Category: Collections
5 reasons your small business needs a collection agency
Business growth means difficult decisions are often waiting at the crossroads. Do we keep doing this thing in-house? Should we hire someone? Or is it better to partner with a vendor? Luckily, as a small business owner, there’s no need to wait to hire a collection partner for debt recovery services. Hire the right firm
Landlords Still Struggling After Recent Stimulus
Many creditors have special emergency relief plans for those who fall behind on auto loan, credit card, student loan, and other payments. Mortgage companies can offer forbearance plans under the CARES Act, the economic stimulus bill passed in March 2020. However, most private landlords or property management companies don’t have many options when it comes to offering
Deal with Collection Accounts Before Holiday Hoopla
The holidays can be stressful and crazily busy. COVID-19 and pretty much all of 2020 aren’t making the holidays any easier. It’s so busy that the holiday season requires an almost endless list of lists: shopping lists, grocery lists, and the long list of Zoom meetings you’re having this year in place of get-togethers. And
4 Simple Steps to Ensure Fast Revenue
In these unpredictable times, everyone’s looking for ways to achieve some measure of stability in their business. Fortunately, there are a few methods to ensure fast revenue from your accounts receivable, even in situations requiring collection efforts. Follow these simple steps, and you’ll start seeing revenue returned to you faster. Step 1: Have a Plan
Netback: The Best Way to Evaluate Your Collection Agency
If you have used or shopped around for a collection agency, you know they offer various services. Most collection agencies will make calls, send letters, and possibly even credit report your past-due consumers. But rather than evaluate a collection agency on its list of services, the most critical aspect of your relationship with your collection
Four Strategies to Improve Cash Flow During COVID-19
Countless businesses have experienced poor cash flow during the pandemic. Any office remains at risk, given the sheer unpredictability of our future. Still, there are strategies you can take to fortify your cash flow for the time being. A smart approach to improve cash flow begins by committing to a process that reduces spending and
How Debt Collection Works, Part 6: Client Service
Business relationships last because of excellent client service. No matter your industry, the level of service you receive will often shape whether you value the ongoing relationship. When you partner with a collection agency and have questions about their service, someone knowledgeable should be available to provide a friendly experience. You should also have access
When Does Your Small Business Need Debt Collection Services?
How much time do you spend calling or sending letters to your past-due consumers? Chances are, it’s too much time. Or maybe it’s not enough. One of the main reasons that many small businesses fail is because of poor business planning. An effective business plan should include a detailed accounting of your cash flow and
How Debt Collection Works, Part 5: Collection Strategy
Letters and calls are the bread and butter of a debt collection strategy. IC System’s “How Debt Collection Works” blog series continues with a discussion of our proven letter and call approach. Mike Selbitschka, IC System’s Vice President of Operations, talks about the collection strategy and efforts that occur after you have selected your product,
Better Debt Collection with Data Security and Compliance
When you think about ways to evaluate a potential collection partner, your first thought is probably about performance or experience, not data security and compliance. But these factors remain vital when choosing a debt collection company. Ensuring your data is protected, and your consumers are treated fairly according to regulatory mandates, reduces the risks to
