Tag Archives: debt collection agency

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Making Collection Practices More Successful

Feel like your accounts receivable department can do more to aid debt collection? Even the largest, most-powerful businesses face struggles in this area. Many customers are quite good at escaping collection calls, and some have been known to even skip town.

The first line of defense against loss of funds is to develop and implement strong debt collection practices.

  • Contact customers frequently to ensure they know about the debt. Trying various forms of communication (mail, electronic mail, phone, etc.) can lead to additional success.
  • Have resources on hand when customers do contact you about a debt. Being available to take calls and address concerns and questions can increase the chances for recovery. Facilitate clear, professional communication and be willing to negotiate in terms of unpaid debt.
  • Treat customers with respect. Don’t assume a customer is trying to swindle you or simply avoid paying. They may not be able to pay at the moment or may not have the full amount. Again, keep an open mind and have policies in place for fair negotiations. Recovering some money is much preferable to recovering none.
  • Have guidelines in place for referral to a debt collection agency. After a certain length of time or certain amount of debt unpaid, difficult cases should be referred to a debt collection service for assistance. A debt collection service can help recover funds quickly and get the problem taken care of.

Rapid Recovery Solution offers free quotes and fund recovery guarantees. Find out more and add a quality debt collection agency to your arsenal.

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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.

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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.

Using Debt Collection Agency to Enhance Your Business

Accounts receivable departments have an important and difficult job to do. Even highly successful departments need help now and then, and a debt collection agency can provide some needed relief when it comes to difficult cases. The more time your business spends tracking down unpaid sums, the more money you are spending to do so. It becomes no longer worth it after a certain point. Therefore, it’s a good idea to set guidelines for debt collections. If a total remains unpaid for a certain length of time, consider utilizing a collections agency.

A collection agency will pursue debtors for you at affordable rates, saving your business time and money. Debtors will often see this as a sign that their case is becoming more serious, increasing the pressure and likelihood they will pay before further consequences ensue. It increases effectiveness while saving you money.

Rapid Recovery Solution guarantees satisfaction while collecting your money. Receive a free quote and learn more about collection agency services to begin.

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Have you revisited your collection plan?

Collecting money for products or services which you’ve provided can often be a daunting task. While many companies have a collection plan in place, they might not review their plan enough. Incorporating new ideas and strategies can increase the likelihood of being paid by vendors, so it can hurt to have a stale collection plan.

Take control of your accounts receivable management by reviewing your policies every few months to a year. An important factor to consider is how often your company contacts a vendor about an outstanding balance, whether this is by letter, email, phone call or even personal visit.

Review your collection plan at certain intervals to ensure you’re putting yourself in the best position to collect money from your debtors on time.

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

Varying Debt Collection Approaches Can Lead to Better Results

Experienced debt collectors realize that each case is different. There may be a multitude of reasons debtors aren’t making payments. Because of this, debt collection crosses between the worlds of business and human interaction.

Accounts receivable departments have to approach many kinds of people, making a “one-size-fits-all” solution impossible. It’s important to never assume somebody isn’t paying simply because they don’t want to or are trying to scam you. It’s much more likely that they can’t pay at the moment or are unaware of the full situation.

Collection services need to utilize quality information and communication methods for the best results. Rapid Recovery Solution has developed a truly comprehensive approach to debt collection. A free quote from this collection company can provide relief to your business and recover missing funds in no time at all.

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Are you performing proper credit checks?

Any accounts receivable department has an important job to do, and it’s not always a smooth process. Companies provide products and/or services to their vendors on a daily basis, but payment isn’t always made on time. If a company knew which vendors are reliable when it comes to payments, the amount of uncollected debts would decrease.

A credit check can be your savior. When engaging in business with a new vendor, there’s nothing wrong with performing a credit check to review its history in paying its debts. This is a perfect way to discover if a vendor if responsible when it comes to paying balances. If you spot any red flags in their payment history, you can develop a collection plan to increase your chances of being paid, or in some cases, choose not to do business with a customer if you have reason to believe you won’t be paid.

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

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Get what you’re owed with a few simple steps

A debt collection agency’s job is no easy task, but there are ways to make your accounts receivable processes a lot less stressful. Plan ahead to effectively collect the debts you’re owed.

Make a payment request – Believe it or not, some companies fail to do as little as reminding a debtor that there’s an outstanding balance. Ask for payment via an invoice and establish a due date.

Have a plan for overdue payments – This could be a mix of letters and phone calls. Set up a schedule of communications, such as five, 15 and 25 days past due to request your rightfully owed money.

Consider using third-party collectors sooner rather than later – Debts are more easily recoverable when you don’t wait to address late payments. A collection agency’s success rate quickly decreases with each month that goes by without a payment, so contact an agency quickly if a debtor isn’t responding to your professional communications and requests.

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.