personal contact and feel they can continue to delay payment without serious consequences.
They know the creditor will continue to call and send statements before taking further action.
This results in repeated delinquencies on the same accounts.
This newsletter article discusses top ten ways to improve cash flow by better managing accounts receivable. It recommends having a defined credit and collection policy, invoicing promptly, contacting overdue accounts more frequently, using an aging sheet systematically, ensuring collection staff is well-trained, admitting and correcting any billing errors, following all applicable collection laws, using a third party for collection after 60-90 days of in-house efforts, and recognizing that some accounts may never be collected. The article also discusses the
This document provides a 10 step guide to improving business cash flow. The steps include knowing your customers, conducting credit checks, improving payment terms, invoicing promptly, offering early payment discounts, and establishing an effective credit control system. It emphasizes the importance of clearly communicating your terms and conditions to customers and chasing overdue payments in a firm but polite manner. Implementing these relatively simple steps can significantly improve a business's cash flow and reduce the risk of non-payment.
The document provides information about new medical insurance laws and how they may affect small businesses. It discusses potential costs to businesses if they do not provide health insurance to employees. It also offers services like merchant cash advances, payroll processing, and group health insurance to help businesses address costs from the new laws. The document encourages businesses to accept these new requirements and prepare by learning more about available options for financial assistance and compliance.
5 ways your trucking company can boost its profits in 2014eCapital
As a business owner, you enjoy many perks and benefits. But, you also face your share of challenges. Perhaps the most important one is being profitable.
This guide includes five practical ways to strengthen your profits within the next year. Applying them can enable you to earn more with less work, and give you better financial security.
Thank you for your interest in this report. Whether you’re a veteran or a new business owner, we know you’ll find something of value.
Questions to ask your future paycard providermicreilly15
This document provides questions to ask prospective paycard providers regarding their programs. It suggests asking about overdraft fees, instant issuance of branded cards, the issuing bank relationship, compliance and indemnification, database structure, and contract terms. A top tier program respects cardholders and avoids overdraft fees. It issues branded cards from day one and provides multiple access methods. The program banks with a reputable issuer and ensures compliance while offering indemnification. It uses an enterprise database and reasonable contract terms without long commitments or unilateral fee changes.
1. The document provides information about various financial services and products for small businesses, including merchant cash advances, payroll services, data storage, and medical insurance options.
2. It discusses the benefits of merchant cash advances over loans, including faster funding without fees or collateral. However, it notes merchant cash advances involve the purchase of future credit card receivables at a discounted rate.
3. The document also provides information on SBA loan programs and guarantees, including eligibility requirements and loan purposes. It notes partnering organizations that can help process SBA loans more quickly.
Expense Reduction Analysts guide to cost reduction in the area of Banking and Finance. Covers credit card transactions and fees; service charges and finance processes.
Why the Right Merchant Account is Vital to Business GrowthInsideUp
This document provides information on setting up a merchant account to accept credit and debit card payments for a business. It discusses the advantages and disadvantages of accepting card payments, types of merchant accounts, factors considered in applications, fees involved, and tips for choosing a provider and maintaining the account in good standing. Example merchant account providers are also compared.
The document discusses various options for financing a new business, including estimating startup costs, personal savings, loans from family and friends, bank loans, crowdfunding, grants, invoice financing, and leasing. It also provides tips for reducing costs such as using communal office space, buying used furniture, negotiating purchases, outsourcing tasks, and taking advantage of free resources and grants.
This document provides a 10 step guide to improving business cash flow. The steps include knowing your customers, conducting credit checks, improving payment terms, invoicing promptly, offering early payment discounts, and establishing an effective credit control system. It emphasizes the importance of clearly communicating your terms and conditions to customers and chasing overdue payments in a firm but polite manner. Implementing these relatively simple steps can significantly improve a business's cash flow and reduce the risk of non-payment.
