Category: Collections
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 staffâsometimes, 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 thatâs especially true for a small business. But it doesnât 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 shiftâeven just a little bit. When a consumer doesnât 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
How can skip-tracing help you recover the debt?
Sometimes consumers will pull what appears to be a disappearing act. Bills are returned to your office marked with the yellow âno forwarding addressâ label. You pick up the phone and their number is out of service. You then call their employer, and they’ve never heard of the consumer. At this point, you may wonder
5 Tips: How to Choose a Collection Agency
When consumers stop paying for the services or products you provided, at some point, youâll need assistance from a debt collection partner. But there is so much more than just a simple transaction when you choose a collection agency. If your third-party debt collector is a bad fit for you â that is, itâs not
When is the Best Time to Send an Account to Collections?
Whether youâre running a small business, healthcare office, or a large corporation, knowing the right time to submit a debt to your collection agency remains tricky. Thereâs a delicate balance. You shouldnât send an account to collections too soon, but you also shouldnât wait too long. So whatâs the correct timeframe? Here are some things
