swimmingcollectorpandaus-blog

[swimmingcollectorpandaus-blog]

Here's a debt collection agency specialising in small busines debt recovery

#debt collection agency for small business

[swimmingcollectorpandaus-blog]

Commercial Dispute Resolution

Business disputes can arise from any number of scenarios, anything from wrongly parked cars blocking entrances to buildings, excessive noise, and breaches of trademarks, patents or other exclusive rights, the list goes on..

Disputes between small businesses often arise when one party to the dispute considers their own interests, without giving reasonable consideration to the interests of the other affected party. Supplier and customer disputes over or involving unpaid debts can be particularly difficult to resolve.  Following are some of the most common reasons for disputes which lead to a customer not being willing to pay their supplier in full and on time, and some tips for getting to the bottom of the facts, which will often greatly help in any subsequent dispute resolution procedure.  

“Goods not received, goods received but not as ordered, goods received but some goods missing or damaged..”

Review the original PO (purchase order) documentation from the customer, which should state exactly what the customer ordered. Compare this to any packing slip, speak with any workers involved in the processing of the order, and review delivery records. Such a preliminary investigation may reveal that the entire order has slipped through the cracks, and give credibility to your customers claim that they don’t owe you anything. If the goods were delivered but the customer claims some goods were missing or damaged on arrival, compare the delivery date with the date when the customer raised this complaint. If the claimed damage was of a nature which should reasonably have been detected upon delivery, and the customer has waited a week or a month to bring it to your attention, this could bring the customers claim into question. 

I’ve already paid this invoice, your accounting records must be wrong..

While this might seem a very easy claim to verify or disprove, it might turn out to be just the opposite. Customers who fall behind on payments of multiple invoices will commonly start to make payment towards their overdue account in lump sums, without specifying which invoice(s) the payment should be applied against. The business on the receiving end might be hesitant to ‘rock the boat’ by asking too many questions, relieved just to see that money is coming in.  The accounts receivable department will often apply each incoming payment to the oldest invoices first, assuming (rightly or wrongly) that their disorganised customer is recording the same at their end. If this is allowed to continue for months on end, with a few new purchases approved in the mix, the final ‘balance’ of the account can become tricky to resolve, however with some patience it’s still possible to calculate and demonstrate what the current balance of the account is. Using a spread sheet, enter in  (or export from your accounting software) all the incoming and outgoing amounts, and use a simple formula to track the outstanding balance following. Send this clear overview to your customer, and ask them to either confirm that this corresponds with their own records, or to advise of any amounts which they believe are missing, duplicated or wrong. 

Once any disputed facts have been resolved and both parties are on the same page with regards to how much is owed, then it’s probably a good time to negotiate a final payment of the overdue balance.

#commercial dispute resolution

[swimmingcollectorpandaus-blog]

We are an independent and fully licensed debt recovery agency, investigations and consultant services company based in Sydney. We specialise in small business debt recovery and advising business owners and other stakeholders on the debt recovery process. Contact us today to find out how we can help your business!

#debt recovery sydney

[swimmingcollectorpandaus-blog]

What are you aiming to achieve?

Be honest about your objectives, and put a dollar figure on the value, e.g. the amount of money you expect to recover from the individual. Keep in mind that even when the person is located, that in itself is no guarantee that they will pay their debt to your business.

What is motivating the person to conceal their whereabouts?

For example, if it’s likely that your business is only one of many suppliers who have been left out of pocket by the individual, or if the individual has committed a crime, then the effort which they might go to conceal their whereabouts might be well out of proportion to the debt you are pursuing them for.

Is the individual bankrupt or is their business insolvent?

An insolvent debtor might be motivated to disappear, to avoid confronting their creditors, and successfully locating such a debtor is not likely to reap any commercial benefit.

#skip tracing

[swimmingcollectorpandaus-blog]

Debt Recovery Agency are an independent and fully licensed Debt Recovery Agency, Investigations and Consultant Services company based in Sydney. Follow the link to learn about debt recovery in NSW.

#debtrecoverynsw #debt recovery NSW

[swimmingcollectorpandaus-blog]

Locate and find debtors through the service of debtor locating by Relevance Consulting. Follow the link to find out more.

#debtor locating