Advice for Businesses Archives - Page 3 of 20

Why it’s important for collection agencies to share what they do

There is a lot of important work done by reputable and professional debt collectors daily in this country. This work helps the overall economy, consumers that may be struggling with ongoing debt, and small businesses struggling to meet payroll and other expenses.

The debt collection industry helps larger organizations keep costs down and keeps the workforce employed.

The debt collection industry touches just about everyone. Regardless of whether we know it or not.

For many years, many in this industry flew under the radar and just did their jobs. With the media and others having an unfavorable perception of the debt collection industry, it’s no wonder.

However, debt collections serve a vital role in our economy. Those of us […]

David Greenwood2022-11-23T08:53:51-05:00November 23rd, 2022|Categories: Advice for Businesses, Advice for Consumers, Collection Industry News|

4 consumer myths about debt collections DEBUNKED

To say there is endless misinformation about debt collections in the media and on the Internet would be a vast understatement.

Right up front, you should know that the debt collection industry provides critical and necessary support to not only consumers and the business community but the overall economy.

Just about everyone who works in the debt collection industry fully understands that it can be an uncomfortable situation as a consumer being sent to collections. And one other thing we know. No consumer wants to be in debt and struggling to pay their bills. Consumers do not want to have their accounts sent to a collection agency.

However, it is important to point out that over the years, […]

David Greenwood2022-11-27T13:02:15-05:00November 2nd, 2022|Categories: Advice for Businesses, Advice for Consumers, Collection Industry News|

Tips for placing accounts in collections during the holidays

As the end of the year approaches, a question that many creditors grapple with is, “Should I assign slow-pay/delinquent customers to collections around the holidays?” The answer to that question should be a resounding “Yes.”

There are many reasons why it benefits a business, as well as its customers, to have past-due accounts placed in collections during the holiday season.

As with any time of year, the longer a business waits to assign any slow-pay/delinquent accounts to collections, the less likely those accounts will ultimately get paid. The consumer will place a lower priority on resolving the debt the longer it stays past due without any contact other than a monthly “Balance Forward” notice. Consumers may even […]

David Greenwood2022-10-20T07:56:48-04:00October 20th, 2022|Categories: Advice for Businesses, Small Business Collections|

4 ways to fix problems with small business cash flow

Our economy is changing rapidly and there has never been a better time for your business to do a health check. Everything seems to be rising for those running a small business.

You’re battling rising costs of inventory, an increase in payroll costs, what you pay for transportation such as our lawn care clients and of course rising interest rates. Those interest rates not only affect you as a business but are ultimately causing your customers to rethink their finances.

Many experts have indicated that these economic conditions could last for some time. Before it gets too late and you find yourself in a troubling situation where hard decisions need to be made, it is a smart […]

David Greenwood2022-10-11T08:42:20-04:00October 13th, 2022|Categories: Advice for Businesses, Small Business Collections|

Why is this collection agency so focused on consumer compliments?

Over the past couple of years, you may have noticed that our team has paid particular attention to tracking the compliments and kind words that consumers give our debt collectors. While many types of businesses only track numbers, we pay attention to what people are saying.

Keeping track of the compliments that consumers have provided our debt collection team and others here on the staff has provided tremendous value and how we operate as a collection agency. Of course, we track the success of our debt collection efforts but what is equally important is the manner we communicate and the collaboration we can ultimately foster with a consumer.

There are several reasons why part of our collection […]

David Greenwood2022-10-11T09:03:36-04:00October 11th, 2022|Categories: Advice for Businesses, Small Business Collections, Team APR|

I don’t think my business can afford to use a collection agency-Now what?

Hold on… not so fast!

Before your business decides it’s not a good idea to use a collection agency or you simply cannot afford it, we have a few pieces of advice you should consider before shutting the door on getting third-party help. There is much more to consider before you decide not to use a collection agency to improve your cash flow.

If you have customers that continue to pay late, customers that don’t pay at all or both, check out our reasons to seriously consider getting help from a reputable collection agency. […]

David Greenwood2022-09-15T07:46:45-04:00September 14th, 2022|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Reasons why now is a good time to review your accounts receivables

Your accounts receivables never sleep and it’s always a great time to review your procedures and make any adjustments necessary. After all, the health of your business depends on it.

And as we approach the last quarter of 2022, it’s a smart idea to take a pause and conduct a thorough review of all your accounts receivable procedures including how you handle late and non-paying customers. The economy is changing rapidly as well as the job market and other external factors that we all need to keep a pulse on as we approach 2023.

You may feel you have a handle on your accounts receivables, but if you take a step back, you may find otherwise.

As […]

David Greenwood2022-09-12T09:31:17-04:00September 12th, 2022|Categories: Accounts Receivables, Advice for Businesses|

The Many Hats of a Collections Specialist

By Delaney:

One thing I did not consider when applying as a Collections Specialist is just how many ‘hats’ I’d come to wear in this role.

We work with a variety of clients – dental offices, lawncare services, banks, veterinarians, restoration companies, and medical laboratories – just to name a few. The longer I have been with American Profit Recovery, the more I have grown familiar with the assortment of different industries that we recover funds for. I have learned general practices and billing procedures for these varying industries, which allows me to better understand and help their customers. […]

David Greenwood2022-09-08T08:31:37-04:00September 8th, 2022|Categories: Advice for Businesses, Small Business Collections, Team APR|

Do not put off hiring a collection agency this year

Our economy is changing, and you need to be ready!

If your business has thought about hiring a collection agency to improve cash flow, but has never made a firm decision, you’ll want to listen up. Economic conditions are changing rapidly, and your ability to weather the shifting conditions could rely on just a few basic principles and techniques in your business. If you don’t get ahead of the moving economic landscape that is taking shape in our country, you will look back and wish you decided much sooner.

As the economy continues to change, here are several issues your organization needs to consider to stay healthy and maintain positive cashflow. […]

David Greenwood2022-07-26T07:36:16-04:00July 21st, 2022|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

4 little known benefits of using a debt collection agency

When running any type of business, you are obviously dealing with clients and customers who ultimately need to pay you for your goods and services. But we all know that there are a certain percentage of your customer’s over time that will drag out payments, not pay you at all, or run into circumstances where they lose the ability to meet their financial obligations.

Many businesses have the best of payment terms and expectations, but there are always circumstances that arise with certain customers that you’ll need to address when it comes to getting paid on time.

Most people understand the basic concept of a collection agency. Customers do not pay, and your business sends those accounts […]

David Greenwood2022-07-19T11:16:30-04:00July 19th, 2022|Categories: Accounts Receivables, Advice for Businesses|

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