Tag Archives: debt collection

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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.

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.

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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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.