3 common debt collection pain points for businesses

If you’re like most entrepreneurs, you got into business to solve a problem no one else wanted to address—or had the proper skill set to tackle. You identified a need among a specific group of customers. You pored over available solutions, considered ways you could address the need and designed a company, including products or services, to help those customers achieve success. Of all the things you thought about, debt collection probably didn’t even crack the top 10 list of things you needed to do to be successful.

You’re not alone. Debt collection rarely makes it into business owners’ key priorities. Yet, it’s routinely a consideration leaders wish they’d made sooner and more strategically. Three pain points are particularly common. The good news is that a trusted collections service can help you address each of these. It just takes awareness of the problem to begin exploring potential solutions.

Pain Point 1: Small debts are time-consuming—and keep stacking up

Many businesses have an unspoken threshold when it comes to managing debt. They mentally write off small-dollar debts because they seem like more trouble than they’re worth. Think about it: The process requires time and energy to list out the debts, identify contact information for customers, contact them by phone or email and keep following up until the debt is paid. Why bother when you could simply forget about it and spend that precious time serving customers or marketing to strengthen your client pipeline?

We get it completely. Your time is extremely valuable. Yet, those small debts add up. For this pain point, we recommend exploring a trusted collections service. By finding a qualified professional to do these tasks, you can free up your time and get the results you are seeking, bringing in the door more revenue that you’ve earned.

Pain Point 2: Calling customers to collect debt is awkward and uncomfortable

Depending on where you live, your business customers can also be your friends and neighbors. That can make debt collection particularly awkward and uncomfortable. You want to be a good and caring person, yet your business also needs its bills paid in order to keep providing the valuable products and services you offer.

To place appropriate distance between you and your customers, consider consulting with a trusted debt collection service. These professionals are trained to collect money in a way that adheres to the highest ethical standards and will leave your business and your customers whole. Give yourself the mental space to serve your customers well without the added stress of trying to collect back payments personally.

Pain Point 3: Debt collection is too expensive and unpredictable

There’s no question collections costs time—and time is money. Some business owners have had bad collections experiences, including paying companies to collect that charged way too much and didn’t follow through on their promises. These kinds of situations leave business leaders feeling burned out and no closer to achieving their dreams of helping customers win.

To remedy this concern, it’s imperative to do your research and find a debt collection provider you can trust. Service-oriented debt collection companies will provide you with options that meet your budget needs and also deliver the results you expect.

If you are exploring ways to collect debts while also sticking to your budget and your business objectives, turn to the experts at FCR Collection Services. We’d love to explore how we can help you as a business owner. Give us a call at 877-326-4662 or visit our website for more information.