If your business struggles to collect payment from your customers, you are not alone. According to a study by Intuit, more than 60% of businesses worldwide have issues with cash flow. Nearly a third of businesses cannot make payments on debts owed or are unable to even make payroll due to cash-flow problems. These are collected stats that surveyed more than 3,000 businesses across the U.S., Canada, Australia, the UK, and India. The fundamental force driving the problems were attributed to these problems were directly related to companies having outstanding accounts receivables. Greenberg, Grant & Richards is a B2B debt collections agency with a successful track record of recovering funds owed to businesses afflicted by problems such as these. We provide several processes and methods for ensuring that enterprises can recover the funds owed.

Money depreciates in value

Many of our clients fail to initially respect the reality that the value of money decreases when businesses are delinquent on payments. This can hurt businesses who are owed in accounts receivables because the ability to collect on payments will also decrease as time progresses.

Clear Payment Policies are Crucial

While it may be uncomfortable to talk about money with clients, it is a direct reason that could be contributing to problems with receiving the compensation owed. Be sure to have a defined policy for receiving payments, including due dates, penalties for late payments, and a comprehensive system for receiving payments.

Maintain Regular and Frequent Contact

Following up individually with each client on a late invoice may also feel awkward, but it’s crucial to remind them of open invoices and amounts due. Thank them for doing business with your enterprise and set guidelines for how the payment may be received.

At Greenberg, Grant & Richards, we have successfully employed aggressive methods for collecting debts owed to our clients. We can help your business too. Do not let time pass – the more time that passes could mean a drastic reduction in the chances to recover any of the funds you are owed. Call us today to get started.