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One of the easiest ways to reduce the number of your credit accounts that fall into collections is to make sure that you are doing everything in your power to maximize your accounts receivable conversion rate. This can include everything from analyzing your billing statements to what forms of payment you accept. While it [...]
A recent article from ACA International quoted a report from Transunion that says that credit card balances are at their highest levels since 2008. While this is a scary notion for the general population, it has even more frightening implications for businesses that must extend credit to their customers in order to complete sales. [...]
While many people living near the border don’t think anything of venturing into Canada, our neighbor to the north represents a completely different world when it comes to debt collection practices. Much like the United States has done with the Fair Debt Collection Practices Act, the Canadian government has established a long list of [...]
If a penny saved is really a penny earned, then you should not overlook the importance of minimizing your burn rate in order to grow your business successfully. If you can reduce any of your regular expenses like cost of raw materials or labor, you can instantly increase the amount of growth that you [...]
The Federal Debt Collection Practices Act (FDCPA) sets strict federal guidelines that apply to any professional debt collector attempting to collect a third party debt in the United States. These regulations were put into place in order to protect consumers from predatory collectors who attempt to obtain payment through threats of violence or by [...]
In today’s collection environment, disputed collections and inaccurate information are influencing the collection process at an alarming rate. The dispute process is viewed by many debtors as a loophole to get out of a debt that they rightly owe, but it also allows for a reasonable way for people to call out collection companies [...]
The Federal Debt Collection Practices Act (FDCPA) was designed to protect consumers from hostile or fraudulent debt collectors. Many concerns have been raised that these regulations make it more difficult for debt collectors to obtain payments for legitimate debts, but there might be another aspect to consider. Debt collection is a difficult business, and [...]
One of the most important, yet often overlooked, aspects of any business that extends credit to its customers are the written terms and conditions that define the credit relationship. These terms and conditions give you the opportunity to spell out exactly how you expect the customer or client to work with you, and can provide [...]
If your business is like most businesses that extend credit to their customers, you have probably defined a certain period of time that you allow late or delinquent accounts to sit on your books before you forward those accounts to a commercial debt collection agency. Most businesses determine which accounts to send to collections [...]
Every business that extends credit to its customers is going to be forced to deal with a small percentage of those customers who for some reason are not able to make timely payments on their accounts. For many business owners, this is an incredibly frustrating aspect of their business. Hiring a commercial debt collection agency is [...]
