What is bad debt collection?
Unpaid invoices can seriously affect your business by slowing cash flow, reducing inventory turnover, harming credit ratings and even tarnishing your company’s reputation. The longer debts remain outstanding, the harder debt collection can be.
Late payments are an unavoidable fact of business life, using a proper bad debt collection strategy to ensure the prompt collection of unpaid invoices is an essential part of doing business. The key is to find resources to ease the inconvenience of managing and collecting late payments while also speeding up resolutions of these unpaid invoices.
Partnering with an organization that specializes in bad debt risk mitigation and collection, like Euler Hermes, is an important first step in recovering commercial debts. Plus, because we provide debt collection services as part of our offering, we can help you avoid more before they happen.