Tag Archives: debt collection 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.

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.

dollar_sign

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.