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How to effectively collect debt from customers?

04/02/2024
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Receivables are a painful problem for many businesses, directly affecting cash flow and business operations.

TLT LEGAL LLC – VIETNAM BAR FEDERATION

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Effective debt collection is a difficult problem that many business owners face. This article will share some tips to help you effectively collect receivables from customers.

Learn about effective debt collection services of TLT Legal: Business Debt Collection in Vietnam

  1. Efficiently communicate

  • Polite, professional attitude: Maintain a polite, respectful attitude towards customers throughout the debt collection process. Avoid using insulting words or threatening actions.
  • Communicate clearly: Clearly explain the debt, including the amount, payment deadline, and the consequences of late payment.
  • Listen and understand: Listen to your customers’ problems and find solutions that work for both parties.
  1. Apply appropriate measures

  • Payment reminders: Send emails, texts or phone calls to remind customers about the debt due.
  • Send written notice: Send written notice such as letter, fax, email to confirm the debt and request payment.
  • Negotiate payment plans: Agree with customers on suitable payment plans, for example: installment payments, exchange of goods, services, …
  • Hire an agency with legal debt collection functions: Use the services of professional debt collection companies to collect bad debts.
  1. Build an effective debt management process

  • Have a clear credit policy: Clearly define debt criteria, payment terms, interest rates, and remedies for late payments.
  • Closely monitor the debt situation: Regularly update the debt status and take measures to remind and urge timely payment.
  • Choose reputable customers: Carefully learn about the customer’s financial capacity and reputation before making a transaction.
  1. Use assistive technology

  • Use debt management software: Use software to track debt status, automatically send payment reminders, and create detailed reports.
  • Online payment gateway: Providing customers with many convenient and fast online payment methods.
  1. Always comply with the law

  • Consult an attorney: Consult an attorney before taking debt collection measures to ensure legality.
  • Accumulate sufficient evidence: Preserve all invoices, contracts, and other evidence related to the debt.

Collecting receivables is a process that requires patience and skill. Applying the above tips will help you collect debt effectively, maintain good relationships with customers, and ensure stability for your business operations.

Tags: Commercial disputeDebt collectionDoing business in Vietnam

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  • About Us
    • Firm Overview
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