I met a very interesting attorney the other day. Like us, he is in the debt collection industry. While our specialty is the effective, efficient and cost-effective collection of commercial debt, his mission was more delicate. He worked for the big casinos and large event venues,. In that paradigm, they know that the commercial account that didn’t show for an event owes them a lot of money, but they really want to keep that relationship warm and friendly. The creditor really wanted to be sure that the debtor remains a client (albeit a paying client) so that they will come back to the next big event. That, is all about ‘Factoring in the relationship” when it comes to extending credit.
- Factor in the relationship
Has the customer been consistent and loyal? If so, There’s that’s a good candidate for whom to extend debt. Loyalty when extending Small and Medium Sized Businesses (SMB) commercial debt goes a long way.
As we stated earlier, our specialty is collecting the debt owed to you as cost effectively as possible. In the commercial debt collection industry, we are among the lowest cost collection agencies due to our efficiencies. We never forget however, that the “debtor” was once, and may be again a customer or client of your business. We will treat that debtor with the respect due any client or customer, while pursueing the commercial debt that is owed to you.
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