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Quick Guide to Collections
Having trouble collecting your accounts receivable? You aren't alone. Many businesses struggle collecting aged debts from clients as well as other businesses. Compare collections agency price quotes to help your business collect the money owed to it in the most cost effective way.
If your business has over 10% to 15% accounts receivable that are more than 90 days old, you should look for the assistance of collection agencies to collect this outstanding credit.
Aged debts are harder to collect as time goes on. And so, the sooner you enlist the services of a collections company, the sooner you will be able to recoup your debts.
If you’re struggling with business debt, manage your debt with a credit counselor.
Benefits of Hiring a Collections Agency
Though you may be nervous to bring a third party in on a business relationship you may have had for years, hiring the assistance of a collection agency to collect outstanding debts doesn't have to tarnish these important relationships with long-time customers. If you have continued to maintain a business relationship with your debtor, hiring a first party agency to collect the debt can help you maintain continuity with your business.
- If you are no longer doing business with your debtors, you may opt for a more aggressive third party agency that works off commission on the debts collected.
- It takes time to build a relationship with a debt collection agency. Consider working with a full-service collection company that specializes in servicing businesses similar to yours in size, industry, and income. Backed by their specialized experience, they can help you come up with the best strategy for recouping your losses from unpaid accounts receivable.
- Hiring a collections company to take over the management of your accounts receivable takes pressure off of your office staff to recover those debts. Instead of worrying over past accounts, they can concentrate on your current customers.
Hiring a collections company comes with some special considerations. For example: how will your clients and customers react to receiving a collection notice for their old debt? Is it better to absorb the cost of those debts rather than alienate your clients and associates?
Speaking with a collections agency can help you navigate the pitfalls of dealing with your accounts receivable so that you can come up with the best solution for your business, your finances, and your customers.
- Collection agencies can purchase your bad debts and assume the collection. While using debt collection services often means fewer revenues, it can often supplement your income stream by taking those uncollectable accounts off your books. Other companies may take a percentage of whatever debts they successfully recoup from your debtors. Which avenue you choose depends on your business’s current finances and the amount and type of debts owed.
- Consider hiring a collections agency that specializes in collecting debts from other businesses with the same customer base as yours.
- Retaining a licensed bonded and insured debt recovery agency is often the most affordable and cost-effective means of retrieving all or part of what is owed on a defaulted or delinquent account. Make sure the agency you choose has all of the appropriate licenses and insurances, as well as a positive reputation within the industry. The attitude your collections agency takes toward your former customers can have extensive ramifications on your business brand.
When your clients and customers fail to pay what they owe you, your business can suffer. The process of recouping old debts can be time-consuming and stressful for your employees. If your accounts receivable are having a negative impact on your business finances, consider hiring a collections agency to work on collecting what is owed your business.
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