Understanding the Basics of Debt Collection Definition of Debt Collection Debt collection is the process of pursuing payments of debts owed by individuals or businesses. An agency that specializes in debt recovery is often known as a collection agency or debt collector. Importance of Effective Debt Collection Effective debt collection is critical to maintain cash flow, reduce bad debt, and ensure the financial health of a business. An efficient collections process decreases the chances of ...
The Art of Collection: Techniques for Successful Debt Collection Collections can be a challenging and exciting job that requires a unique skill set, combining elements of psychology, sales, communication, and negotiation. While there are numerous collection tools and techniques available, it is the artful application of these skills that sets successful collectors apart. In this article, Revenue Assurance Partners explore how collection is an art and provide techniques that can help you collect money more ...
COLLECTIONS AND HOW TO ACHIEVE RESULTS Are you tired of chasing after unpaid debts from clients? Commercial debt collections may be the solution you need to get your money back. Discover four principles that will help you create an effective debt collection strategy for your business. Those four principles can be summarized as follows: Control Acknowledge and proceed Empathize and Verify Get to a Result Control: Control is the finesse of a collection call. By ...
As a business owner, it's essential to know the difference between commercial and consumer debt. While consumer debt is highly regulated by the Fair Debt Collection Practices Act (FDCPA), commercial debt, also known as business-to-business (B2B) debt, is regulated by the Federal Trade Commission (FTC) but not as highly regulated as consumer debt. In this article, we'll focus on commercial debt collection and provide insights and tips on how to manage your accounts ...
