Questions any Business Owner Should Ask When customers owe you money, trying to collect those debts by yourself can be a huge challenge. Not only is it time-consuming to track down delinquent payers, asking clients for the money you’re owed can lead to some very uncomfortable conversations. If outstanding debts are a regular source of stress in your business, you might want to consider hiring a debt collection agency. Commercial collection agencies will track ...
How To Know If The Person Signing Your Contract or Purchase Order Has The Authority To Do So. Here at Revenue Assurance Partners, your go-to for all things related to commercial transactions, accounts receivable and bad debt. We feel it is of the utmost importance to help to educate and keep our clients informed of the nature of commercial transactions so that you can protect your company from write-offs. Today let’s talk about Implied ...
The Art of Business Debt Collection Is your business owed money? Do you want to be paid promptly? Of course, you do. Revenue Assurance Partners, LLC has over 100 years of combined experience in debt recovery and would like to offer some advice in getting your customers to pay you quickly. Businesses that are owed money view the situation from a business point of view. Businesses are operated with a rational and logical mindset. Those ...
Debt Collection Tips That Get Results Making collection calls to customers for payments is not a task that many people look forward to, especially in credit departments that are overworked and understaffed. These calls are usually given low priority and are often postponed or forgotten altogether. The reason why many people feel uncomfortable making debt collection calls varies, but it's mainly because it takes them out of their comfort zone. They lack confidence with ...
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 ...
