With the current economic downturn in the world, many businesses are unable to meet their payment schedule. My sister says that the many people are feeling the financial pinch too and home foreclosure rate is at its highest yet in the United States.
My sister who works in a beauty supply store says that her company has to hire a debt collection agency to recover monies owed to them. Although owing money and being owed to aren’t something unusual in business, her boss does not want bad debts to snowball.
Chinese businesses, on the other hand, usually do not like to resort to a debt collection agency but would rather do it themselves in a very slow and tactful manner, collecting debt could run into years. They fail to see that this would mean a profit or loss to their own company and there are times when they may have to write off these bad debts.
I personally feel that it is best to leave it to a professional debt collection agent or company because it would be impersonal and we are able to avoid the hassle, concentrating instead, on running the business. Also, a collection agency like American profit only charges one flat fee so it is value for money.
My sister who works in a beauty supply store says that her company has to hire a debt collection agency to recover monies owed to them. Although owing money and being owed to aren’t something unusual in business, her boss does not want bad debts to snowball.
Chinese businesses, on the other hand, usually do not like to resort to a debt collection agency but would rather do it themselves in a very slow and tactful manner, collecting debt could run into years. They fail to see that this would mean a profit or loss to their own company and there are times when they may have to write off these bad debts.
I personally feel that it is best to leave it to a professional debt collection agent or company because it would be impersonal and we are able to avoid the hassle, concentrating instead, on running the business. Also, a collection agency like American profit only charges one flat fee so it is value for money.
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