Use Tradebank for Debt Recovery

By Valerie Hale

Most companies have outstanding receivables. Sometimes due to cash flow, a customer finds it necessary to draw the payment out over a prolonged period and perhaps may never make a payment or at best only a partial one. Rather than wait an extended time for the payment or risk never receiving it, Tradebank can assist you in the debt recovery process.

When a Tradebank business is having trouble collecting cash form one of their customers, the Tradebank client can offer to accept part or the entire amount owed in his customer’s goods/services.  With the help of a Tradebank broker, the goods/services can be marketed in the network. These Trade Dollars can be, in turn, used to offset other cash expenses in the business.

Another alternative is to refer the customer to Tradebank and give the option to settle their debt to you in trade dollars.

In these circumstances, you can also request a premium in order to accept the debt in trade dollars. (E.g. the customer owes you $5,000, you could ask for T$6,500 instead, giving you a bit of an incentive to convert cash to trade)

Once you have discussed the options with the customer and interest is shown, contact your Tradebank broker for further assistance.

Your company would also be eligible to receive the usual referral bonus from Tradebank. It’s a win-win all the way around.