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Debt Concern: How Businesses Can Collect From Customers

The major challenge for most business owners is the idea of late payments from customers that require debt recovery. When operating a business, it is important to take your account receivables seriously because it can close down your business when customers don’t pay their bills. Generally, debt recovery has to be initiated when an invoice is more than three months overdue. It is certainly not easy to recover money from a delinquent customer who decides not to pay. The process can be long, difficult and arduous because many customers will ignore your phone calls, notices in the mail and email messages.

Viable Solutions

However, there are various viable and effective solutions these days that can be implemented to collect money from customers. You don’t have to be expert at debt recovery to utilize any of these solutions. You can solicit professional help from a debt recovery specialist, if you have a difficult time carrying out the steps to collect your money from customers. Once handled by a professional, you will save time and money, allowing the process to be hands-off.

The Debt Recovery Firm

There are some factors to take into consideration, though, when soliciting the help of a debt recovery professional. You should always make sure that the debt recovery firm is licensed to operate in the account collection business. You should also ensure that the firm is fully insured. Be sure to ask the firm for the appropriate fee structure prior to hiring them. Not all debt recovery firms have the same fee structure. Do your research. Ask the firm if you will be given access to an online account to check the status of the collections on an ongoing basis. This will save you time from having to call the firm to inquire about the status of each account. In fact, it will make the process smoother.

The Process

Most debt collection firms work in a similar manner. First, the firm will send out debit collection notices to the customer to repay the debt. Yes, this is something that you already may have done, but this is the ideal process to initiate contact with the customer to let the customer know that the account is in collection. With no response from the customer, a solicitor letter will be sent, giving the customer a warning notice of seven days. Next, if no further response, the firm will take legal action, which is the last course of action to take against the customer.

The Benefits

In addition to saving time, money and effort on your part to collect, there are several benefits to using the services of a debt collection agency. It frees up time to grow the business and focus on other important things. You will be able to track the continuous process of the collection and then deciding how to handle a customer that just won’t budge. Most consumers, though, will try to work with the collection agency to find the best solution, even it means debt settlement.

quebec

Quebec Finance Minister vows to push businesses to invest

quebec

In the most recent past, the economy in Quebec was being held back primarily by a weakened export industry and frail investments in business. The Finance Minister of the province indicated that he will take the necessary steps allowed by the government to try to improve the situation, if it continues. Since the previous governor of the Bank of Canada, Mr. Carney made accusations in 2012 about Corporate Canada not using the piles of money it had to improve the economy in order to create jobs, nothing seemed to have changed.

Modifications Made

Some thought that the accusation made was way out of proportion. The money is considered to still be alive, but the Canadian province is not taking full advantage of it. The National Bank revealed investment data that indicates lower profit levels for 2012 for intellectual property, machine and equipment companies and commercial construction. This appears to be a part of the bigger picture and so economy projections were modified in the month of November.

North America

North American businesses are reluctant to spend in lieu of the slow economy. Quebec, it seems may hold a stronger position in the economic climate to fix their situation since most of the businesses are owned by locals. This means that their money is not controlled by corporate decision makers in other regions.

The Projection

For 2015, it is projected by the government that Quebec will put up 1.5% in economic growth.  This is a reduction compared to past prediction of 2%. The forecast for 2016 shows a slight increase of 1.7%. The government is not pleased with the sluggish export business, even though; it is doing better than other areas. Quebec depends on export and so due to the drop in the Canadian dollar, it is hoped that Quebec will ship high volumes of paper and metal products to American buyers looking for a cheaper price. However, this is not the case – at least not yet.  

The Recession

Quebec went through an extended period of recovery from the recession of 2008-2009. The United States is still the leading market for the goods exported from Quebec. In fact, the United States takes in three quarters of everything. The recession caused major damage to the industrial framework. Many industrial plants closed their doors for good. For that reason, even though, the cycle is showing some progress, Quebec is not able to carry it due to the loss of capacity in the industrial arena.

International Exports

In 2014, Quebec’s international exports reached $75 billion in Canadian dollars. This does not include sales from foreign affiliates and service exports. A forecast has been made by export development that merchandise trade in Quebec will be increased to 10% in 2015 and 8% in the subsequent year 2016. Aerospace product shipments will lead the projection with primary exporters providing engines and production of the innovative C Series airliner.

Closing

The primary players know that they have to stay abreast of things and not be naïve about it by continuing to find supportive ways to push for new business investments. If not, a large hole will be left in the economy as businesses compete for the same assets.  

 

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Different Types of Finance Available for Your Business

Businesses often need financing at many different stages of the game, and luckily, there are finance options available no matter where your business is currently at. Whether you’re looking to start a business and need the money to make it happen or you’ve found yourself in a tough spot and need some help to get through it, or anything in between, it’s important for you to know about the different options that are available to you so that you can choose the absolute best ones to meet your specific needs and goals.

Online Lending

Online lending has become very popular in recent years, especially for new small businesses. As such, many good online lending companies have popped up in recent years, such as Kabbage. Online lending has the benefit of typically providing businesses with money much more quickly than traditional bank loans since applications can be processed online in as little as one hour. While mostly newer businesses tend to favor online lending, loans are available for businesses at all stages of the game, so no matter what your needs, definitely look into this option to see if it could be right for you.

Grants

In some instances, your business may be eligible to receive a grant. Grants are particularly common in scientific and research fields. Government grants are awarded to deserving businesses or prospective businesses that agree to perform federal research tasks. If you think that your business has a valuable service to provide, read up on grants in your field or industry to see what’s available and then start filling out those applications. However, if you are offered a grant, have your attorney look over the agreement closely so that you’ll know exactly what you’re getting into and what your responsibilities are.

Invoice Advances

If your business is already established but has hit a rough patch, then an invoice advance may be for you. Invoice advancing allows you to receive money for billed invoices upfront, which you can pay back later after the bill has been paid. It’s basically a way to get money that is already coming to you but to get it quickly, when you need it most. There are interest rates involved, however, so make sure you really need the money and that it’s worth the additional cost to you before you go this route.

Business Credit Cards

Finally, you may want to consider opening up a business credit card as a financing option. This can be done when you’re starting a business and need help getting it off the ground or later on when your business is running but you need a little help. While there are, of course, interest rates involved, monthly payments on business credit cards tend to be quite low, which can be helpful when you’re having trouble or are just getting started.

As you can see, there are financing options available, so research these and other opportunities to see what will work best for you.