As you probably know, it can be difficult to succeed in business without some financial help. Whether you need to pay for equipment, salaries, rent or something else, you may need a loan or financing. Even though defaulting can hurt your company, you may have little or no choice in this tough economy.
According to LinkedIn, more than 90% of small- and medium-sized businesses use social media to attract new customers and retain existing ones. If yours is one of them, you want your social media presence to reflect positively on your company.
Creditors and social media
Having your creditors post on your social media accounts might not be the look you are going for. Luckily, even though creditors can attempt to collect using social media, they must follow specific rules. An important one is not posting information about your debts in a publicly viewable forum.
If your company’s creditors wish to contact you through social media, they must send private or direct messages to you. They also must identify themselves and tell you what debt they are trying to collect. This helps reduce your chances of falling victim to a scam.
Your business’s financial well-being
You should not be constantly worrying about your company’s unpayable debts. You also should not lose sleep over how creditors might try to collect payment. If your business is suffering financially, it may be time to explore bankruptcy and other debt-relief options.
Ultimately, by taking steps to restore your company’s financial health, you will no longer have to worry every time you open its social media apps.