Let’s face it, the struggle to recover revenue from customers and business partners that have fallen behind on their payments is a tedious and frustrating process. Almost every businessperson out there has had to deal with the headaches that come with following up on slow payments from partners even customers that are trying to avoid settling their debts. Not only is the process time consuming, the lost revenue and expended resources can be a real problem for your business and employee morale. At Southwest Recovery Services in Dallas, TX, our team of debt collection experts has spent years working with clients in a wide variety of industries to help them recover lost revenue and settle past due accounts successfully.
According to a recent study by US Bank, 82% of the companies that have had to close their doors recently reached that point because of cash flow problems. While this does not always mean lost revenue due to unpaid debts, it is certainly a large contributor to exactly this type of situation. With that in mind, the real question many business people have started asking is: “Why NOT hire a debt collection agency?”
The Efficiency of a Focused Organization
Having an experienced collection agency in your corner when pursuing debts or settling balances can be an efficient way to reduce legal fees, and other costs that would otherwise accrue when an organization decides to pursue debts on their own. By securing the support of a professional debt collection agency, you can take advantage of an organization that has access to the tools and resources needed to make sure that the collection process becomes as efficient as possible. Information such as credit history, and applications such as negligence and response tracking software can help streamline the process, and eliminate the need for additional time spent on steps that may not yield desirable results.
The Power of Legal Awareness
In the modern business world, there are numerous laws and regulations which must be followed when pursuing a debt. In some cases, these laws and restrictions vary from state to state, and for many businesses, this means that they run the risk of facing legal action from a debtor if they feel a specific law or right has been violated. Because an experienced debt collection agency has access to all applicable laws and rules governing a specific situation, you can enjoy the peace of mind that comes with knowing that all collection efforts with be legal, ethical, and most importantly, safe for you and your organization.
The Value of Expert Advice
Because collection agencies are experienced in revenue recovery and asset management, you can take the opportunity of working with one to gain invaluable insight into your own management practices, and secure guidance on how to mitigate potential future losses and promote timely payment form your customer base going forward. One of the best ways to maintain positive revenue streams is to enforce practices and standards that promote payment, rather than avoidance. By taking advantage of our industry knowledge and support services, your organization can adopt new, effective policies while we recover past due account balances for you.
Skip Tracing and Asset Recovery
In some cases, a customer or account holder may attempt to avoid paying their debt to your organization by vanishing or “skipping town” to seemingly make themselves impossible to contact. While this may be a daunting obstacle to most business organizations, a debt collection agency like ours has the tools and resources needed to follow paper trails and digital footprints to determine where this person has gone, and follow up with them to settle the balance owed to you.
Ask Southwest Recovery Services in Dallas, Texas to Work With You
If your business or organization is struggling because of unpaid debts or past due accounts, the last thing you should be doing is trying to recover those assets all on your own. Because of the complex nature of the process, it is always best to trust this type of task to a team of experienced professionals who can utilize the latest technology and resources to get the job done quickly and effectively. To find out more about our services, or to get started on your own collection concerns, be sure to contact us right away so we can work with you to find the best way to meet your needs and expectations.