The document provides information about new medical insurance laws and how they may affect small businesses. It discusses potential costs to businesses if they do not provide health insurance to employees. It also offers services like merchant cash advances, payroll processing, and group health insurance to help businesses address costs from the new laws. The document encourages businesses to accept these new requirements and prepare by learning more about available options for financial assistance and compliance.
5 ways your trucking company can boost its profits in 2014eCapital
As a business owner, you enjoy many perks and benefits. But, you also face your share of challenges. Perhaps the most important one is being profitable.
This guide includes five practical ways to strengthen your profits within the next year. Applying them can enable you to earn more with less work, and give you better financial security.
Thank you for your interest in this report. Whether you’re a veteran or a new business owner, we know you’ll find something of value.
Questions to ask your future paycard providermicreilly15
This document provides questions to ask prospective paycard providers regarding their programs. It suggests asking about overdraft fees, instant issuance of branded cards, the issuing bank relationship, compliance and indemnification, database structure, and contract terms. A top tier program respects cardholders and avoids overdraft fees. It issues branded cards from day one and provides multiple access methods. The program banks with a reputable issuer and ensures compliance while offering indemnification. It uses an enterprise database and reasonable contract terms without long commitments or unilateral fee changes.
1. The document provides information about various financial services and products for small businesses, including merchant cash advances, payroll services, data storage, and medical insurance options.
2. It discusses the benefits of merchant cash advances over loans, including faster funding without fees or collateral. However, it notes merchant cash advances involve the purchase of future credit card receivables at a discounted rate.
3. The document also provides information on SBA loan programs and guarantees, including eligibility requirements and loan purposes. It notes partnering organizations that can help process SBA loans more quickly.
Expense Reduction Analysts guide to cost reduction in the area of Banking and Finance. Covers credit card transactions and fees; service charges and finance processes.
Why the Right Merchant Account is Vital to Business GrowthInsideUp
This document provides information on setting up a merchant account to accept credit and debit card payments for a business. It discusses the advantages and disadvantages of accepting card payments, types of merchant accounts, factors considered in applications, fees involved, and tips for choosing a provider and maintaining the account in good standing. Example merchant account providers are also compared.
The document discusses various options for financing a new business, including estimating startup costs, personal savings, loans from family and friends, bank loans, crowdfunding, grants, invoice financing, and leasing. It also provides tips for reducing costs such as using communal office space, buying used furniture, negotiating purchases, outsourcing tasks, and taking advantage of free resources and grants.
How to identify potential customers for bad debts?Debt Nirvana
Hiring a debt collection agency can prove highly effective in recovering outstanding debts for businesses facing challenges with non-payment. Specializing in the intricacies of debt collection, these agencies implement proven processes and provide their agents with advanced tools and training, significantly increasing the likelihood of successful debt recovery. As the success of debt collection is influenced by factors like time, skill, and reputation, outsourcing to a collection agency often results in a higher collection rate compared to internal efforts. With expertise in navigating legal frameworks and employing diplomatic techniques, collection agencies reduce legal risks and can negotiate with borrowers in ways that may be challenging for original creditors. While there may be upfront costs, the net positive transaction potential and the absence of charges for unsuccessful attempts make debt collection agencies a strategic and cost-effective solution for businesses. For professional debt recovery services, contact Debt Nirvana at +91-9810010294 or via email at rvm@debtnirvana.com. Take control of your financial recovery and trust the experts in debt collection.
Do you want to improve your invoicing process and get paid faster? Small business cashflow depends on prompt payment. We take you through the top seven invoicing tips and tricks from small businesses.
5 Tips for Effective Legal Debt Collections - Max BPOMax BPO
In this presentation, we are trying to describe some of the most effective technique for the debt collection process.
Visit for more: https://www.maxbpooutsourcing.com/debt-collection-services.html
In business, "cash flow is king." Surprisingly most businesses leave their cash flow to chance, paying little attention to it until there is a problem. Regardless of your cash flow situation, this report will help you to turn unpaid A/R into cash.
