Tag Archives: debt collector

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Debt Collection: Effective Strategies For Any Business

Collecting money from uncooperative clients can often be a part of doing business. Having a few useful debt collection strategies in your back pocket can make a world of a difference in preventing these types of predicaments.

When preparing to visit or call a customer, make sure you know exactly when products or services are due so you have facts to back up your claims. Also come to the realization that some clients might have reasons for not paying on time and may try to put it off further. It’s OK to listen and acknowledge these reasons, but hold your ground by reminding them of the contract which they have agreed to. If a customer has a history of paying on time but has an occasional excuse, you may consider being flexible with their payments but don’t make it a pattern.

Lastly, be an optimistic when trying to collect debts. Going in with a negative attitude may come off in your communications with a client and lead to a poor business relationship.

For more debt collection tips, contact a Rapid Recovery Solution representative today.

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What You Should Know About Upfront Fees

It’s simple, really—you should never have to pay upfront fees for debt collection services.

Debt collection agencies who charge upfront fees or attorney retainers are simply not confident enough in their skills to offer their services for no charge unless they are successful. You may not need legal services, so why pay retainers or other fees for things you may not need? Rapid Recovery Solution tackles debt collection with the mentality that clients should only be charged if debt collection efforts are successful. There are no upfront fees, and RRS uses a high payout percentage scale to pay more than other collection agencies.

At RRS, you will also have access to a network of experienced debt collection attorneys and dedicated debt collectors with excellent track records. These services are offered without extra fees, ensuring each and every debt collection cases receives the highest priority of care.

Learn more about what RRS can do for you and your business today.

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How Debt Collection Works—And Doesn’t Cost You a Dime

Debt collectors often get a bad reputation for being bothersome, cold, and not understanding. In reality, collection agencies approach debt collection with a multitude of approaches. This is due to a realization that each and every debtor is different.

Methods: While debt collection agencies are aggressive in pursuit of debt, the main goal is to get in contact with the debtor and recover at least part of the funds. Professional calls and letters are used initially, inviting the debtor to communicate with the agency. Skip tracing may be used to track missing debtors by searching for leads using known information, and legal action may be taken very rarely. Regardless, collection agencies must remain professional and non-threatening to be successful, and there are many legal codes and guidelines to be followed as well.

Cost: Debt collection services actually shouldn’t cost anything unless recovery efforts are successful. Commercial collection agencies typically take a percentage of recovered funds—and that’s all they should take. Be wary of agencies that charge upfront fees.

With a high payout scale and recovery rate, Rapid Recovery Solution allows businesses of all sizes to recover owed debts without risk and additional cost.

accounts receivable collection

Where to Turn? Overwhelmed Businesses Rethink Debt Collection

It’s not uncommon for account receivables departments to encounter bad debt collection cases and unreachable delinquent parties. The longer a sum goes unpaid, the more it costs in terms of labor and time, and the chance of successful recovery becomes less and less. It is advisable for accounts receivable departments to devise guidelines for referring debt collection cases to commercial debt collection agencies before the costs become too great and recovery chances diminish.

By working with a collections agency, staff is then free to focus on other projects and more reasonable cases. Debt collectors at a collections agency approach debt collection aggressively, and their entire job is to pursue debtors and recover as much money as they can in the shortest amount of time. With capabilities such as skip tracing and high-tech software solutions used to gather information, a third-party debt collection agency is equipped to handle all debt collection cases.

Rapid Recovery Solution takes on difficult cases and has a high success rate when it comes to recovering funds. Unmatched collection services make RRS a clear choice for businesses of every size. Begin recovering the funds owed to you while enhancing business operations by taking advantage of professional collection services.

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The Importance of Regulations in Debt Collection

Debt collection agencies must adhere to national and federal regulations. The various laws, acts, and ethical guidelines can make debt collection difficult for those who are not equipped to handle the task properly. For this reason, it is important to select a debt collection agency with capabilities that align with your goals and needs while working within the law.

There are license requirements that vary between states and countries, and it may be necessary to select an agency with the capability to collect debt across borders. It is also important to select a collection agency that deploys debt collection methods that match your end goals and ethical guidelines. If an agency is too rude or aggressive, a debtor may try to retaliate or make the situation more difficult. Those looking for dental or medical billing debt collection need to select an agency that is sensitive to maintaining the patient-provider relationship. Collection agencies should have an excellent track record in terms of recovery and a positive reputation.

Rapid Recovery Solution is licensed to work in all fifty U.S. states and hundreds of countries worldwide. An effective multistage approach maximizes efficiency and the chances of recovery, and a network of attorneys is available to ensure compliance to legal regulations and codes.

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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.

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.

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.

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.