If your business is owed money, you know that debt collection can be a daunting task. It’s important to remember, though, that debt collection doesn’t have to be a negative experience for your customers. In fact, there are many advantages to adopting a customer-centric debt collection approach. In this blog… Read More »How Customer-Centric Debt Collection Can Benefit Your Business
Many business owners get understandably frustrated when they hear about new consumer protections when it comes to debt collection. Politicians tend to construct legislative changes around what’s popular, and since there are many more people who owe money than businesses trying to collect, it can be a daunting task. In… Read More »Regulation F Updates: What Businesses Need to Know
Do you have debtors who just don’t seem to want to pay you what they owe? If so, you’re not alone. One study estimated the total of unpaid invoices equated to about 5 percent of the US GDP. (About $825 billion!) Many businesses struggle with getting debtors to pay up.… Read More »Behavioral Trends of Debtors: 4 Factors to Know When Trying to Collect
When you are owed money, it can be difficult to let go of that debt. After all, you worked hard for that money and you deserve to be paid back in full. However, there are times when forgiving a debt could be the right thing to do. We are a… Read More »Forgiving Commercial Debts: Should You Ever Do It?
During the pandemic, so many business owners and entrepreneurs found themselves facing a stark “new normal” that made it harder to collect on their outstanding invoices. Commercial debtors and default accounts have always been common issues for businesses. More so over the last couple of years! But when do these… Read More »Commercial Debtors and Default Accounts: When Do They Become an Issue?
Business-to-business (B2B) collections can be a daunting task. Trying to get payments from other businesses is often harder than trying to get payments from consumers. However, there are tactics that you can use to help boost your B2B collections and make the process a little bit easier. In this blog… Read More »7 Tactics to Help Boost Your B2B Collections
Process service isn’t always a part of the debt recovery process, but it can prove to be an important one should a collection case escalate to legal action. In fact, businesses are currently spending around $46 billion annually on process services with the number projected to hit $128 billion by… Read More »Process Service: A Guide for Businesses
It seems like a no-brainer that your business needs to keep up with who its debtors are. But poor record-keeping is a reality of the business world, and it can really come back to haunt you when it’s time to collect on payments due. In fact, one study found that… Read More »How Debtors Think: Get This and Get Paid!
According to a report by the Small Business Administration, over 30% of invoices are paid late. This means that millions of dollars in invoices are overdue each month. Late payments can have a serious impact on businesses, especially small businesses. When an invoice is overdue, it can put a strain… Read More »How to Not Get Paid: 6 Missteps to Avoid When Collecting On a Debt
Extending credit to your customers: a tale of two businesses One offers cash, cards, or checks only. They pass service fees from credit and debit cards on to their customers. It’s the only way they can be sure they get the money that’s owed to them for the products and… Read More »Why Extending Credit to Customers Is So Important