How to Handle Marijuana Collections

1. How to Handle Marijuana Collections The medical marijuana business is booming, and there are several entrepreneurs who want to get in on the action. This could promise to be a lucrative business venture, but there are several factors that have to be in place for the company to achieve long term success. It’s easy to put Marijuana collections and accounts payables and receivables in the background when starting a business and it may be even easier to forget about these things when you’re starting a company that is centered around cannabis. However, collections for a cannabis business is essential, and getting a professional system in place could save you lots of time and money in the future. Once you’ve decided that you want to go into the cannabis business, it’s important to be aware that banks are still a little reluctant to work with these types of companies. Getting the funding for starting your business may involve using less conventional methods, so it’s essential to have an experienced team of professional attorneys who will advise you when it comes to getting the right amount of startup money. These attorneys can also provide insight into how to maintain a steady cash flow and give you tips for reducing the amount of collections accounts you have to encounter. Part of running a successful business is also knowing how to appeal to customers and knowing which payment options to offer. Before you set up a plan for collecting debts, it’s important to be clear with customers during the entire marketing and purchasing process. This will help you to determine which customers are more likely to pay for products on a consistent basis, and which customers can actually afford the products they want to purchase. If you run into a situation where customers aren’t paying on time, your legal team can give you the right pointers for effective communication. For instance, you probably won’t communicate with a distributor on the verge of going out of business the same way that you’d talk to a customer who has been avoiding notices to pay. Getting a clear understanding of a customer’s financial situation could provide you with information that will help you come up with an effective plan to recover the debt that is owed to you. Your cannabis collections team should also be experienced in handling cases that have to escalate to court, and can let you know when it’s best to write off an account. While the ultimate goal is to recover the funds that you are owed, there are times when the resources and time used to settle a debt are more than the actual debt. If you have to write an account off, the right legal team can walk you through the process quickly and efficiently, so you can get back to running your business and providing great customer service. Keep in mind that the methods you use for debt collection are a reflection of the customer service philosophies that characterize your business. If you remain professional and direct when it comes to collections while still maintain stellar customer service, you can keep your business intact for years to come. Article Source at http://www.bolddorm.com/how-to-handle-marijuana-collections/