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Running a business is tough. Not only do you have to worry about managing staff, inventory, regulatory procedures, accounts receivable and accounts payable, you also have to worry about ensuring your customers are paying their past due accounts in a timely fashion. When your customers begin to stop paying on their accounts, the real headache [...]
Anytime you are in charge of running a business, you understand the importance of having a steady flow of income coming into the business. Without income and funding, you will be unable to keep your staff, order supplies, pay the utilities, and even pay for the lease of your building location. Adding extra stress to [...]
When you are in charge of accounting procedures for your business, chances are you understand the frustrations of attempting to collect on past due accounts. Your current procedure is most likely sending out invoices and then following up with a phone call, only to still come up without their repayment at the end of [...]
When it comes to running a business, the very first lesson most business professionals learn the hard way is that money is needed in order to make the business run. Without money, there will be no way to pay for your employees, pay for your supplies, or even continue to pay for your business lease [...]
Debt collection is probably not the first thing on your mind when you set out to build your business and deal with consumers. This is a negative aspect to business; but one that must be faced nonetheless. The sooner you address the fact that you may inevitably have a customer who forgets or purposefully attempts [...]
There are certain guidelines for companies who extend credit to vendors or customers. You may be aware of some of the most common. Assess a client’s credit worthiness before extending any sort of credit by having them fill out a credit application. Verify all information in a credit application. Ensure every client understands and agrees [...]
Debt collection can be a difficult task for a company to handle in any way, shape or form. There are plenty of day to day operations that need to be dealt with; debt collection being one of the most important fiscal tasks. Due to the impact on a business, collection of debt should be handled [...]
Why Should I Invest In Debt Collection? When a debtor fails to pay a creditor, the creditor is not only out the money they are owed, but they are also emotional about being taken advantage of. Invariably, when a creditor calls a collection agency regarding their debt recovery services, they want to vent their emotions [...]
Debt Collection Success Not only are low rates important, but an equally important issue is what is your rate of success and your net collection. An extreme scenario to demonstrate this issue is to compare a collection agency that charges 10% contingency fees to a debt recovery service that charges 50% contingency fees. If the [...]
Contingency Rates: No Collection, No Fee! One of the first questions creditors usually ask us is how much we charge for our debt recovery services. This is a reasonable question and one we’re very happy to answer and discuss. Of course, everyone wants to know about the collection process and how we will collect their [...]