Small Business Collections Archives - Page 4 of 6

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 […]

David Greenwood2023-06-11T14:29:58-04:00June 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 […]

David Greenwood2023-05-02T08:23:45-04:00May 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 […]

David Greenwood2023-04-03T08:10:32-04:00April 3rd, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

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 […]

David Greenwood2023-03-30T08:16:03-04:00March 30th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

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 […]

David Greenwood2023-02-27T08:52:30-05:00February 27th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

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.

David Greenwood2022-12-29T16:00:59-05:00January 3rd, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Breaking Barriers in Debt Collections

By Angela:

The perception of debt collections has changed dramatically in recent years. For many years the public had an image of collection agencies that just focused on collecting money. At one point or another, before I got into this industry, I had those types of feelings too.

What I’ve learned in my experience is now the furthest from these scenarios. I work alongside people every day who are compassionate, smile and are often times laughing with consumers. […]

David Greenwood2022-11-30T10:48:49-05:00November 30th, 2022|Categories: Advice for Consumers, Small Business Collections, Team APR|

Tips for placing accounts in collections during the holidays

As the end of the year approaches, a question that many creditors grapple with is, “Should I assign slow-pay/delinquent customers to collections around the holidays?” The answer to that question should be a resounding “Yes.”

There are many reasons why it benefits a business, as well as its customers, to have past-due accounts placed in collections during the holiday season.

As with any time of year, the longer a business waits to assign any slow-pay/delinquent accounts to collections, the less likely those accounts will ultimately get paid. The consumer will place a lower priority on resolving the debt the longer it stays past due without any contact other than a monthly “Balance Forward” notice. Consumers may even […]

David Greenwood2022-10-20T07:56:48-04:00October 20th, 2022|Categories: Advice for Businesses, Small Business Collections|

4 ways to fix problems with small business cash flow

Our economy is changing rapidly and there has never been a better time for your business to do a health check. Everything seems to be rising for those running a small business.

You’re battling rising costs of inventory, an increase in payroll costs, what you pay for transportation such as our lawn care clients and of course rising interest rates. Those interest rates not only affect you as a business but are ultimately causing your customers to rethink their finances.

Many experts have indicated that these economic conditions could last for some time. Before it gets too late and you find yourself in a troubling situation where hard decisions need to be made, it is a smart […]

David Greenwood2022-10-11T08:42:20-04:00October 13th, 2022|Categories: Advice for Businesses, Small Business Collections|

Why is this collection agency so focused on consumer compliments?

Over the past couple of years, you may have noticed that our team has paid particular attention to tracking the compliments and kind words that consumers give our debt collectors. While many types of businesses only track numbers, we pay attention to what people are saying.

Keeping track of the compliments that consumers have provided our debt collection team and others here on the staff has provided tremendous value and how we operate as a collection agency. Of course, we track the success of our debt collection efforts but what is equally important is the manner we communicate and the collaboration we can ultimately foster with a consumer.

There are several reasons why part of our collection […]

David Greenwood2022-10-11T09:03:36-04:00October 11th, 2022|Categories: Advice for Businesses, Small Business Collections, Team APR|

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