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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 […]

2022-10-20T07:56:48-04:00October 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 […]

2022-10-11T08:42:20-04:00October 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 […]

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

Professional development is a cornerstone here

By Sabrine:

Employees may not be comfortable asking questions or asking for advice from their peers because of the environment they are working in. Luckily here at American Profit Recovery, it’s unlikely to be the case because we provide professional development opportunities on a consistent basis. Once a week, we hold a meeting called “Best Practices,” hosted by our top debt collection professionals, work team leads, and management.

In these meetings we go over topics that collectors could be struggling with, advice from the top collectors themselves, as well as fun meetings with games and activities. These meetings have helped me to become the collector I am today. They have taught me how to handle different […]

2022-09-28T08:10:04-04:00September 16th, 2022|Categories: 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. […]

2022-09-15T07:46:45-04:00September 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 […]

2022-09-12T09:31:17-04:00September 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. […]

2022-09-08T08:31:37-04:00September 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. […]

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 […]

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

Is your accounts receivable program ready for a new economy?

Consumers as well as the business community have been through a lot during the two-plus years of dealing with the COVID-19 pandemic. Many businesses had to drastically alter the way they conducted business and many as you know all too well were forced to shut down completely temporarily.

Consumers either lost their jobs, had their hours cut back depending on the industry they worked in, or decided to take on new careers. Consumers were also left with a whole host of other challenges including finding the products and services they use frequently and of course meeting their financial obligations.

The effects of the pandemic continue to cause challenges for consumers and the US economy as well as […]

2022-06-16T09:25:10-04:00June 20th, 2022|Categories: Accounts Receivables, Advice for Businesses|
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