Advice for Businesses

Understanding realities-why consumers struggle to pay on time

There are numerous legitimate reasons why a consumer might struggle to pay your business on time, or at all and many of them stem from financial difficulties.

As business owners, executives and others keeping an eye on the bottom line, you may get angry because some customers have not paid your business and you’re left wondering why.

However, as we indicate here, many circumstances limit a consumer’s ability to pay your business, and they should be considered.

If you want to better understand why some of your customers are not paying, take a look at our insight below. […]

Time is Money-the true cost of in-house collections

If your organization is burdened with negative cash flow, your ability to keep customers current in their financial obligations becomes mission critical. Approaches to achieving that and getting customers to pay you regularly differ.

Many organizations still rely on in-house debt collection teams as part of their accounts receivable program. While in theory, this may have moderate benefits, relying on internal resources for all your collection activity may ultimately be a negative. The obvious is the cost associated with maintaining those resources internally.

We always advise organizations to conduct proper due diligence with late-paying customers, including regular communication and procedures for following up on late payments. But at some point, those efforts can become ineffective.

If you run […]

2024-03-09T10:23:53-05:00March 11th, 2024|Categories: Accounts Receivables, Advice for Businesses|

6 critical areas you need to focus on to build more trust with customers

The relationships you build with customers are the lifeblood of your organization, no matter the size. In short, your business will not thrive without solid relationships with customers. It’s just that simple.

Building lasting and trusting relationships with consumers is one of the best ways to see continual growth in your organization. You should not think of your customers as transactional. You should be thinking about how you can serve them for the long term.

Building long-lasting customer relationships is more than just being nice and smiling. It’s about implementing strategies that allow you to build trust over the long haul.

If you’re looking for traditional and non-traditional ways to build lasting customer relationships, check out our tips […]

Sending accounts to collections? Do these first

While many organizations hesitate to implement collection activity, there are an equal amount that may jump into it before they have done their due diligence.

Following solid and systematic accounts receivables processes can help lay the groundwork for successful debt collections when necessary. And it may just help you keep a hard earned customer.

If you want to manage your late invoices and your reputation at the same time, make sure you’re doing the following before proceeding with third party debt collection activity. […]

2023-10-18T09:39:41-04:00October 20th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

How a B2B Collection Agency Can Work Harmoniously with Clients and Customers

For any size business, maintaining healthy cash flow is essential for survival and growth. For many organizations, managing overdue invoices and recovering outstanding debts can be a challenging and time-consuming task. This is where Business-to-Business (B2B) collection agencies come into play. However, the relationship between a collection agency, its clients, and their customers can be delicate.

These relationships are delicate because in many cases, we are talking about large sums of money. Think about the business of manufacturing or other types of distribution businesses that are filling large orders for clients. When those are not paid or not paid on time, this can present a major challenge for that business.

Let’s explore how a B2B collection agency […]

2023-10-18T09:40:02-04:00October 18th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Don’t wait to collect that unpaid debt-7 reasons why your business is not be getting paid

Many organizations we encounter have waited far too long to implement a solid debt collection program. Because of this, many businesses suffer negative cash flow and these issues could have been prevented by being proactive with their collection activities.

One of the main reasons we see businesses of all sizes hesitate on collection activity is because many feel they will alienate their customers and damage their reputation. Because of this, many organizations lose out on money that is clearly owed to them.

If your business is still hesitating to implement a reputable debt collection program, see the reasons why hesitating can cost your organization untold amounts of money. […]

2023-10-09T08:54:01-04:00September 8th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Being proactive with your accounts receivables is a must

By Greg:

Is it me, or did this summer fly by?

I was blindsided the other day by my wife and daughter going school shopping.  I mean, already?  It never ceases to amaze me how quickly the summer goes by.  You can easily become overwhelmed by all the yardwork projects you haven’t started and all the fun family activities you talked about all winter but have not done yet.  Summer starts and you think you have all the time in the world to do these things.  Then, of course, reality sets in.

I have learned (that is, my wife has said to me a million times) that you must plan, or things will not get done.

Compliance continues to be mission critical here at American Profit Recovery

One aspect of debt collections that is mission critical and an area here at American Profit Recovery that we place a lot of resources behind is compliance. Staying compliant with all the rules and regulations that govern debt collections is just another area of our culture that carries immense importance.

Recently our own Bruce Beegle achieved the designation of credit and compliance officer through ACA International.

After many educational sessions conducted by ACA international and of course rigorous testing, Bruce received this accreditation which will only further our ability to enhance our compliance strategies in debt collections. It’s an important milestone. […]

2023-08-17T08:32:48-04:00August 17th, 2023|Categories: Advice for Businesses, Small Business Collections, Team APR|

An award-winning employee experience here at American Profit Recovery

There are many areas that we have placed immense focus on over the years here at America Profit Recovery that have allowed us to build a rock-solid foundation. Building and growing a reputable collection agency means a high value must be placed on our people and our culture.

Let’s face it; not every day is easy working in debt collections because of the nature of the business and the delicate reasons why we may be calling a consumer. Collectively, we’re always working to make that employee experience a positive one and consistently improve.

Recently we’ve been reminded that we are doing the right thing here at American Profit Recovery by creating a culture and a positive […]

2023-08-09T09:16:57-04:00August 9th, 2023|Categories: Advice for Businesses, Team APR|

Is there a way to tell if my customer is not going to pay my business?

We speak to business owners and other decision-makers all the time when it comes to debt collections and there is one question they ask repeatedly.

Are there any warning signs a customer is not going to pay?

And the answer is a definitive yes!

There are unquestionably signs that a customer is not going to pay and we have assembled these below. And while that is not always the case, our experts have found these are the more apparent signs of a customer not paying you in the future. You may have customers that are just disorganized at home which includes paying their bills but it’s important to keep an eye out for these warning signs.

If your business […]

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