Accounts Receivables

Common questions a business asks before using a collection agency

Deciding to use a debt collection agency can be a big step for a business. Many business owners and other decision-makers have a number of questions they want answered before deciding to take that next step with an accounts receivable program.

They want to know that they made the best decision possible for their organization. Of course getting late and non-paying customers to the table is a top concern, there can be other concerns that a business of any size wants to address before taking the next step in debt collections.

Here are some common concerns a business may have regarding using a debt collection agency and how a reputable agency can assist in these areas.

Will we […]

Household debt just exceeded $17 trillion-is your small business ready?

It’s June 2023 and household debt just set an all-time record. And it could affect every business in the country.

The New York Federal Reserve issued a report in May 2023 that indicated a new record in household debt. Americans have racked up over $17 trillion in debt. And that should concern every business owner, entrepreneur and anyone responsible for accounts receivables.

From rising inflation to a changing job market, there are many factors that have contributed to this record number.

There has never been a better time for your business to hit the pause button and thoroughly analyze your entire accounts receivables program. That also includes the debt collection process your business has implemented and the partners […]

2023-06-11T14:29:58-04:00June 11th, 2023|Categories: Accounts Receivables, Small Business Collections|

The pros and cons of different debt collection methods

No matter the size of your business, your organization will always encounter consumers that have challenges meeting their financial obligations. For a whole host of reasons, consumers can either be late in paying you, or stop paying your business altogether.

We always advise the organizations we work with to have an internal debt collection strategy prior to issuing accounts to a collection agency. That allows your business to conduct due diligence in trying to resolve the matter internally.

There are many ways to get your customers to pay before handing that account over to your debt collection agency. And there are benefits to doing so but there are also some issues to keep in mind.

Check out our […]

2023-05-02T08:23:45-04:00May 5th, 2023|Categories: Accounts Receivables, Small Business Collections|

Cash flow basics for a changing economy

Cash flow is the lifeblood of any business, and your small business can be vulnerable to cash flow issues. And economic conditions can be a major driver, whether it be negative or positive cash flow.

Without a steady flow of cash, your small business could struggle to meet your own financial obligations, attend to basic expenses, meet payroll, invest in growth and so much more.

If you are worried about cash flow in your small business this year, it is time to revisit some ways that can affect positive cash flow. While using a debt collection agency is one strategy, many more factors affect positive cash flow.

Economic conditions are going to affect your cash flow

Our changing economy […]

5 things your business should never do when trying to collect a debt

One of the more frustrating parts of running any type of business is when customers pay late or do not pay at all. We’re confident you would agree with that statement.

As a debt collection agency that works with small business and large organizations, we hear the disappointments regularly from people just like you we are consulting with.

When we conduct our free consultations for debt collections, it’s one of the first things we hear. Business owners, and others that are part of the accounts receivables process continue to experience the aggravations of getting certain customers to pay.

While there are endless reasons why customers become delinquent on their financial obligations to your business, business owners tell […]

Ready for more on-time payments this year? Do these now

A New Year is upon us and hopefully a new season of busy activity for all you small business operators.

Whether you are a lawn care or landscaping professional, contractor, a plumber or electrician or any small business that gets busy during the spring and summer months, it’s time to review your accounts receivable process before you get too busy.

Yes we’ve spoken about this before but have you really taken the time to button things up and improve your procedures?

If not, carve out some time before you get busy and make these happen.

Why? Because one of the biggest reasons small businesses suffer from cash flow problems is the time between service and actual payment.

Want to get […]

2023-02-27T08:52:30-05:00February 27th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Questions to ask a commercial collection agency before hiring

A commercial collection agency is an agency that works to resolve debt between two businesses. Commonly known as B2B debt collections, it’s the process of mediating financial disputes and overdue invoices owed to a commercial client.

In many cases, these invoices and balances due can add up to a substantial amount of money. If, for example you are in manufacturing or distribution and you extend credit in the form of pallets of products, you’ll want to know how quickly you can get paid for those orders.

Because these invoices can represent large sums of money for an organization, many companies rely on the expertise of a commercial collection agency to improve cash flow.

If you are an organization […]

2023-02-17T09:28:53-05:00February 9th, 2023|Categories: Accounts Receivables, Advice for Businesses|

4 proven ways to make debt collections easier for your business

Just about every business we encounter wants to make the process of getting paid on time much easier. Getting late-paying customers to the table and small business debt collections can become an area where many organizations just do not have the available resources.

Take, for example, the lawn care company that works from sunrise to sunset and deals with a labor shortage. Implementing an easier method to collect payments becomes mission-critical for that business.

If your business has been struggling with cash flow and getting your customers to pay on time, check out these four tips our debt collection experts have come up with to make getting paid on time easier for any size organization.

4 more myths about debt collections DEBUNKED

Have you ever wanted to know the real story behind the debt collection industry? Want to get the inside scoop on how things really are in the world of debt collections? We got you covered here!

There are untold amounts of myths regarding collection agencies and how they operate. And even more myths about how they interact and work with consumers. So we thought we would share a little bit of inside baseball when it comes to debt collections and debunk many of the myths that people share.

Think you know everything about the debt collection industry? Our team dispels four more myths about debt collections below. […]

2022-12-21T10:01:54-05:00December 23rd, 2022|Categories: Accounts Receivables, Advice for Businesses, Advice for Consumers|

I don’t think my business can afford to use a collection agency-Now what?

Hold on… not so fast!

Before your business decides it’s not a good idea to use a collection agency or you simply cannot afford it, we have a few pieces of advice you should consider before shutting the door on getting third-party help. There is much more to consider before you decide not to use a collection agency to improve your cash flow.

If you have customers that continue to pay late, customers that don’t pay at all or both, check out our reasons to seriously consider getting help from a reputable collection agency. […]

2022-09-15T07:46:45-04:00September 14th, 2022|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|
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