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Payment Recovery / Debt Recovery

Maximise Payment Recovery / Debt Recovery with Genuine Filings

Businesses worldwide are facing financial crisis due to unpaid invoices that are part of the accounts receivable process. In such circumstances, businesses must initiate payment recovery/debt recovery to increase cash flow. Here’s how Genuine Filings can help manage common issues, including failed, overdue and duplicate payments successfully. But before that, let’s understand:

What is Payment Recovery/Debt Recovery?

Businesses use payment or debt recovery procedures to solve all kinds of payment errors by chasing up on overdue or missing payments from clients and recovering payments made in error to the suppliers. The two aspects of payment or debt recovery include:

  • Payment recovery when dealing with suppliers
  • Payment recovery when dealing with customers

 

There are different ways to recover excess or duplicate payments from suppliers, including discovering the mistakes by analyzing all payments and invoices to ensure they match. If mistakes are found, businesses need to contact the suppliers to request a refund or credit.

Similarly, when collecting payments, businesses must send payment reminders even before they are due. They can even automate their invoicing procedure using accounting software to send and track payment reminders. Sending reminders regularly with applicable fees and interest added to the late payment is one of the most important steps of payment recovery from customers.

Turning to third-party agencies like Genuine Filings is one of the best ways to recover payments and debts. We take a firm yet soft approach to payment or debt recovery with debtors, focusing on alternative and amicable solutions that can save money and time. Giving the highest priority to dispute notification, resolutions and identification, we closely collaborate with clients to resolve all issues. Ensuring professionalism when interacting with clients and their debtors, we are the global leaders in payment and debt collection. Contact us now to safeguard your rights and manage debt collection like never before.

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FAQs for Payment Recovery / Debt Recovery with Genuine Filings

Debt recovery is the process of pursuing payments from businesses and individuals owing money to the creditors. Involving several efforts to recover due payments, the process involves recognizing the rights and responsibilities of the debtors and the creditors. This ensures lawful and fair debt recovery procedure.