ID-100134206A debtor is a very important element of your business. He brings regular business to your organization. It is due to his patronage that you are able to carry out your business operations daily; else you might have to wind up your business.
Hence, it is important to maintain healthy relations with your debtors so that they continue doing business with you. For this, see to it that you treat your debtors with utmost respect.

Debt collection is a very sensitive area. This is where your customer relations can get ruined in a jiffy. Hence, setting up and following a basic code of conduct is essential during debt retrieval.
Here are some tips that will come in handy.

1. Contact Your Debtors When Necessary
You should contact your debtors whenever necessary. For example, when the due date of payment is coming closer or when you have introduced any new product in your shop, and so on. This will help you develop a healthy customer relationship with your debtor.
In this way, you are reminding your debtors about their debts while at the same time marketing your business smartly.

2. Maintain Your Debtor’s Privacy
In any circumstances, you should never reveal your debtors credit information to a third party. While reminding your debtor about his debt, make sure you inform it to the correct person. Giving out such sensitive information to a third party is a serious breach of trust.

3. Never Alter Credit Information
See to it that you never alter your debtor’s records without informing him. You debtor would have maintained similar records like your accountant. Hence, any difference in such records can create confusion and misunderstandings.

Thus, you should always make sure that you do not alter any credit information without prior notice.

If your workload is increasing and you do not have sufficient time to look after the above requirements of debt collection, you can hire a debt collection agency that will take care of it at a nominal rate.

Double Ace Associates is one such agency that provides excellent services at reasonable rates. For more information, visit