Five Common Reasons Debtors Don’t Pay On Time

As a small business, non-paying customers can be disappointing, frustrating, even infuriating. You’re thinking: I provided a product or service, I deserve to get paid! Why aren’t they paying?! Asking for money is an awkward enough part of the job before payments start going to arrears.

In order to get your debt recovered, it’s worth understanding the mindset of a debtor. Understanding 5 common debtor personas will help you make the most of your debt collection software.

The Accidental Debtor

The accidental debtor is our favourite type of indebted customer. They accidentally filed the bill away before payment, or the dog slyly ate the bill and they’re still waiting for it to show up in the mail. Whatever the reason, this debtor is not trying to pull the wool over your eyes – they simply forgot to pay. Debt recovery software works swiftly with these guys, as soon as they get that first scheduled reminder, the money will be in your account faster than you can say “show me the money”!