Effective Debt collection

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Steps Towards Effective Debt Collection
Though Debt collection isnt the most attractive
task for business owners, but its necessary for
keeping a healthy cash flow. Every business is
owed money at some point, but what do you do if
the debtor decides not to pay up? Debt collection
is the art of getting your invoices paid, and,
more so, getting them paid on time.
http//www.australiadebtcollection.com.au/
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australiadebtcollection.com.au
An increasing number of small and medium sized
businesses are finding late payment and bad debts
to be a serious problem. A survey by Altradius
has shown that bad debt is now a problem for over
20 of SMEs while a third are also suffering
because of late payment.   Debt collectors are
people, other than the creditors, who regularly
collect debts owed to others and/or are
contracted by creditors to collect debts. This
would include attorneys who regularly collect
debts, collection agencies, private collections
companies, and individual debt collectors.   Some
of the steps that a business can start off with
to enhance the debt collection process can be
summarized as
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australiadebtcollection.com.au
1.    Contracts Entering into a legal contract
with your customer specifies how and when payment
will be made to you. By signing it, the customer
is agreeing to your Terms of Trade before you
provide your services to them. Your solicitor
should be the right person to help draw up a
contract (or terms and conditions) for your
business to ensure you have the right legal
protection in case ever you have to start chasing
up debts. 2.     A well planned and structured
Debt Recovery System Implementing a debt
recovery system does make the task of Debt
Collection process easier for your business. Yes,
agreed that it doesnt still ensure that all
clients would repay on time, still if these
recovery systems include some benefits for
regular repayers and also some considerations and
leniency towards the defaulters, chances of debt
recovery are higher.
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3.     Have the debt collection plan integrated
Integrating debt collection into your general
accounting system will reap instant rewards.
Generating collection letters and telephoning
clients at scheduled intervals is recommended
(ex. 14, 30 and 60 days). If a debtor makes a
promise to pay by a certain time, make a note of
it and diarise the matter for a follow up
telephone call if the promise is not fulfilled.
It has been noticed that the Telephone calls or
personal visits are more effective than
letters.   4.      Hiring a Recovery Agency
When all your measures start to fail, before
going to the legalities, you can also consider
hiring some professional debt collection agency.
These agencies are proficient and well versed
with the laws and prevalent rules and regulations
and they can be asked to act on your behalf.
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Debt Collection - Get Paid QuicklyNo Fees - No
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5.       When everything else fails, the last
resort that you have, is to take the matters to
the court of law.  At Guardian Credit Services,
we understand your professional image and provide
you result oriented solutions with a 30 day money
back guarantee. Our programs have a 90 percent
success rate and because of the ease of use of
our programs, you will no longer have to put up
with the negativity and hassle of chasing your
debtors.
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If youre planning to hire a debt collector to
collect all your debts in Australia.
Contact Information
Guardian Credit Services Level 5, Edge cliff
Centre 233 New South Head Road Edge cliff NSW
2027 Sydney, Australia Phone no-1800 257
534 graeme_at_australiadebtcollection.com.au
http//www.australiadebtcollection.com.au/