The state of Texas is known for doing everything bigger and better– whether it be land, pickup trucks, personalities, or population. The ever-growing population of Texas hit $29 million in 2019. About 2.7 million small businesses are established in this great state, and a host of corporate giants are headquartered here too– further stimulating the job market and encouraging masses of people to relocate here. All of these enterprising business owners are an asset to the state and its economic well-being. However, whenever large numbers of business interactions start to occur it’s inevitable that there will also be outstanding bills and a greater need for consumer collections.
The more jobs you take, the higher the likelihood that you’ll end up with a customer that doesn’t pay their invoice. You will likely be preoccupied with running your business, and may not have time to collect on these debts. When it’s just one or two customers, your company may not suffer all that much. However, if you allow this to become a recurring issue there’s a chance you won’t be able to pay your own bills and it may spell out disaster for your business.
Consumer Debt in Texas
In 2019, there was a reported $60 billion in outstanding debt among Texans. This startling amount computes to about $2,000 per person. The rate of outstanding debt in Texas has grown by 67% since 2010– quickly outpacing the rate of population growth and inflation. Currently, Texas sits in the middle of the pack for debt in the United States. Texas ranks 20th for debt in relation to the 49 other states. This high amount of debt leads to higher interest payments and rising taxes, ultimately making the cost of living significantly higher.
SWR Tecas Consumer Collection Services
The expert recovery agents at Southwest Recovery Services value the hard work and dedication of Texas business owners. That’s why we offer a variety of services on a contingency basis to ensure that you collect on your money, without risking furthering your financial deficit.
Ideally, we would like the opportunity to manage your accounts receivables and ensure that submitted payments are timely and complete. This is generally quick and more effective than tracking down payment later down the line. Our consumer collections agents can help improve your cash flow and financial health by managing your invoicing needs, receiving, and promptly processing payments. We have experience in executive-level billing and incorporate an auto-billing system specifically tailored to cater to your company.
Sometimes as a business owner, you will inevitably require debt recovery services or face losing out on payment permanently. SWR offers state-wide debt recovery services based on a contingency plan and never requires an upfront payment to refer an account to collections. We also offer free debt reporting to top credit bureaus and utilize effective methods and proven techniques to recover bad debt.
If you would like more information about our accounts receivable and debt recovery services give one of our offices a call or submit a form online.