Methods to Prevent Late Payments and Cash Flow IssuesCreditQ1
Late payments can obstruct the smooth running of a company, and while overdue invoices may only be for a few clients, they can have a significant effect on the service provider. Especially for smaller businesses that have a challenging time cycling their own cash, big organizations that do not pay their dues on time can create a more significant issue.
Let’s Talk: How to build a strong business credit profile?maziarforoudian1
The goal is always to have good credit, but it becomes much more important when it comes to business credit. New businesses must establish good credit since it makes it easier to secure capital and may qualify them for better terms from vendors.
Furthermore, some B2B goods and services may have a prepayment obligation and a strong credit rating, which can be used to negotiate with suppliers and vendors. Now that we’ve established the importance of a strong business credit score let’s look at how you can cultivate one from the bottom up.
In this week’s Let’s Talk, we asked experts how to develop a great company credit profile.
Brennan & Clark: Your UN-Receivable DepartmentBrennan & Clark
This document discusses the importance of managing accounts receivable and collecting on overdue payments from customers. It outlines four simple rules for dealing with customers, including that allowing slow payments will encourage continued delays. The document then describes the costs of carrying unpaid receivables, both in terms of cash flow and lost opportunities. It positions Brennan & Clark as a firm that can help manage receivables and collections through various services like automated letters, phone follow-ups, online tracking, and consulting. The value of improving collections is said to be significant for companies.
22 Things to do to improve your credit controlPaula Bolton
Do you have difficulties getting paid on time by your customers? Do you hear endless excuses of why they have not paid you? Have customers dissolved their business, whilst still owing you money?
If so, read our guide on 22 ways to improve your credit control and business processes. Not all these points may apply to all businesses, but most of them will.
Over the next 22 days implement any points to improve your efficiency of getting paid and how you run your business.
For the full guide visit: https://www.fjcm.co.uk/credit-control/22-ways-to-improve-your-credit-control/
In today's uncertain economy with ever rising interest rates, many small businesses with limited financial training are having problems staying alive, let alone prospering. In fact, 63% of new businesses don't survive a live six years -- and most work-at-home people fail within 6 months!
This document discusses 10 sources of cash that businesses can consider to ease cash flow difficulties. It begins by explaining the importance of effective cash management and identifying sources of cash inflows and outflows. It then discusses initial equity/director's loans as a source of start-up funds. It provides tips for collecting payment directly from customers when due, such as negotiating terms, selecting customers carefully, and understanding reasons for non-payment. It also discusses raising cash indirectly from customers through invoice financing, factoring, or invoice discounting arrangements.
The document provides twenty ideas for becoming a more effective collector, including managing deductions more efficiently, developing policies for handling distressed debtors, relying more on subordinates, developing written collection policies, and measuring the right metrics like DSO and DDSO. It also suggests avoiding common mistakes, prioritizing accounts, eliminating payment delays, using lockboxes, collection automation software, and various collection tools and techniques.
8 quick tips to get cash into your business and get paid on timePaula Bolton
Healthy cash flow is key to business success. With these 8 quick tips that you can apply instantly, you will be on your way to ensuring customers pay you on time, as well as improving the overall cash flow performance of your business.
For more help, tips, advice visit: www.fjcm.co.uk
1) The document provides guidance on various aspects of debt recovery, including knowing your customers, setting payment terms, invoicing, chasing payments, and options to consider when payments are not received.
2) It recommends checking customer information, using credit references, and setting clear payment rules. Invoices should include payment terms and statutory language about interest on late payments.
3) When payments are late, the document suggests promptly contacting customers, being assertive, and following up on promises made. It discusses when to use debt recovery companies or legal options like bankruptcy if all else fails to secure payment.
1) The document provides guidance on various aspects of debt recovery including knowing your customers, setting payment terms, invoicing, chasing payments, and options to consider when payments are not received such as using a debt recovery company or insolvency proceedings.
