It's a good thing that my business is a business as close to a cash business you can get. I only accept paypal from my online store at this time because I'm afraid to extend credit to people I don't know. It's nice that a lot of my readers have patronized our GLBT store and it's flattering. In my two, going three years in business, I've learned how it is to loan money. I have given people enough benefit of the doubt but ended up losing in the end.
In business, it is wise that you know who you're dealing with. Their track records will speak for itself. I have customers whom I know that even if I ship their merchandise prior to them paying me, I will receive payment. It's just the rule of the game.
Although, when your business is going well, you can't help but extend credit to those who have been loyal to your business. It's a matter of taking chances on their ability to pay. But, being too careful sometimes doesn't help because you need your business to grow. There will be times that you will extend credit and lose in the end.
Debt Collection is a process in which you try and recoup the losses from other companies that didn't do good on their promise. If you have any of those, you know how time consuming it is and how much bandwidth and resources it requires to collect debt. I have found that it is better to outrouce debt collection to companies that specialize in this service. Not only do you save yourself from headaches but provides you a good return as well. If you have troubles collecting your receivables, you should look into outsourcing and weigh your pros and cons. You may find more benefits in it than you thought possible.
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