5 Secrets to Increasing Your Cannabis and CBD Collections Success Rate

5 Secrets to Increasing Your Cannabis and CBD Collections Success Rate Debt collection is a big challenge in the cannabis industry. Due to the hard economy, it becomes even harder to collect past-due accounts or debts of cannabis and CBD clients.

Unpaid invoices can hurt the operations of your cannabis business. That is why you need to devise ways to have the past-due accounts paid faster. Here are five secrets to increase your cannabis and CBD collections success rate and keep your business running smoothly.

1. Keep Communicating Continued communication is vital even when a debtor cannot pay right away. By talking and listening to the debtor, you will be able to help him figure out how to pay the CBD collections sooner. It also acts as a reminder to pay the debt, which increases the possibility of having the debt paid.

You can reach out personally via voice calls or send debt collection letters. In addition to showing the severity of the matter, voice calls can help you gather reasons for delayed payments.

2. Give Options Some customers may be willing to pay their debts, but they cannot do so at one go. To increase the chances of them paying the cannabis collections, talk to them and devise a payment plan. You can have your customers make payments over time. The idea is to ensure your customer pays the debt as soon as possible. Working out a plan that works for both of you can highly increase your CBD collections success rate.

3. Be Consistent Consistency is vital when collecting aging accounts receivable. Ensure you send a demand letter for payment, and then follow it up with a voice call. You may also visit your clients and talk to them about making payments.

People need reminders, so if you are not consistent about making collection calls and sending regular demand letters, they may end up forgetting to pay. Others will not see the severity of the matter and may neglect to pay their debts.

4. Be Pleasant If you show care to your debtors, chances are they will cooperate and pay the debt sooner. Ask the debtor why they cannot pay their debts and be willing to listen to their story. Offer to help where possible. This includes suggesting alternative ways to settle the debt.

Also, the tone you use when talking to your client matters. If you use a friendly tone, the conversation will be good, and your customer will likely respond positively and pay the debt. A harsh tone, on the other hand, will turn the conversation confrontational and hurt the chances of your customer paying the CBD collections.

5. Record Everything Proper planning is the key to increasing your cannabis collection success rate. It helps you to understand your delinquent customers better. Keeping records is the first step to being well prepared. Having records of invoices and contracts will help you speak professionally before your customer, which improves the chances of getting paid.

When you go for collections, make sure you record any vital information you may gather through comments made. You may also want to record payment commitments made against each customer.

Such information can play an essential role in case of debt disputes. It is also critical for following up on agreed CBD collection dates.

Cannabis and CBD debt collections can be a daunting process. While the above list does not exhaust all secrets of collecting your debt, it should help you improve your cannabis and CBD collections success rate.

Articles Source : http://www.todaykos.com/2019/09/16/5-secrets-to-increasing-your-cannabisand-cbd-collections-success-rate/