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Any business that extends credit to customers might face the issue of uncollectible debts. You’ll want to be prepared for it.
But what Are Uncollectible Debts?
An uncollectible debt — also called “accounts uncollectible” — is any amount of money owed to you by a customer who is unlikely to repay the debt. In other words, no matter what collection attempts you have made, you’ll probably never see the cash.
A debt might become uncollectible for several reasons:
- The customer has moved and you are unable to locate him or her.
- The customer declares bankruptcy.
- The customer simply doesn’t have the cash.
- The customer disputes the debt and won’t pay.
An uncollectible debt becomes bad debt. You have to write it off and take the loss. No business wants to give up money that’s owed to it.
This situation is far from ideal. Fortunately, you have alternative solutions.
Can Uncollectible Debts Become Collectible?
Sometimes, wallets aren’t as empty as they look.
Often, business owners deem a debt uncollectible because their internal departments cannot get the customer to pay up. This doesn’t mean, however, that you can’t eventually recover the cash.
Many businesses aren’t equipped for effective debt collection. They might send letters, make phone calls, or attempt to track down wayward customers, but that isn’t the business’ full-time job. You’re too busy selling products or services to customers to devote many resources to collecting money from unpaid bills.
Other businesses have ineffective approaches to debt collection. It’s an easy mistake to make, but you don’t want it to stem your cash flow.
Let’s look at a few facts:
- You have a long time to collect debts.The statutes of limitations on debt collection vary from one state to another, but they’re typically five years or longer.
- The older an account gets, the less likely you are to collect on it.As accounts age, customers become less inclined to write a check. Despite a long statute of limitation, you still need to act quickly.
- Bad debts hurt your business.They take up time that could be used more productively, make you less attractive for a loan from a bank, and throw a wrench into your revenue cycle management. But getting the loan you need is possible even with bad credit.
With those facts in mind, don’t assume that an uncollectible debt can’t turn into a collected debt. You might just need a little help.
Outsourcing your debt collection to an experienced, effective agency can vastly increase the amount of money you recover. Debt collection agencies have the manpower, knowledge, and tenacity to track down your customers and convince them to pay what they owe.
If you’re struggling with uncollectible debts, don’t give up. Reach out to a debt collection agency and start recovering those lost funds.
If you are looking for easy sources of money for the growth of your small business, contact Greenbox Capital and get loans sanctioned easily.
At Rocket Receivables, we’ve helped businesses in dozens of industries collect what they thought were uncollectible debts, to compute payments with mortgage calculator. Furthermore, we preserve your reputation and your relationship with your customers through courteous collection procedures. If you’re interested in collecting more unpaid debts, learn more about how to optimize your revenue.
