End bad debt in your business in 5 steps

Is the lack of payment from your customers affecting the financial health of your business?! Combating default is always quite a challenge for organizations! A survey carried out by Serasa Experian, obtained exclusively by CNN, showed that, in the first half of 2022, the average number of companies that had negative accounts in the country was six million. The delay in payments ends up bringing numerous losses to any business, which often results in the bankruptcy of companies.

Check out the full content and find out how to end your business default in 5 steps.

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1. Conduct a credit analysis.

Before offering some payment options, make sure the company you are going to sell a product or service to has a history of default in the market. This is an important factor that makes all the difference during the time the client will be with you. If the scenario is positive, it is worth investing in the new customer. Otherwise, think carefully and make a conscious decision about it.

2. Offer multiple payment options and encourage credit or debit card purchases. 

That’s right! Offering different forms of payment in your business will ensure that your customer has more options to pay off debts, without excuses about limiting payment methods. Also, make it clear how much you prefer to be paid via cards. In this way, it is possible to guarantee the receipt of amounts and avoid embarrassing situations of charging the defaulting customer.

3. Provide discounts for early payments.

This is a strategy that can significantly reduce the much-feared delinquency, in addition to being possible to build customer loyalty by making them always want to pay in advance. Send email, sms or even make a call offering a discount percentage.

4. Organize financial information.

Spreadsheets, notebooks or management system are essential for your company in this challenge. Have easy information about the product or service purchased, date of purchase and payment method chosen. With this information your company will correctly approach the customer, avoiding possible embarrassing situations.

5. Have a partner company in your company’s accounting management.

Every company that aims at success and growth needs to be attentive to financial management. Both small and medium-sized companies need efficient management. Most of the time, the CEOs of companies focus on the products and services offered, forgetting the financial part. Check out more on this topic: How to identify your Core Business?

Conmax manages your company’s accounting with security and reliability!

Based in Fortaleza and São Paulo, but operating directly in several states of the country, we are sure that we are adding value to new customers, helping them through corporate accounting to develop their business even more. We have a team of more than 25 highly educated professionals, continuously trained and specialized in several areas.

If you are having difficulty with your company’s accounting, don’t waste time and talk to our service now. Be another company positively impacted by our service.

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