Many businesses face significant challenges when it comes to debt collection. These can range from the time-consuming nature of the process and maintaining positive customer relationships, to adhering to strict compliance regulations. Businesses also often struggle to ensure their communication is both effective and respectful. Communicating the urgency of debt recovery while maintaining the customer’s dignity is a delicate balancing act. Methods of communication also vary depending on the customer. Some prefer traditional methods ...

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Once you’ve made your choice in selecting a recovery partner, and have some experience with the agency, how can you determine that they are doing a good job? This month’s article offers valuable tips on determining how well the OCA you selected is meeting your needs. Knowing Your Needs The first step in accurately assessing your collection agency’s performance is determining what factors in the relationship are most important to you and ...

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Four Reasons Why Improving Your Debt Collection Rate is the Best Way to Increase Cash Flow A healthy cash flow is often considered the lifeblood of a successful business. Therefore, it makes perfect sense for top-performing companies to take all possible measures to enhance their cash flow. One of the most straightforward ways to achieve this is by enhancing the debt collection rate, especially for businesses that extend credit to customers. The improvement in the ...

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It’s the nature of the beast, the law of averages. Whatever you choose to call it – some of your accounts are going to end up past due. You’re going to have to call on a professional to help you collect. So, you hand the account off. It’s up to the agency now. You’ve done all you can. Right? Maybe. In my 40 years in this industry there’s plenty you can ...

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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 or er even a one-time source of stress in your business, you might want to consider hiring a debt collection agency like Revenue Assurance Partners. Commercial collection ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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