Money Talks, Startup Corner

Dealing With Chronic Debtors

QUESTION:

How do you deal with chronic debtors that owe and REFUSE to pay no matter how nicely you ask. Apparently, for some businesses, they are necessary evils?

ANSWERS

Temitope:

What I am doing for those begging is to be paying bit by bit. Once your money is complete, you can take your goods not the way round again.

Before you know it, they pay up quickly. Money that will typically take them months before, within few weeks they are through with the payment.

No more stories, I don’t have to waste my money on recharge card again calling to remind them of their debts. They are the ones calling and begging me not to sell their goods; that they are coming to pay up o

quote20190507060954
Adeola:

I don’t have debtors too o. Na which account I wan write am?
Nothing kills business faster than selling on credit.

– Make up your mind from the get go that you aren’t going to entertain selling on credit. This has helped me a lot.

– Have a well structured paying system on ground which is payment before service or part payment enough to cover cost and balance at delivery. Stick to it no matter what. Which ever way, you will never be on the losing end.

– Never ever think you will lose customers if you don’t sell on credit. There are plenty paying customers out there who only want to know your products are of good quality and that you can deliver top notch service.

You can share your tips on how to deal with chronic debtors in the comments or send an email.

#StartUpCornerNG

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