Small business debt recovery refers to the process of collecting outstanding payments owed to a business by its customers or clients for goods or services that have already been provided. When customers fail to pay within the agreed timeframe, these unpaid invoices become overdue, leading to potential cash flow disruptions. Consequently, this can affect a … Continued
Small businesses struggle with debt recovery because it requires time and effort. With small teams handling many tasks, staying on top of overdue accounts is tough. This can lead to missed follow-ups and delayed payments, causing cash flow problems. Without a dedicated collections team or system, managing debt can get disorganized and overwhelming. This makes … Continued
Consistent cash flow is critical to a business’s financial sustainability. However, unpaid invoices, i.e., uncollected revenue, can put a strain on your business’s financial resilience. 81% of unpaid invoices that are past due for over 21 days are at greater risk of turning into lost revenue. In fact, more than 80% of businesses lose 10% … Continued
Small businesses in the US typically receive payments for their services an average of 8 days past the deadline. And that’s not even the worst-case scenario. Many businesses, unfortunately, encounter situations where customers go missing in action (MIA) after purchasing a product or availing of a service using financing options. This is as unprofitable as … Continued
