“Ghosting,” this is a new term that you can find these days everywhere. From friends to relationships, people are often “ghosted” by one another. But did you know that ghosting is a common phenomenon in business today as well? Well, it is not something new though. “Ghosted” by your business associate simply means that your client is not paying you or not even responding to your attempts of contacts.
Now, handling an already-existing client who doesn’t pay on time is a pretty common thing. But when a new client is refusing to pay you, it is a completely different ball game altogether. For a new client, you generally don’t have the trust established. Hence you can never be in a position where you can expect to get the money for sure. Also, if the associate refuses to even respond to your calls or emails, the situation will get a more complicated. In a predicament like this, you need to follow the below-mentioned steps to ensure that you get your money back. Take a look.
Don’t Jump the Gun
This is the first and foremost thing that you need to take care of. You must not jump to the conclusion. There might be some genuine reason why the client has failed to pay you on time. Also, if your client’s business is affected by some unprecedented situation like an accident, sudden death, arson, or even a pandemic like COVID-19, then it might become difficult for them to pay you. That is why don’t jump the gun and threaten your business relationship. Rather try to communicate.
Find Another Means of Communication
If the client is not answering your call, then send an e-mail. Send an SMS to remind that they have failed to make the payment on time or to respond to your prior attempt of communication. If the client is based in your city, then drop by their office, for a friendly visit can solve the issue. Or if all of these methods fail, then involve a third-party agency that offers collection agency services in the picture.
Getting Help for Debt Collection
Now, the professional team of collectors can establish a contact with their own methods which might be a start for the recovery of your amount. Start looking for a reliable commercial collection agency in your city and discuss the situation with them. Talk to them about the debtor, the terms of payment that they have breached, and provide them with all the necessary documents regarding your steps of recovery or even attempts of contact. Ask for a tentative timeline and ensure that you remain for communication from your end with them.
Remain Flexible
With a new client, the scenario can be a bit different. You are yet to establish a business relation. Hence, you don’t have the fear of losing a long-term business relationship. However, if the client has genuine reasons for the failure of the payment, then it can cost you a potential association as your drastic steps will affect the dealings. Hence, remain flexible. Let the collection agency find out if the reason of non-payment is genuine or not. In case it is genuine, be open to give them a chance. Going for a settlement won’ harm you. Rather it will help you get the money back while the business association stays intact.
Rely on the Collection Agency for Settlement
As you are not getting your money, it is obvious that your business will face a block in the cash flow. As a result, you might face difficulties with the operations. Hence, your priority will be getting back the money as soon as possible. And that is why you cannot strike the right terms of settlement without any bias. Rely on the best collection agency to come up with the terms of settlement so that you and the new debtor both remain in a comfortable position in terms of finances.
So, now as you know how you can deal with the situation when a new client ghosts you, don’t worry. Hire a reliable agency and deal with the matter with a calm mind.
