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Small offices have unique needs, and thatincludes document shredding. Designed with the smaller business inmind, the Dahle 20314 is a cross-cut shredder that offers Level 3security and brings you into compliance with federal regulations. The As we all know to live in this world we have to perform some activity by which we can earn money. There are many activities by which we can earn money and meet the standards to live in this society. And from one of them is franchise. Franc
Collecting debt is a long and arduous process. In August 2009, Wall Street Journal reported that companies with less than $500 million in sales were taking 58.9 days to collect money owed to them, up from 54.4 days in 2008. Larger businesses fared much better at 41 days, down from 41.9 days in 2008. Though this increase is alarming, it could have been much worse considering the present economic slowdown.Pressure on small businessesTo add to your troubles, your buyers know that business is not good so they are probably demanding better deals, promotions or lower prices to continue to buy from you. To add to your difficulties even the credit has dried up and it is tough to get any loans. Without resources to buy raw material or pay your bills, your small business runs the risk of shut down or bankruptcy.Protecting customer relationshipsDelinquent customers hurt every business, big or small. Recovering debt from non-paying or slow-paying customers is an arduous and delicate task. Good customer relationships are vital to business growth. Businesses avoid risking their customer relations by following up on payments too aggressively. Hire a collection agency to cut lossesIt is less expensive to retain existing customers than acquire new ones. Incentives such as lower prices, credit, promotions and new schemes help in retaining existing customers when the market is very competitive. However, companies also need to cut their losses by reducing delay in payments. Collection agencies collect debt for companies. Hiring a collection agency has many advantages:* The business enjoys good customer relationships as the collection of debt is handled by an external agency.* As the collection of debt is outsourced, the company can solely concentrate on business growth.* Collection agencies are cost-effective as they are only paid a percentage of the debt they recover.* The earlier a collection agency is employed to collect debt, the larger and faster will be the collection. In the longer run, collection agencies are more effective in collecting debt than in-house company representatives.Sell debt to debt purchasersDebt purchasing agencies are an option when the business is in urgent need of funds. On selling the debt to the debt purchaser, businesses receive payment immediately and pass on the job of collecting debt to the purchasing agency. However, the rate at which the debt is purchased is quite low. Debt purchasers make a profit by recovering more money from the debtor than the amount they have paid for it.Businesses have the option of hiring a collection agency or selling the debt to recover payments. Debt purchasers are selected when funds are required immediately. Either way, companies can continue doing business with the customers without ruining their relationship. Before you hire a vendor, compare business collection agency price quotes at a Business Network. For further information, read our collections agency advice. Article Tags: Good Customer Relationships, Good Customer, Customer Relationships, Collecting Debt, Collection Agency, Collection Agencies
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