Category: Collections
Don’t sign a contract with a collection agency without asking these 4 questions
Choosing the right vendor for your organization can turn into a nerve-wracking experience, and it’s even harder to know what to look for in a collection agency. To make sure you’re choosing a collection partner that will bring an ethical and effective approach to your uncollectable accounts, the answers to these four questions can reveal
Collecting in-house vs. a collection agency: Does it make financial sense?
Focusing on past-due accounts is the most important component of accounts receivable management. In order to recover accounts receivable, the path to success is setting up a system where late-paying customers get reminders and those reminders are consistently administered. This alone may raise the question of whether your firm should keep the collection efforts in-house or
How customer segmentation can optimize your accounts receivable
If you’re looking for a way to optimize your accounts receivable, customer segmentation is one strategy you’ll want to adopt. The idea behind customer segmentation is using their past behavior to help you decide how to respond if they fail to pay you on time. Taking this strategic approach to accounts receivable management will help
How collections can shrink your accounts receivable
Sending bad debts to a collection agency is the first step toward reducing your accounts receivable and freeing some locked-up capital. If you work with a strong and experienced collection partner, they can provide the tools and resources to resolve as many accounts as possible. This would further reduce bad debts and give you access
Questions to get answered before hiring a collection agency
While there are many reputable collection agencies out there, there’s a reason why the industry has gotten a bad rap. Before you choose a collection partner, it’s important to do your research. But how do you know what to look for in a reputable collection agency to represent your business? Let this serve as a
What security safeguards should your collection partner have?
Data security and the importance of protecting consumer information remains a top priority for any business that gathers and stores sensitive records. Credit card numbers, personal contact information, social security numbers, and medical records could all be at risk if a business does not take the proper steps to protect themselves. This is especially true
Can a collection agency get you paid more quickly?
Every introduction to sales tactics will teach you that your pitch won’t win over customers without a hook that makes the service stand out from the pack. Here’s one you may have heard in your quest to find a collection agency: How they can get you paid more quickly. Speed is not much of a
4 Ways to Get Paid on Time
Every business deals with the occasional late payer. Sometimes they’re a few days past-due, sometimes they can’t pay for months. Sometimes, when you make them aware of the lateness of their account, they jump right on the issue and resolve it. Other times, they actively avoid your calls and letters, requiring additional effort on your
Key Differentiators in Debt Collection Firms, and How Your RFP Can Uncover Them
I’ve been a proposal writer for a number of years, but I wasn’t always writing about debt collection services. Over the course of my career, I’ve responded to RFPs for industrial printers, surveillance cameras, open-road tolling technology, and even ankle monitors. So when I first started writing proposals for debt collection RFPs, I received a lot
Tips to acquire services through a formal request for proposal (RFP)
In my years as a proposal writer, I’ve responded on behalf of big Fortune 500 companies and smaller, family-owned operations. And as a member of the Association of Proposal Management Professionals, I’ve attended the industry seminars and commiserated with my fellow proposal writers. I’ve learned a few things from my time in the trenches, and
