Small Business Collections Archives - Page 5 of 8

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. […]

David Greenwood2023-08-17T08:32:48-04:00August 17th, 2023|Categories: Advice for Businesses, Small Business Collections, Team APR|

These words help define the future of debt collections

There have been many shifts in the debt collection industry over the past several years. And the trends and updates that many in the collection industry have worked hard on, are moving the industry in a positive way.

Everything from enhanced technology, a better understanding of the career opportunities in the collection industry as well as forward progress in the collaboration between industry leaders and government at all levels.

However, one significant shift is the industry’s determination to make communications between debt collectors and consumers much more dignified and respectful.

When a debt collection professional can earn a consumer’s trust through effective communication and empathy, what may have been a negative interaction years ago is now a positive […]

David Greenwood2023-06-23T12:30:04-04:00June 28th, 2023|Categories: Accounts Receivables, Collection, Medical Debt Collections, Small Business Collections|

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 […]

David Greenwood2023-06-23T12:10:53-04:00June 23rd, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Common questions a business asks before using a collection agency

Deciding to use a debt collection agency can be a big step for a business. Many business owners and other decision-makers have a number of questions they want answered before deciding to take that next step with an accounts receivable program.

They want to know that they made the best decision possible for their organization. Of course getting late and non-paying customers to the table is a top concern, there can be other concerns that a business of any size wants to address before taking the next step in debt collections.

Here are some common concerns a business may have regarding using a debt collection agency and how a reputable agency can assist in these areas.

Will we […]

David Greenwood2023-06-11T14:38:26-04:00June 14th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Household debt just exceeded $17 trillion-is your small business ready?

It’s June 2023 and household debt just set an all-time record. And it could affect every business in the country.

The New York Federal Reserve issued a report in May 2023 that indicated a new record in household debt. Americans have racked up over $17 trillion in debt. And that should concern every business owner, entrepreneur and anyone responsible for accounts receivables.

From rising inflation to a changing job market, there are many factors that have contributed to this record number.

There has never been a better time for your business to hit the pause button and thoroughly analyze your entire accounts receivables program. That also includes the debt collection process your business has implemented and the partners […]

David Greenwood2023-06-11T14:29:58-04:00June 11th, 2023|Categories: Accounts Receivables, Small Business Collections|

The pros and cons of different debt collection methods

No matter the size of your business, your organization will always encounter consumers that have challenges meeting their financial obligations. For a whole host of reasons, consumers can either be late in paying you, or stop paying your business altogether.

We always advise the organizations we work with to have an internal debt collection strategy prior to issuing accounts to a collection agency. That allows your business to conduct due diligence in trying to resolve the matter internally.

There are many ways to get your customers to pay before handing that account over to your debt collection agency. And there are benefits to doing so but there are also some issues to keep in mind.

Check out our […]

David Greenwood2023-05-02T08:23:45-04:00May 5th, 2023|Categories: Accounts Receivables, Small Business Collections|

Cash flow basics for a changing economy

Cash flow is the lifeblood of any business, and your small business can be vulnerable to cash flow issues. And economic conditions can be a major driver, whether it be negative or positive cash flow.

Without a steady flow of cash, your small business could struggle to meet your own financial obligations, attend to basic expenses, meet payroll, invest in growth and so much more.

If you are worried about cash flow in your small business this year, it is time to revisit some ways that can affect positive cash flow. While using a debt collection agency is one strategy, many more factors affect positive cash flow.

Economic conditions are going to affect your cash flow

Our changing economy […]

David Greenwood2023-04-03T08:10:32-04:00April 3rd, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

5 things your business should never do when trying to collect a debt

One of the more frustrating parts of running any type of business is when customers pay late or do not pay at all. We’re confident you would agree with that statement.

As a debt collection agency that works with small business and large organizations, we hear the disappointments regularly from people just like you we are consulting with.

When we conduct our free consultations for debt collections, it’s one of the first things we hear. Business owners, and others that are part of the accounts receivables process continue to experience the aggravations of getting certain customers to pay.

While there are endless reasons why customers become delinquent on their financial obligations to your business, business owners tell […]

David Greenwood2023-03-30T08:16:03-04:00March 30th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Ready for more on-time payments this year? Do these now

A New Year is upon us and hopefully a new season of busy activity for all you small business operators.

Whether you are a lawn care or landscaping professional, contractor, a plumber or electrician or any small business that gets busy during the spring and summer months, it’s time to review your accounts receivable process before you get too busy.

Yes we’ve spoken about this before but have you really taken the time to button things up and improve your procedures?

If not, carve out some time before you get busy and make these happen.

Why? Because one of the biggest reasons small businesses suffer from cash flow problems is the time between service and actual payment.

Want to get […]

David Greenwood2023-02-27T08:52:30-05:00February 27th, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

4 proven ways to make debt collections easier for your business

Just about every business we encounter wants to make the process of getting paid on time much easier. Getting late-paying customers to the table and small business debt collections can become an area where many organizations just do not have the available resources.

Take, for example, the lawn care company that works from sunrise to sunset and deals with a labor shortage. Implementing an easier method to collect payments becomes mission-critical for that business.

If your business has been struggling with cash flow and getting your customers to pay on time, check out these four tips our debt collection experts have come up with to make getting paid on time easier for any size organization.

David Greenwood2022-12-29T16:00:59-05:00January 3rd, 2023|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

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