2) It emphasizes the importance of cash flow and offers tips for maintaining healthy cash flow such as setting clear payment terms, promptly invoicing customers, and treating suppliers fairly.
3) The document recommends being assertive when chasing late payments and outlines escalation steps to take including phone calls, letters, and using a debt recovery agency or legal proceedings if needed.
Bad debt, in an accounting environment, represents revenue from sales that were purchased on credit and/or notes receivable that have proven uncollectible
Ins and Outs of Accounts Receivable for Small BusinessXendoo
Accounts receivable is a crucial process for small businesses that involves sending invoices, tracking payments and due dates, and pursuing late payments. It requires keeping records of invoices and payments, generating aging reports to identify late invoices, and having a policy for following up on overdue invoices such as sending reminders and charging late fees. If invoices remain unpaid, businesses may write them off as bad debts or sell the invoices to a collection agency or to secure financing. Managing accounts receivable effectively through credit checks, payment agreements, and payment options can help maximize on-time payments and cash flow.
Check out this slideshare to learn essential steps for faster invoice collection, B2B accounts receivable best practices, and the benefits of accounts receivable management automation. Learn even more at www.anytimecollect.com
The document discusses the importance of managing accounts receivable and chasing aging debt to improve cash flow. It notes that while strong credit control processes are important, at times debts may become uncollectable and pursuing them can be time consuming and stressful. The document recommends evaluating when to use a third party collection agency to help recover bad debts in a more efficient manner while reducing the stress on internal teams.
This document provides tips for effectively managing cash flow for a home-based business. It discusses collecting payments from customers as quickly as possible while paying bills as late as allowed. Specific recommendations include depositing checks daily for faster availability, following up promptly on late payments, and using credit cards to extend the time between purchases and payments. The document also advises minimizing inventory to convert it quickly to cash and using continuity sales to ensure future cash flow through recurring service contracts.
NRA offers a wide range of collection services including consulting, litigation, skip tracing, credit reporting, and customized reports. They have invested heavily in technology like electronic data transfer and predictive dialing to provide favorable recoveries. Their mission is to provide professional and ethical collection services through specialized programs in various markets, a client-centered approach, and a guarantee of proven results.
National Recovery Agency provides various business outsourcing solutions for healthcare providers, including early out/self pay services, third party liability solutions, and business office outsourcing. They offer customizable solutions to maximize financial results for clients across all phases of the revenue cycle. National Recovery Agency's experienced professionals handle all the work, so clients only need to choose the services required.
How to identify potential customers for bad debts?Debt Nirvana
Hiring a debt collection agency can prove highly effective in recovering outstanding debts for businesses facing challenges with non-payment. Specializing in the intricacies of debt collection, these agencies implement proven processes and provide their agents with advanced tools and training, significantly increasing the likelihood of successful debt recovery. As the success of debt collection is influenced by factors like time, skill, and reputation, outsourcing to a collection agency often results in a higher collection rate compared to internal efforts. With expertise in navigating legal frameworks and employing diplomatic techniques, collection agencies reduce legal risks and can negotiate with borrowers in ways that may be challenging for original creditors. While there may be upfront costs, the net positive transaction potential and the absence of charges for unsuccessful attempts make debt collection agencies a strategic and cost-effective solution for businesses. For professional debt recovery services, contact Debt Nirvana at +91-9810010294 or via email at rvm@debtnirvana.com. Take control of your financial recovery and trust the experts in debt collection.
Do you want to improve your invoicing process and get paid faster? Small business cashflow depends on prompt payment. We take you through the top seven invoicing tips and tricks from small businesses.
5 Tips for Effective Legal Debt Collections - Max BPOMax BPO
In this presentation, we are trying to describe some of the most effective technique for the debt collection process.
Visit for more: https://www.maxbpooutsourcing.com/debt-collection-services.html
In business, "cash flow is king." Surprisingly most businesses leave their cash flow to chance, paying little attention to it until there is a problem. Regardless of your cash flow situation, this report will help you to turn unpaid A/R into cash.
