Of course, with modern eCommerce platforms most transactions occur in advance. Thanks to systems such as PayPal and credit card shopping carts, there is little risk of an online business incurring unpaid debts, but it does happen. Some businesses, such as Internet moneylenders, online investment websites, retailers and even hospitality industries often find they need to recover debts. Often these occur due to a change in a customer’s circumstances. While a customer may have passed initial due diligence tests when applying for a loan or an online credit account from which to make their Internet investments, suddenly the money stops, leaving the loan company or online investment company out of pocket. Furthermore, credit card companies may sometimes authorize a payment, only to request a charge back at a later date, by which time goods or services could have already been dispatched. For these companies, debt collection can often be fraught with difficulty, especially as paper trails tend to be limited with companies often having limited access to personal details.
Just because a business is being conducted over the Internet, doesn’t mean you can’t keep detailed records that can assist a recovery firm in the event that a debt occurs. As with all businesses, each customer should have his or her own file, whether physical or virtual, that contains records of transactions, personal information, such as credit card details, home and shipping addresses, along with transaction dates and any other relevant information. In addition, a detailed log of any shipping history, from tracking numbers to dates, can be quite useful because a shipping company can be a good resource for a debt collection company to track down customers that owe money. Sometimes to get around making payments, customers will claim products haven’t arrived or have been returned, but with modern tracking systems employed by most shipping companies, this sort of ruse is easily disproved.