So you've done amazing work for the client and now they're refusing to pay you. Let's talk about what to do in that situation.
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By the way, have you had an issue with getting payments from clients? Let me know down below in the comments. Let's talk about this. A few weeks ago, the guys at thecreditapp.org reached out and they have a very interesting business for a specific problem when it comes to clients not paying.
Because what I found is, as an agency, and I talked about this in some past videos on collecting payments before, it's not just about selling the deal. I remember when I first got this job when I first started X27 and I had quit my main job. I thought I was the richest guy in the world because I was closing these deals where it was like $2,000 here, $10,000 here.
But then, when it came time to look at my bank account, I had just assumed they were all going to pay. Nobody paid me, of any of those people. And I was there, I almost had to try to ask my parents for money, or do something, get my old job back, because none of these guys were paying. And so, I learned about collections.
And what thecreditapp.org does is it solves an additional problem when it comes to collections. Which is, a lot of agency owners have no leverage when it comes to getting money from their clients. Meaning, you can go out there and if the client's not paying you, you could sue them. But that's very expensive for both client and agency. And so that rarely ever happens.
And yet, while these clients might not pay their agencies, they're going to be paying the medical debt. Meaning, if you owe $30 to the dentist, you're going to pay the $30. And the reason why is because that dentist is reporting that nonpayment to the credit bureaus.
So not paying that $30 to the dentist actually hurts your credit score, which will make it harder to borrow money. It could make it harder to get business loans in the future, or mortgages on your house, whatever it is. But not paying $10,000 to your agency partner has no effect, except for maybe a lawsuit, which you know is going to be too expensive for the agency to bring upon you. So there is nothing that you can do.
But the Credit App solves that by allowing you, as the agency owner, to report delinquent accounts and report nonpayment to the credit bureaus, the same as any other major business. And that's the coolest thing about this app. It's not that we want to put people in bad situations with the credit bureaus and report them for non-payment. It's that we need to add some kind of stake.
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