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Yes i am also aware such practices are involved in a comprehensive bad debt collection system and they are quite effective because many a times the debtors forget the dates they have to make the payments, regular timely reminders facilitate in decreasing the number of bad debts that occur
I am in the position where I install products. If you give me a bullshit story or avoid me and dont pay in a specified time, then still dont pay when I try to get hold of you ........... your system will cease to work !
Well bad debt collection is different from industry to industry. ofcourse you are in a stronger position if your still have a portion of control in your own hands and the clients are dependent upon you, they have to abide by your rules. but for instance you have delivered the services in advance against credit, it becomes difficult to recover the amount quickly
Strange that business schools teach you all about sales and marketing and maybe some HR, but nothing about how to actually run a business. Credit control is as important as making sales. Making sales are the dreams, getting the money in the till is the reality.
Business chaolls do provide suggestions and methods on how to recover bad debts.But thats just theory. When your are in practical life, the debtors are not as civil as portrayed in books, they dont neceassarily have to respond the same way to your recovering methods as you expect them to . They might twist the situation entirely such that you had never read in your course. So practical life teaches new things, you meet all different sort of individuals and you must know how to deal with each of them with variation. Its a skill you learn from experience over time
This is all very interesting but what happens when you are on the other side of the fence.When you have to decide whether to pay the school fees or Edgars. I'll tell you this much, $h1t does happen and sometimes money simply doesn't come in. Sometimes, as much as one would like to pay, you are simply unable to. I personally feel that coming to an agreement where the supplier understands your situation and agrees to more suitable terms is the way to go. When somebody harasses me and threatens me it gets my back up to a point where I simply say to them F_U sue me. The point that I am trying to make is that one needs to have an understanding for the position that the other person may find themselves in and further, pushing too hard may lead to your getting nothing other than verbal abuse. The fact of the matter is that you can threaten and make as much noise as you want, there is nothing you can go other than taking the person to court. You might say no that is not so, you could report the person to the credit bureau, thats fine too because the person may not care about getting credit.
It's like dealing with your 5 year old child, you want to coax them into doing something but you also don't want to smack them so hard that they never speak to you again.
I agree with Adrian, there is a very fine line between getting paid or meeting in court.
That is why relationships are so important. Know your suppliers, treat them well and play open cards with them. Always! You never know when you may have to go to a supplier cap in hand. A supplier will help you if he thinks he can trust you.
I have advantage - if you don't pay, your Insurance cover ceases...
a question for you...what happens if i miss one month payement...but dont miss another payment for the next 6 months...so in thoery i am 1 month behind?
so...one month my debit order doesnt run...but in continue from the next month...and nobody notices including myself...but then 6 months later i put in a claim because my house burns down?
out of all the lesssons i have learnt from experience...getting money out of people is still the biggest challenge...you have to put them in a position that they need soemthing from you to get your money from them...
a tip for the electrical guys...dont hand in the coc to the electricity department...it takes them a couple of months to get a reaction from the metro but no coc they switch off the customers power and you dont have to do it...then let them fight with the metro department...boy does that get interesting...once the company or individual has no power and they are dealing with the metros...boy do they pay quick.
99% of them will double-debit you the next month, and bring your policy up to date.
Auto and General just "single debit" you the next month, and it is FOR that month, but you will have had a month without cover. But that is history - does not affect current months' cover.
Customer service is most important part of any business as businesses that are unable to provide proper services for their customer’s satisfaction then that business stand to lose the revenue as customer service adds value to a product and builds enduring friendship between customers and businesses.
Yes, as i'm a marketing staff, and always i offer good service to the customers who pay their bills on time and also to the customers who are not so particular and do not have so much complains
Whatever is worth to doing is worth to doing well!
99% of them will double-debit you the next month, and bring your policy up to date.
Auto and General just "single debit" you the next month, and it is FOR that month, but you will have had a month without cover. But that is history - does not affect current months' cover.
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