One of the many reasons why an engineering career is rewarding is the opportunity to assist clients in creating the home or building of their dreams.
It may appear incredible to witness a 2D image come to life from a mess of concrete, metal, and roofing, but none of these components came out of thin air. Money, they say, makes the world go-’round, and construction is no exception to the rule.
Cash is required to purchase or manufacture each block, pay workers and specialists, and maintain the firm’s financial stability. So, what happens if a client is unable to meet the project’s budgetary requirements? That is a concern, especially for the company.
Why is engineering debt bad?
Despite starring in large-scale projects, engineers and firms sometimes only make enough money to break even.
Remember, bad debt happens in every sector and profession. However, every expansion or advancement in an engineering firm’s portfolio demands a significant amount of cash—that’s how they can afford materials and skilled workers.
Even a single non-paying account makes it difficult for the company to recover.
Naturally, you want your customers to pay as fast as possible. But when “soon” and “possible” become “never” and “impossible,” it might be time to hire an engineering debt collection agency.
What is an engineering debt collection agency?
An engineering debt collection agency does exactly what its name implies: it collects debt on your behalf.
Working with a skilled and experienced collection agency for engineers will help you get your engineering and professional service debts paid off faster. But when is the perfect time to enlist the services of said agency?
You need to mind three indicators:
- When the client refuses to pay you
There is no reason why your client would tell you this if you fulfilled your end of the contract. As a result, there is a good likelihood they mean it. They won’t pay you and you’re on the short end of the stick.
- When a loan is 90 days past due
Collection agencies usually start doing the work after three months. If the obligation has been unpaid for so long, the client is likely to have stopped replying to you.
If they did not pay back when they answered the phone, how much more now that they are missing?
- When they failed to pay by the deadline
A promised date is a commitment you should keep, especially for the sake of your business—an engineering debt collection agency will ensure that.
Why tap an engineering debt collection agency?
If you have tried everything and nothing has worked, it is time to hire an engineering debt collection agency. Why? Because it is what they have been trained to do.
An engineering debt collection agency has the employees, time, energy, resources, knowledge, and experience to complete a debt collection process that includes multiple notifications, calling, credit reporting, and possible litigation.
Allowing an agency to assist you allows you to concentrate on your area of expertise—your engineering firm.