Methods to Prevent Late Payments and Cash Flow IssuesCreditQ1
Late payments can obstruct the smooth running of a company, and while overdue invoices may only be for a few clients, they can have a significant effect on the service provider. Especially for smaller businesses that have a challenging time cycling their own cash, big organizations that do not pay their dues on time can create a more significant issue.
Let’s Talk: How to build a strong business credit profile?maziarforoudian1
The goal is always to have good credit, but it becomes much more important when it comes to business credit. New businesses must establish good credit since it makes it easier to secure capital and may qualify them for better terms from vendors.
Furthermore, some B2B goods and services may have a prepayment obligation and a strong credit rating, which can be used to negotiate with suppliers and vendors. Now that we’ve established the importance of a strong business credit score let’s look at how you can cultivate one from the bottom up.
In this week’s Let’s Talk, we asked experts how to develop a great company credit profile.
Brennan & Clark: Your UN-Receivable DepartmentBrennan & Clark
This document discusses the importance of managing accounts receivable and collecting on overdue payments from customers. It outlines four simple rules for dealing with customers, including that allowing slow payments will encourage continued delays. The document then describes the costs of carrying unpaid receivables, both in terms of cash flow and lost opportunities. It positions Brennan & Clark as a firm that can help manage receivables and collections through various services like automated letters, phone follow-ups, online tracking, and consulting. The value of improving collections is said to be significant for companies.
22 Things to do to improve your credit controlPaula Bolton
Do you have difficulties getting paid on time by your customers? Do you hear endless excuses of why they have not paid you? Have customers dissolved their business, whilst still owing you money?
If so, read our guide on 22 ways to improve your credit control and business processes. Not all these points may apply to all businesses, but most of them will.
Over the next 22 days implement any points to improve your efficiency of getting paid and how you run your business.
For the full guide visit: https://www.fjcm.co.uk/credit-control/22-ways-to-improve-your-credit-control/
In today's uncertain economy with ever rising interest rates, many small businesses with limited financial training are having problems staying alive, let alone prospering. In fact, 63% of new businesses don't survive a live six years -- and most work-at-home people fail within 6 months!
This document discusses 10 sources of cash that businesses can consider to ease cash flow difficulties. It begins by explaining the importance of effective cash management and identifying sources of cash inflows and outflows. It then discusses initial equity/director's loans as a source of start-up funds. It provides tips for collecting payment directly from customers when due, such as negotiating terms, selecting customers carefully, and understanding reasons for non-payment. It also discusses raising cash indirectly from customers through invoice financing, factoring, or invoice discounting arrangements.
The document provides twenty ideas for becoming a more effective collector, including managing deductions more efficiently, developing policies for handling distressed debtors, relying more on subordinates, developing written collection policies, and measuring the right metrics like DSO and DDSO. It also suggests avoiding common mistakes, prioritizing accounts, eliminating payment delays, using lockboxes, collection automation software, and various collection tools and techniques.
8 quick tips to get cash into your business and get paid on timePaula Bolton
Healthy cash flow is key to business success. With these 8 quick tips that you can apply instantly, you will be on your way to ensuring customers pay you on time, as well as improving the overall cash flow performance of your business.
For more help, tips, advice visit: www.fjcm.co.uk
1) The document provides guidance on various aspects of debt recovery, including knowing your customers, setting payment terms, invoicing, chasing payments, and options to consider when payments are not received.
2) It recommends checking customer information, using credit references, and setting clear payment rules. Invoices should include payment terms and statutory language about interest on late payments.
3) When payments are late, the document suggests promptly contacting customers, being assertive, and following up on promises made. It discusses when to use debt recovery companies or legal options like bankruptcy if all else fails to secure payment.
1) The document provides guidance on various aspects of debt recovery including knowing your customers, setting payment terms, invoicing, chasing payments, and options to consider when payments are not received such as using a debt recovery company or insolvency proceedings.
