IT HURTS YOUR GOOD CUSTOMERS
“I’m not worried, I can absorb those losses. It won’t hurt my bottom line if I ignore a few losses now and then.”
I wish I had a nickel for every time I heard a business owner say that.
The fact is, that perspective is utterly false. Here’s why:
Let’s suppose I go down to my local grocery store and buy a gallon of milk and a loaf of bread, which I pay for electronically, using a debit or credit card. When I get home, I call up my bank and ask them to reverse the charge I’ve just made. They ask for a reason and I give them one.
Odds are my bank will reverse that charge soon enough. And maybe I find myself gloating that I just screwed the grocery store out of their money. In other words, I got something for free. This is the kind of mentality we find many people who skip out on their debts adopting.
It’s sad for a number of reasons, but mostly because they’re not thinking long term. Odds are the grocery store will still be in business next month or next year. But what did they have to do to stay in business while being forced to give away free merchandise?
If you said “raise their prices,” you can move to the head of the class.
One of the common expenses listed on any grocery store’s profit and loss statement is LOSSES. Losses can amount to theft, bounced checks, reversal of electronic payments, and so on. The more numbers that end up in the LOSS column, the more the store has to raise its prices on common items (such as a loaf of bread or a gallon of milk) to offset these losses.
So the person who gets away with a one time act of theft or default isn’t really getting away with much if we look at the long term view. Because the next time that person goes to buy a loaf of bread or gallon of milk, he’ll find those items are even more expensive now than they were when he couldn’t afford them in the first place. The business also suffers because it must pass on these price increases to its loyal paying customers. In the end, payment default amounts to a lose-lose situation. Everyone suffers.
If you’re a business owner with unpaid accounts on your books, you’re being taken advantage of. Stop letting the actions of a few spoil your business, your sector, and the relationship you have with your current good paying customers.
How do you do that? Contact Western Control Services right away.
With over 30 years in the collection business, Western Control Services has the experience and expertise to turn your past due accounts into liquid cash — the cash you’ve earned, and the cash that you deserve. I don’t have to tell you how many ways you can use that extra cash. You can buy something necessary for your business. Use it to reward your hard-working employees. Take your family out to dinner or take a much-needed vacation.
However you choose to use your money, using it’s better than losing it. It’s more than a choice; it’s your obligation to balance the scales of fairness amongst your customers.
Call Western Control Services right now. Even if you’ve used a collection agency before, we can still recover money for you. And remember, engaging us won’t cost you a dime, unless we collect your money for you.
Western Control Services
We get your cash flows back in line.