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debt collection regulation

The Importance of Laws and Regulations in Debt Collection

Are you properly protecting your business from lawsuits and debt collection scams? You may have made sure that your accounts receivables department operates within the law, but you also need to make sure any outside services you use are fully prepared to remain compliant with laws and regulations. The importance of this cannot be stated enough, and any debt collection agency that is unclear about compliance should be avoided.

Regulations vary by area, and it is important to do your research before hiring a collection agency. Ask the agency if they are licensed (if required by your state), if they can pursue debt collection cases over state and country lines, and what kind of legal counsel they have available. While lawsuits over debt collection cases are rare, it is always worth it to be prepared and partner with collection agencies that reduce your liability as much as possible.

Rapid Recovery Solution employs in-house attorneys and a network of legal professionals to ensure compliance with legal codes in every U.S. States and many countries. Contact RRS or explore the website to discover more about how debt collection can be risk-free.

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.

collection-agency

Protecting Your Profits when Using a Collection Agency

It is important to recognize how collection agencies make money from debt collection services. Most collection agencies simply take a percentage of the recovered funds, meaning services do not need to be paid for upfront. It is best to avoid collection agencies that charge fees and retainers before any funds are recovered.

The payout amount often depends on a few main factors. How old the account is, the volume of accounts, how much money is owed, and the collection agency’s percentage payout policies will all influence your bottom line. The best choice is a collection agency that provides fast recovery, large percentage payouts, and guarantees. That way, your money is not at any risk and you only stand to profit.

The guarantee offered by Rapid Recovery Solution ensures the collection agency does not get paid until you do. Clients of RRS receive access to a skilled network of attorneys, advanced debt collection methods, experienced debt collectors, and skip trace services without upfront fees and retainers. Receive a free quote and enjoy risk-free debt collection that will get you paid.