Small Business Collections Archives - Page 5 of 6

The best debt collection agencies-what do they have in common?

Choosing a third-party collection agency Is a big step for some businesses. The business needs the cash flow, and is frustrated customers are paying late or in some cases not paying at all, but need a solution. Many businesses have tried various tactics and strategies using internal resources, but there comes a time when you need to seek outside help for collections.

That company is going to be representing you whether in written form or through phone communications with your customers so it’s important that you as a business choose wisely.

If your organization is currently looking to hire a debt collection agency, there are several things the best agencies in the industry do and do well. […]

David Greenwood2022-07-05T10:43:35-04:00May 31st, 2022|Categories: Advice for Businesses, Small Business Collections|

Top 5 reasons your customers are not paying you on time

Did you ever wonder why your customers are not paying you on time? It’s one of the more frustrating aspects of running any size business. Customers contact your business, you provide the service that you promised and then in some cases, you’re left to chase that customer for the money they owe you.

And because you have other customers to serve, and a whole host of other obligations to run your business adequately, you and your staff now must expend time and other resources to get that customer to pay.

Your accounts receivable process is just part of running a business of any size. Customers are going to pay on time, some are going to pay late, […]

David Greenwood2022-03-15T09:51:27-04:00March 4th, 2022|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Ask yourself these 5 questions before starting collection activity

Before sending any customer to a debt collection agency, it’s important for a business of any size to conduct its due diligence to try and resolve that matter. Having an established relationship with a reputable collection agency is an important part of your overall accounts receivable program. But it is critical for your business to understand how a customer got to the point of collection activity before implementation.

You and your staff should be able to answer the following questions before a customer is put into collections. And this is also a great guide for your business as you clean up your accounts receivable systems. […]

David Greenwood2022-03-15T09:52:58-04:00March 2nd, 2022|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Accounts receivable practices when your business solves problems quickly

There are all types of businesses where serving the customer quickly just comes with the territory. Those businesses that offer any type of emergency or urgent service either in-home or at your location can experience issues with cash flow because there will be times when customers and clients are not prepared to pay.

There are all types of businesses that fall into this category of emergency services and serving people on short notice. Everything from the veterinarian, plumbing and heating contractors, septic repair services, HVAC professionals, and restoration contractors to name a few. Your customers rely on your quick expertise to make their lives easier. […]

David Greenwood2022-03-15T09:55:34-04:00February 18th, 2022|Categories: Accounts Receivables, Small Business Collections, Veterinarian Collections|

Businesses must focus more on debt collections in 2022

It should be no secret to anyone owning or running a business. It is slowly getting more expensive to operate a profitable business and it is not getting any less costly. Costs associated with just about everything on your expense sheet have gone up during the past 12 months.

And as you’ve also seen, the pandemic caused many people to spend more money. We have seen this mostly in the form of home improvements as well as other items to make working and living at home more enjoyable. While statistics have shown that people have saved more recently, they have also been willing to purchase more.

Financial stress is a real thing, especially for those operating a […]

David Greenwood2021-12-08T07:51:51-05:00December 8th, 2021|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Some of our best tips for handling debt collections internally

There are several reasons why organizations of all sizes would be looking for a debt collection agency. You may be a small business and have reached the point where you’re tired of chasing down late and nonpaying customers. Or maybe your organization regardless of the size has limited internal resources to handle the task of getting your customers to pay on time.

Whatever your reasons are, you will want to find the best agency that can understand your needs, be a great fit as well as treat your customers fairly. Because after all, treating your customers with respect is something that you would do in all aspects of doing business with them. Including, trying to get […]

David Greenwood2021-10-01T10:43:30-04:00September 27th, 2021|Categories: Small Business Collections|

Don’t make these 5 mistakes when trying to collect money

Your company has done the work, you feel like the client or customer was satisfied with what you’ve done, and you’ve done your part and sent an invoice for the work provided. Most of the time, you see a check in the mail, or they arrange for other types of payments such as a credit card.

Other times, it feels like an endless waiting game to get some clients to pay. After a certain amount of time, you realize you may not be getting paid for the work you have conducted, and it is time to get a little more assertive to get that bill paid.

However, we find many companies both large and small businesses can […]

David Greenwood2021-08-03T09:09:23-04:00August 3rd, 2021|Categories: Small Business Collections|

3 effective ways to deal with your late paying customers

While there may be many unknowns when running a small or large business, one thing we know for sure is that late-paying customers and clients are part of operating any size business. If you have clients, there will be a percentage of them that will either pay late or in some cases not pay at all.

Before we get into some of our tips for dealing with customers that do not pay, we would love to offer you some sound advice as you navigate this part of your business. And before hiring a collection agency, you should get comfortable with a few things.

One of the first things that should come to mind is that this is […]

David Greenwood2021-07-03T17:23:06-04:00July 5th, 2021|Categories: Small Business Collections|

Effective debt collections acknowledges unique consumer challenges

As the light the end of the metaphorical-pandemic tunnel gets brighter, creditors may be questioning whether sending consumers to collections is appropriate. Considering the financial hardships people have endured throughout the pandemic, it is a legitimate concern. Many consumers were laid off, some were forced to work lesser hours, and other people’s jobs were eliminated permanently. Even though vaccines are being distributed, and some benefits have been received, it will take many consumers a while to get back to where they were financially before the pandemic.

Our message to creditors is simple. Absolutely send those consumers to collections. Why? Because it is not a punishment to do so.

Many consumers who fall behind in their bills are […]

David Greenwood2021-06-15T07:58:50-04:00June 15th, 2021|Categories: Small Business Collections|

Lowering the stress level in your small business

While running any type of small business can be stressful and cause business owners some type of anxiety, this past year during the coronavirus pandemic has caused more business owners and small business operators some of the hardest stress we have all seen in recent times.

We worry about small business cash flow, hiring, and firing, regulations, permitting, community relations and so much more. We worry about reputation, various crises in our business and we agonize about bringing home enough money for our families. And of course, every industry has its own unique challenges.

If you are running a small business, then you know it can be stressful. But it can also be a rewarding experience if […]

David Greenwood2021-05-25T10:12:40-04:00May 25th, 2021|Categories: Small Business Collections|

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