Category: Collections
Small Business Owners: Build Your Accounts Receivable Plan
One of the challenges of being an entrepreneur is having to do it all yourself. For small business owners, accounts receivable can be a bear. You already have to deal with sales, marketing, HR, strategic planning, budgeting, accounting, inventory, and shipping with a small staffâsometimes, all on your own. Adding to the challenge of mastering these
4 Tips to Streamline Your Business and Reduce AR
When you run a small business, you’ve got a To-Do List about a mile long, and finding new ways to reduce AR isn’t at the top. There’s rarely enough time in the day or week to get your list done, so you have to pick and choose what gets accomplished. While you’re managing the day-to-day,
Improving Cash Flow for Small Business
Cash flow is the lifeblood of any business, and thatâs especially true for a small business. But it doesnât always flow in an even and orderly fashion. On a graph, revenues have ups and downs, fluctuating with the economy or other factors. This forces many entrepreneurs to rely on various forms of credit, including receivables
Consumer Collections: When Consumers Stop Paying, Listen
As a small business owner, you feel it when your fortunes shiftâeven just a little bit. When a consumer doesnât pay for your products or services, covering your expenses becomes much tougher. Fortunately, you can shore up your financial strength by being proactive about the balances on your books and using consumer collections to recover
How can skip-tracing help you recover the debt?
Sometimes consumers will pull what appears to be a disappearing act. Bills are returned to your office marked with the yellow âno forwarding addressâ label. You pick up the phone and their number is out of service. You then call their employer, and they’ve never heard of the consumer. At this point, you may wonder
5 Tips: How to Choose a Collection Agency
When consumers stop paying for the services or products you provided, at some point, youâll need assistance from a debt collection partner. But there is so much more than just a simple transaction when you choose a collection agency. If your third-party debt collector is a bad fit for you â that is, itâs not
When is the Best Time to Send an Account to Collections?
Whether youâre running a small business, healthcare office, or a large corporation, knowing the right time to submit a debt to your collection agency remains tricky. Thereâs a delicate balance. You shouldnât send an account to collections too soon, but you also shouldnât wait too long. So whatâs the correct timeframe? Here are some things
Deal with Collection Accounts Before Holiday Hoopla
The holidays can be stressful and busy. Itâs so busy that the holiday season requires an almost endless list of lists: shopping lists, grocery lists, and your general To Do List. And thatâs just for your personal life. Throw your business’ hectic office environment into this mix, and youâll stress levels are almost guaranteed to
What Regulation F Means for Collection Agencies and Creditors
The Consumer Financial Protection Bureau (CFPB) has implemented new rules, known as Regulation F, requiring collection agencies to obtain additional information from creditors sending past-due accounts for collection. The Ruleâs effective date is November 30, 2021. Regulation F has impacted the collection industry and raised many questions about what comes next, especially among creditors who
Is It Worth Investing in Collection Services?
There are a lot of collection agencies and a lot of collection services out there. Some of them charge upfront fees for their services, and others don’t. Whether you’re just getting started or you’ve worked with collection agencies before, it isn’t easy to know which products or services you should use. And how do you