2) It emphasizes the importance of cash flow and offers tips for maintaining healthy cash flow such as setting clear payment terms, promptly invoicing customers, and treating suppliers fairly.
3) The document recommends being assertive when chasing late payments and outlines escalation steps to take including phone calls, letters, and using a debt recovery agency or legal proceedings if needed.
Bad debt, in an accounting environment, represents revenue from sales that were purchased on credit and/or notes receivable that have proven uncollectible
Ins and Outs of Accounts Receivable for Small BusinessXendoo
Accounts receivable is a crucial process for small businesses that involves sending invoices, tracking payments and due dates, and pursuing late payments. It requires keeping records of invoices and payments, generating aging reports to identify late invoices, and having a policy for following up on overdue invoices such as sending reminders and charging late fees. If invoices remain unpaid, businesses may write them off as bad debts or sell the invoices to a collection agency or to secure financing. Managing accounts receivable effectively through credit checks, payment agreements, and payment options can help maximize on-time payments and cash flow.
Check out this slideshare to learn essential steps for faster invoice collection, B2B accounts receivable best practices, and the benefits of accounts receivable management automation. Learn even more at www.anytimecollect.com
The document discusses the importance of managing accounts receivable and chasing aging debt to improve cash flow. It notes that while strong credit control processes are important, at times debts may become uncollectable and pursuing them can be time consuming and stressful. The document recommends evaluating when to use a third party collection agency to help recover bad debts in a more efficient manner while reducing the stress on internal teams.
This document provides tips for effectively managing cash flow for a home-based business. It discusses collecting payments from customers as quickly as possible while paying bills as late as allowed. Specific recommendations include depositing checks daily for faster availability, following up promptly on late payments, and using credit cards to extend the time between purchases and payments. The document also advises minimizing inventory to convert it quickly to cash and using continuity sales to ensure future cash flow through recurring service contracts.
NRA offers a wide range of collection services including consulting, litigation, skip tracing, credit reporting, and customized reports. They have invested heavily in technology like electronic data transfer and predictive dialing to provide favorable recoveries. Their mission is to provide professional and ethical collection services through specialized programs in various markets, a client-centered approach, and a guarantee of proven results.
National Recovery Agency provides various business outsourcing solutions for healthcare providers, including early out/self pay services, third party liability solutions, and business office outsourcing. They offer customizable solutions to maximize financial results for clients across all phases of the revenue cycle. National Recovery Agency's experienced professionals handle all the work, so clients only need to choose the services required.
This document is the September/October 2010 issue of The Collection Connection, the official newsletter of the Mid-Atlantic Collectors Association (MACA). The issue provides information on recent MACA events including the successful EXPO 2010 conference. It also includes the President's message encouraging more member involvement. Upcoming educational seminars on the FDCPA and debt collection techniques from ACA are announced. The issue profiles the Credit Bureau of Lancaster County and its diverse services. It concludes with a brief article on the business case for data security and protecting consumer information.
- Eight collectors from the National Recovery Agency attended a two-day FDCPA compliance and professional telephone techniques seminar in December.
- With rising consumer debt, it is important for collectors to be properly trained to comply with debt collection laws and employ professionals.
- The agency is committed to providing excellent customer service and fully trained staff to help consumers meet their obligations legally and professionally.
- It reminds clients that it is a good time to perform on-site audits of the agency's compliance practices.
1. The New Mexico Attorney General released a rule regarding the collection of time-barred debt in New Mexico.
2. The rule requires debt collectors to determine if a debt is time-barred and provide certain disclosures, including that the debt may not be enforceable through a lawsuit.
3. The rule defines a time-barred debt as one that is past the statute of limitations and therefore not legally enforceable in court.
1) The bill establishes the Credit Counseling and Legal Assistance Fund to provide funding to non-profit entities that offer counseling and legal assistance to consumers regarding credit and debt collection issues.
2) The Division of Consumer Protection will administer the fund and adopt regulations for applications and eligibility.
