Alternative Methods to Debt Collection

You’re in business to make money, so sometimes it’s a challenge to collect when another business owes you money.

It can really be difficult when your customers who are other business owners can’t pay you what they owe you. And it’s even worse if they go close completely without paying their debt to you because you’re left holding the bad.

There are many ways to resolve this issue. You can take them to small claims court. You can send them to a debt collection service. Heck, there may even be ITEX members who are attorneys that could help you out with this! The last thing you want to do is to walk away from what is owed you.

There is another way and it’s one that most business owners forget to think about as an alternative payment option.

Talk with the business owner who is in debt to you. Explain to them that you understand their position and as a business owner yourself, you understand how hard business can be. Then talk with them about settling what’s owed you by allowing you to sell their surplus inventory. You don’t want to be at a complete loss and something is better than nothing. The other business owner may have surplus inventory that they can give you if they don’t have the capital to pay you back. With their goods, you can easily make what’s owed you back through the ITEX marketplace and you can get ITEX currency.

Having a backup plan for someone who owes you money is important; and honestly, you don’t really need to be able to use their items as long as you can unload them through the ITEX Marketplace and turn their product or service into ITEX dollars. You are turning a debt into a workable asset that is good for you and for the debtor.

ATTENTION: The person or business that owes you doesn’t have to be a part of your ITEX nexus. They only need to be able to produce the goods or services for you.

So, how does this benefit both parties? Simple. You are able to turn what would have been nothing if they had not repaid you into ITEX cash. You can then turn around and use that currency to continue to build you business through the ITEX Marketplace without having to spend your available cash.

This helps the other business to start on the right foot, make them feel better that they no longer owe a debt, and it could potentially restore their standing in their own community. It’s a win-win situation.

Business relationship building can be challenging especially when another business owner owes your company a debt. The ITEX Marketplace can potentially help eliminate cash flow issues.

Definitely check out what the ITEX Marketing place has to offer and if you find yourself in this situation, you’ll have an alternative method making sure you get what you’re owed!