Category: Collections
6 Things to Consider When Hiring a Debt Collector
If your business needs help collecting from past-due consumers, you probably have questions about what to look for when hiring a debt collector. But are you asking the right questions? Here are some questions to consider before you hire a debt collector to contact your delinquent accounts. What collection services do they provide? For your
Overcoming Debt Collection Challenges in 2023
The collection industry faces new debt recovery challenges in 2023. Throughout the United States, collection agencies have struggled to provide debt collection services in a financial climate fraught with new regulations and rising inflation. What are these challenges, and how will IC System overcome them? Inflation: Inflation in the U.S. economy has caused the price
Three Innovative Tools to Increase Collection Revenue
As a business in need of collection services, it’s essential to have a partner that offers innovative tools to increase your recoveries. Here are a few collection tools offered by IC System that you may not find at other agencies. Credit Reporting There are few more compelling incentives to pay than credit reporting. Credit-conscious consumers
Better Debt Collection with Data Security and Compliance
When you think about ways to evaluate a potential collection partner, your first thought probably relates to performance or experience, not data security and compliance. But cyber security and operational compliance remain vital when choosing a debt collection company. Ensuring your consumers’ data is protected, and your consumers are treated fairly according to regulatory mandates,
Top Myths About Working with a Collection Partner Dispelled
Businesses of any size might be reluctant to turn to an accounts receivable partner for a host of reasons. Here are three (debunked) myths about working with a third-party debt partner, and details about how working with an agency can boost your revenue. 1. Debt collectors are only for extremely late bills. This is not
How Much Do Collection Agency Fees Typically Cost?
There are thousands of debt collection companies out there with different pricing options. Learning about these different options, including the average cost of most collection agency fees, makes it easier to determine the best service provider for you. Depending on the size and unique needs of your business, typical choices include contingency collections or flat
Small Business Owners: Build Your Accounts Receivable Plan
One of the challenges of being an entrepreneur is having to do it all yourself. For small business owners, accounts receivable can be a bear. You already have to deal with sales, marketing, HR, strategic planning, budgeting, accounting, inventory, and shipping with a small staff—sometimes, all on your own. Adding to the challenge of mastering these
4 Tips to Streamline Your Business and Reduce AR
When you run a small business, you’ve got a To-Do List about a mile long, and finding new ways to reduce AR isn’t at the top. There’s rarely enough time in the day or week to get your list done, so you have to pick and choose what gets accomplished. While you’re managing the day-to-day,
Improving Cash Flow for Small Business
Cash flow is the lifeblood of any business, and that’s especially true for a small business. But it doesn’t always flow in an even and orderly fashion. On a graph, revenues have ups and downs, fluctuating with the economy or other factors. This forces many entrepreneurs to rely on various forms of credit, including receivables
Consumer Collections: When Consumers Stop Paying, Listen
As a small business owner, you feel it when your fortunes shift—even just a little bit. When a consumer doesn’t pay for your products or services, covering your expenses becomes much tougher. Fortunately, you can shore up your financial strength by being proactive about the balances on your books and using consumer collections to recover