3) The fund will consist of fees collected from collection agencies filing claims, investment earnings, and other outside sources. Fees from agencies will be $30 per filing.
The newsletter discusses a study showing that third-party debt collection positively impacts the national and state economies through job creation, tax revenue, and charitable contributions. It also announces that the CEO of National Recovery Agency, Steve Kusic, has been named one of the top 25 most influential collection professionals of 2011. Finally, it provides an update that California has increased its small claims court jurisdiction to $10,000.
The document summarizes various charitable activities and events at American Agencies from late 2011 and early 2012. Specifically:
1) American Agencies contributed to several local charities during the 2011 holiday season.
2) The company had successful blood drives in November 2011 collecting 31 pints of blood total.
3) Employees donated a record-breaking 1,096 pounds of food to the local food bank, the most collected.
4) Employees also generously donated toys through a toy drive to benefit needy local children for Christmas.
3. American Agencies News
The Magic of 3rd Party Collections
THE PRIVACY OF MAIL IS LESS EMBARRASSING THAN A PERSONAL PHONE CALL.
Although many businesses believe that personal contact is more comfortable, for a debtor
the opposite is true. The only reason personal contact would be preferred by a debtor is
when it is viewed as an opportunity to delay payment.
FIRST PARTY OUTGOING PHONE CALLS PRODUCE EXCUSES AND PROMISES.
“I have worked with Phone calls are often viewed as less critical to debtors who feel they can “wait for the next
American Agencies for the call” to make a payment. When debtors realize a creditor is willing to make multiple calls
past 15 years. They have before they are placed with a collection agency they will use that perceived “grace period” to
provided our organization stall payment (conditioning you) as long as they can.
with great collection
services.” PERSONAL CONTACT RESULTS IN REPEATED DELINQUENCIES. Debtors remember
your collection process. When they know you make several calls before placement with a
“One area in which collection agency they will take advantage of you. Using third party impact early will
American Agencies condition and train them to expect added costs and collection agency activity – which will
performs above average is lower the number of repetitive delinquencies.
in their customer service. I
rate their skills as THIRD PARTY WRITTEN DEMANDS PRODUCE HIGHER RECOVERY RATES. When
excellent.” debtors realize they must take action to avoid legal implications and/or additional costs, a
debt moves up their payment priority list. Collection agency demands have a greater impact
providing higher results than first party internal efforts.
For more information, THIRD PARTY DEMANDS ARE PAID BEFORE FIRST PARTY REQUESTS. The majority
contact us at: of the time debtors owe more than one entity (or they would be paying you). When they
receive demands from a third party the written ones are seen as more urgent and most
(866) 961-9600 often are the first ones paid.
Or visit our website at: WRITTEN DEMANDS PROVIDE A LASTING VISIBLE IMPACT (REMINDER). Phone
conversations lose their impact and are usually forgotten.
www.americanagencies.com
THIRD PARTY INVOLVEMENT TURNS THE TABLE. Causing the debtor to initiate
contact with you in order to negotiate payment puts you in a better position. When they call
you they are in a different frame of mind (calling to negotiate) than when you are chasing
them. Because business initiated phone contact is seen as more dignified and comfortable
(though it is not), your tendency is to be more lenient when you hear the many excuses they
can use to stall payment -- extending payment arrangements instead of securing payment.
TODAY’S TECHNOLOGY IS WORKING AGAINST YOU. With the prolific use of caller ID,
voice mail, and answering machines it’s too easy for debtors to avoid your calls, causing
repeated call backs and wasting your time. Studies show that the “get through” rate to
debtors by phone is about 30% versus the dependability of the U.S. Post Office at over
99%.
AMERICAN COLLECTORS ASSOCIATION RESEARCH. Studies by the ACA reveal that,
after 2 or 3 personal contacts, “Internal Effectiveness” drops off significantly. After “Internal
Effectiveness” drops off, third party involvement is the only effective solution.