below are few online debt collection and related services worth checking out that might make your life easier: