Tag Archives: accounts receivable

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Using Technology to Track Down Debtors

Skip Tracing refers to methods used to pursue debtors who have gone missing. It is an unfortunate reality that many debtors relocate in an attempt to leave debts behind them and stop collection calls and other efforts. Account receivables departments at many businesses feel overwhelmed by such bad debt collection cases and may give up, forfeiting the funds that are rightfully theirs.

Fortunately, debt collection agencies now employ technology to help track missing debtors. Debt collectors work tirelessly to discover leads and uncover information to find out where missing debtors may have gone. Even though there are various laws regarding who a debt collector can speak to about a debtor’s personal information, skip tracing is highly effective. A properly licensed collection agency that operates within the law can even employ deep skip tracing methods to locate debtors who have moved to another state or even country.

As a fully-licensed collection agency, Rapid Recovery Solution is prepared to tackle complicated debt collection cases using skip tracing technology.

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Persistence Pays Off in the World of Debt Collection

The best debt collection practices involve persistence. While this seems simple, persistence takes a lot of work and hours. In especially difficult debt collection cases, accounts receivable departments can begin dedicating too much time to one case at the expense of more important and lucrative projects. Many delinquent clients have no interest in talking to a bill collector, and fruitless efforts can easily strain employees engaged in debt collection tasks.

When tasks become too burdensome and expensive for businesses to handle in-house, they outsource. Thanks to the emergence of many professional collection agencies, debt collection can now be outsourced as well. Third-party collection services do have the manpower and time to allocate to recovering debts through relentless—yet professional—persistence.

Rapid Recovery Solution employs professional debt collectors that begin quickly and pursue delinquent parties until your funds are recovered. The service doesn’t cost a dime unless fund are recovered and there are no upfront fees, making RRS a beneficial, hassle-free debt collection partner.

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Understanding the Benefits of Debt Collection

Businesses may feel that their accounts receivable departments aren’t meeting demands or are ineffective when some debts remain unpaid. This simply isn’t true. Every business faces a situation where a customer refuses to pay or disappears, and it can be quite a burden.

Letters, phone calls, electronic communications, and personal visits can only go so far. Each customer is different, and some cases will get out of hand. With these more difficult cases, a debt collection service can recover some funds instead of no funds.

A debt collection service can:

  • Recover money quickly
  • Recover money in difficult cases that are typically impossible for businesses to manage
  • Remove stress from your accounts receivable department, allowing you to focus on more important business operations

Rapid Recovery Solutions guarantees a recovery of funds, making for a choice that is nothing but beneficial. Contact Rapid Recovery for a free quote regarding collection agency services and get your money back.

Information is the Key to Collection Success

It’s easy to think a debtor hasn’t paid due to simple negligence or reluctance, but this may not be the case at all. Information allows debtors to understand their debt, and breaking down payments into simpler terms can make the situation less overwhelming for debtors. Accounts receivable departments can obtain higher success rates by having information ready and using it appropriately.

Sending frequent reminders to debtors can increase the chance of recovering funds. Using language that isn’t threatening will help even more, as communications should always remain professional. Let debtors know you are available for questions and that you are aware of their debts. It’s also important to notify debtors when additional action will be taken, such as forwarding the case to a collection agency.

On that note, debt collection can lead to expenses and wasted time. If your plan of action doesn’t work with a specific debtor, consider using collection services before things get out of hand. Rapid Recovery Solution offers a satisfaction guarantee and a free quote to recover your money quickly.

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An alternative worth considering: accounts receivable management through a third party

Getting paid on time from your vendors sometimes can be easier said than done. For this reason, it can be beneficial to focus more on your business and let a third-party collector handle your accounts receivable.

A customer can often become too comfortable with the businesses they work with, to the point the customer doesn’t take an invoice seriously. A third-party debt collection agency can show the customer that the company expects prompt payment for products and services which it has provided. Third-party collection agencies have trained experts that are able to effectively contact debtors and increase the likelihood of receiving on-time payments.

Are you in the market for a debt collection agency? Contact Us for tips, advice and much more.

Don’t lose sight of accounts receivable basics

Debt collections can be challenging with certain clients, but focusing on the fundamentals can make a world of difference. Don’t forget these simple steps to ensure you’re properly receiving the money you’re owed.

Send an invoice – A timely reminder for the customer will increase your chances of being paid on time.

Outline payment amount and due dates – A detailed invoice can eliminate confusion for your customers, and alert them to when they’re expected to pay for products or services.

Include pertinent invoice information – A purchase order or job number helps both you and your customers know exactly what an invoice is in relation to.

For more debt collection strategies and tips, contact Rapid Recovery Solution.

Let Rapid Recovery help you with your debt collection needs.  Get a FREE Quote today for collection agency services.

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Learn to efficiently manage your accounts receivable

Revenue is important to any business, but it’s not just about the profits. It’s also about successfully collecting money owed to you by debtors. It’s not always easy, but with some organization, you can start to collect outstanding balances more efficiently.

Track your loans – Document who you lent to as well as the date of the loan and the expected payment due date. Also make a special note for overdue payments.

Document customer payment history – Not all customers pay on time. Knowing when a payment can realistically be expected from any given debtor can ease the collection process down the road. Tracking when payments tend to come in from customers will allow you spot trends and allow you appropriately develop a collection plan.

Acknowledge your debtors when paid – Especially for on-time payments, a ‘thank you’ can go a long way in ensuring you’ll continue to receive prompt payments.

Let Rapid Recovery help you with your debt collection needs.  Get a FREE Quote today for collection agency services.