Small Australian companies in particular rely on a steady income to remain in business, which is the reason why they cannot afford to deal with unpaid debts. The matter of fact is that late payments are something that businesses are required to deal with all the time and it is needless to say that this considerably reduces their cash flow. The only thing a business owner like you can do is get in touch with your customers and send them a friendly reminder. However, it is important to pay attention to the fact that there are certain laws that protect debtors and you cannot therefore act as you like. There is a right and a wrong way to collecting business debts and companies like ACM Group know this very well. It is important to understand a few aspects about ACM Group and how such firms manage to recover money that is owed by delinquent accounts.
Who ACM Group are
ACM Group are an Australian debt collection firm that is in the business of collecting payments from customers that have failed to pay their invoices. To be more precise, the company purchases debts from clients such as banks and utility companies and tries to recover the amount of money due. What is important to mention about ACM Group is the fact that they engage only in ethical debt collection practices. This means that they do not take advantage of the ignorance of the debtors or, worse, badger them. One the contrary, these industry professionals treat people only with consideration and respect, not to mention that they never engage in deceitful conduct. In fact, ACM Group are committed to ethical debt collection practices, which is the reason why you should follow their example.
How to collect business debt
The first thing that you can learn from these trained professionals is that you have to think before you act. Undoubtedly, you have the possibility to contact debtors by various means, including phone, email and letter, but this does not mean that you have to exaggerate. It is acceptable to send more than one email to get the borrower’s attention, yet any behaviour that persists in time will be considered harassment. What you have to keep in mind is that everyone has the right to privacy and there are restrictions you should comply with. You do not have the right to be rude. The best course of action is to avoid pressuring and try to negotiate with the debtor. Maybe the person is just ashamed of his situation and needs some time to get himself organised. ACM Group advise to take legal action only if you have exhausted all the other options.
Consider selling your debt to professional collectors
Firms like ACM Group are established professionals that have their ways when it comes to attaining their goals, as does any other business. Not only can this firm recover money that is owed by delinquent accounts, but also they acquire debt. What you can do is sell the contract/contracts and receive money. It is certainly better than waiting to see if customers pay. To put it differently, you are selling your obligations.