Did you know that no customer is a liability and that you can leverage every customer relationship in the best interest of your business as a business owner?
While debt could be a bad spot for a business, how you channel it matters. Debt owed by your customers can either strengthen the bond you have with them or destroy it because your customers are one of your greatest assets.

A lot of businesses dread making collection calls because they fear that they might lose the positive relationship they have with their customers but truthfully, sometimes debts can’t be avoided and bills go unpaid.

While they might be a fear of relationships gone wrong, you can leverage debt recovery as a way to improve customer retention. This means that you can get back your unpaid money and still have a fantastic relationship with your customer in these very simple ways.

1. Communicate constantly with your customer:
It is believed that lack of communication creates great walls of misunderstandings and it is wrong to start on the note of misunderstanding with your customer. So, instead of jumping to conclusions, get on that call and contact your customer about any unpaid amount past due and get to the root of why your customer is yet to pay. You might realize that it could be a matter of initial misrepresented thought or service. Resolve is always the best bet.

2. Ask for your payment right away
This is essential. The goal is to retrieve your money and ensure that you get your customers to keep purchasing your goods and pay upfront. Asking for payment right away is never out of place and this can take several forms like;

- Invoice: you can make your invoice payable in full within 30 days and attach interest if payment is delayed beyond the deadline. You can also attach an early payment discount of the actual amount with full payment due in 10-15 business days.
- Deposit: Deposits are good where customers can pay between 25% - 50% down payment and give an actual date when the full payment will be made.
- Upfront: This is the best form of payment. Full payment at the time of sale is relieving.

3. Make your research well.
Before getting into business deals with your customers, do your research. Check out their credit history. You can reduce the troubles if you know customers who pay their bills on time and those who don’t. You can make use of a good credit reporting agency to get data of debt owners, it’s safer to check out your customer’s debt history before issuing service or goods on credit.


4. Make use of a debt recovery agency.

While debt recovery may never be your specialty, there are debt recovery agencies that are specialized in debt recovery and customer retention. It’s best to allow the professionals to do their work.

Many times, debt owners will rather welcome a friendly strategy to pay up and that’s why it’s best to get more experienced hands to handle this job. For debt recoveries for your business, click here to see what services we offer and how we can be of help to you and your business.
We highly recommend that you consult a qualified debt recovery agency like Mwanga before taking action on any of the information above.



Should your business hire a debt collection agency?

More like “should your business hire Mwanga debt recovery services?”

We know how frustrating and tiring it is to have that mother of two who uses her children’s school fee as an excuse not to pay you the money she owes or that family member that uses familiarity to slow down your business. We understand that whoever the debtor is, communicating your displeasure and urgent need for your money would need a lot of diplomacies. This alone is enough headache for you, your sanity, and your business.

To keep your business afloat, you need to collect payment for the products or services you render, but not all customers are reliable and you very much likely have little or no time on your hands to make frequent calls or write letters, we really don’t want you helpless.

Hiring Mwanga's debt recovery services for your business is one of the easiest ways for you to put your focus back on your business, while we do the work. Allow us to recover unpaid debts on your behalf in an ethical way and eliminate the legal risks involved with attempting to collect debts on your own.