Happy New Year!
The New Year is upon us and bankruptcy filings historically increase during this time.
DID YOU KNOW
That more companies go out of business or file bankruptcy in the first quarter of the year than in the other highest three months of the year combined?
It takes approximately three months for your customer to become a debtor. It is possible that your slow paying customers are examining the viability of remaining open another year and are possibly considering the option of closing or filing bankruptcy.
WHAT CAN YOU DO?
Watch for early warning signs
- Changes in your customer’s historical payment habits
- Changes in your customer’s traditional form of payment
- Avoiding your contact o Broken promises o NSF payment(s)
Take aggressive action NOW
- Reevaluate customer’s credit worthiness
- Reduce credit lines for questionable customers
Allow BARR to provide a free Aging Review
- BARR’s CFO will review and identify possible high risk customers
Place delinquent or questionable customers with BARR for collections
- Saves you time
- Provides resolution
- Generates monies faster
Allow BARR to take on the added work and stress that comes with this time of year.
CALL YOUR BARR CREDIT SPECIALIST TODAY
Your annual budget for bad debt write-off should not be consumed in the 1st quarter of the year.
