Advice for Businesses

What motivates consumers to pay your invoice?

You may be a small business owner or a professional in the position of finance. You may be reading this and at the same time having challenges with cash flow. The main culprit could be late and non-paying consumers.

Just about every type of business will encounter this challenge, and it’s imperative to implement a regular and consistent program for getting customers to pay you for what you have provided. Whether it is late customers or those who refuse to pay, having a rock-solid accounts receivable program is non-negotiable.

It helps to understand what motivates customers to pay a bill, whether that’s their regular habits or their past-due bills.

Understanding this can help your accounts receivable program be […]

How a Budget Friendly Collection Agency Can Help Improve Your Cash Flow

What if we told you you could hire a collection agency and improve your cash flow without breaking your budget? We’re confident most businesses would like to take advantage of that.

There is still a myth that the only way to employ a debt collection agency for your business is to pay large fees to achieve your goals.

However, that is not the case; low-cost debt collection solutions are available to any size business.

Do you want to improve your business cash flow without breaking the bank?

Check out these reasons why using a low-cost collection agency can be one of the smartest moves your business ever makes! […]

How Active Listening Can Turn Difficult Debt Collection Calls Into Collaborative Solutions

Active listening is something our professional debt collectors practice and implement daily here. In fact, we would go as far as to say that it is one of the foundations of how we operate.

In all aspects of life and business, listening is one of the most critical skills we can master. And as a collection agency working with small businesses and large organizations, it is a must for us to carry out our mission.

What is active listening?

Active listening is concentrating on, seeking to understand, and responding to an individual thoughtfully. And it goes beyond just hearing somebody speaking and includes emotions, engagement and trying to understand the context of a discussion. This is why it […]

Debt Collection: The Art and Science of Mental Rehearsal

What is Mental Rehearsal?

When learning about mental rehearsal, it’s important to understand that it is a proven tactic that can help anyone who wants to improve the way they perform. It has been put through the process of the scientific method with consistently reproducible results.

Mental Rehearsal Definition

Mental rehearsal is the act of using your internal voice and practicing a task inside your mind without the need to physically act it out. Research by Dr. Srini Pillay has found that imaginary practice stimulates the same regions in our brains when visualizing an action that are stimulated when actually performing that action. Many top performers, including professional athletes, report naturally practicing mental rehearsal without first being […]

2024-08-08T13:59:13-04:00August 8th, 2024|Categories: Advice for Businesses, Team APR|

Understanding realities-why consumers struggle to pay on time

There are numerous legitimate reasons why a consumer might struggle to pay your business on time, or at all and many of them stem from financial difficulties.

As business owners, executives and others keeping an eye on the bottom line, you may get angry because some customers have not paid your business and you’re left wondering why.

However, as we indicate here, many circumstances limit a consumer’s ability to pay your business, and they should be considered.

If you want to better understand why some of your customers are not paying, take a look at our insight below. […]

Time is Money-the true cost of in-house collections

If your organization is burdened with negative cash flow, your ability to keep customers current in their financial obligations becomes mission critical. Approaches to achieving that and getting customers to pay you regularly differ.

Many organizations still rely on in-house debt collection teams as part of their accounts receivable program. While in theory, this may have moderate benefits, relying on internal resources for all your collection activity may ultimately be a negative. The obvious is the cost associated with maintaining those resources internally.

We always advise organizations to conduct proper due diligence with late-paying customers, including regular communication and procedures for following up on late payments. But at some point, those efforts can become ineffective.

If you run […]

2024-03-09T10:23:53-05:00March 11th, 2024|Categories: Accounts Receivables, Advice for Businesses|

6 critical areas you need to focus on to build more trust with customers

The relationships you build with customers are the lifeblood of your organization, no matter the size. In short, your business will not thrive without solid relationships with customers. It’s just that simple.

Building lasting and trusting relationships with consumers is one of the best ways to see continual growth in your organization. You should not think of your customers as transactional. You should be thinking about how you can serve them for the long term.

Building long-lasting customer relationships is more than just being nice and smiling. It’s about implementing strategies that allow you to build trust over the long haul.

If you’re looking for traditional and non-traditional ways to build lasting customer relationships, check out our tips […]

Sending accounts to collections? Do these first

While many organizations hesitate to implement collection activity, there are an equal amount that may jump into it before they have done their due diligence.

Following solid and systematic accounts receivables processes can help lay the groundwork for successful debt collections when necessary. And it may just help you keep a hard earned customer.

If you want to manage your late invoices and your reputation at the same time, make sure you’re doing the following before proceeding with third party debt collection activity. […]

2023-10-18T09:39:41-04:00October 20th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

How a B2B Collection Agency Can Work Harmoniously with Clients and Customers

For any size business, maintaining healthy cash flow is essential for survival and growth. For many organizations, managing overdue invoices and recovering outstanding debts can be a challenging and time-consuming task. This is where Business-to-Business (B2B) collection agencies come into play. However, the relationship between a collection agency, its clients, and their customers can be delicate.

These relationships are delicate because in many cases, we are talking about large sums of money. Think about the business of manufacturing or other types of distribution businesses that are filling large orders for clients. When those are not paid or not paid on time, this can present a major challenge for that business.

Let’s explore how a B2B collection agency […]

2023-10-18T09:40:02-04:00October 18th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Don’t wait to collect that unpaid debt-7 reasons why your business is not be getting paid

Many organizations we encounter have waited far too long to implement a solid debt collection program. Because of this, many businesses suffer negative cash flow and these issues could have been prevented by being proactive with their collection activities.

One of the main reasons we see businesses of all sizes hesitate on collection activity is because many feel they will alienate their customers and damage their reputation. Because of this, many organizations lose out on money that is clearly owed to them.

If your business is still hesitating to implement a reputable debt collection program, see the reasons why hesitating can cost your organization untold amounts of money. […]

2023-10-09T08:54:01-04:00September 8th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|
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