Whether business is slow or even if it’s not, companies can’t afford to leave money on the table. Competition is always stiff and running a business means paying people’s salaries and keeping the lights on.
When business is going well, companies need to put money aside for a rainy day. When sales are hard to come by, absolutely every penny counts. It hurts a business anytime a sales opportunity passes them by, but it’s like salt in the wound when there are payments owing for sales they’ve already made. Thankfully, professional debt collectors solve these problems quickly and effectively.
Let’s check out a few ways that they help businesses get results.
Less Time for Delinquent Accounts
When a business is owed money, they have a decision to make. Is the time it takes to chase down the debtor worth it? There’s a possibility that they look for them and can’t find them, or if they do, that they can’t make them pay. Do they want to risk wasting even more time, money, and energy on such cases?
The leading Minnesota collection agency has a licensed private investigator in-house, so they can locate people who don’t want to be found and do it quickly. The calculus changes when you have such resources at your disposal. Suddenly, the odds of locating them improve, and they’ll be far more likely to pay what they owe.
You don’t need to pay any extra fees to use their investigator, who can also find their assets and leverage these to boost your bottom-line revenue. Don’t let bad debtors get away with it, but don’t waste your HR’s time and energy on a futile chase either.
Employee Reimbursement
Employees are the backbone of a company. They make things work at ground level and behind the scenes. For this, they’re well compensated and deserve respect. However, the money improperly drained from a company may have nothing to do with a customer or client, but their employees. This can occur in a few ways.
Sometimes an employee enjoys free training or ongoing education covered by their employer, only to abruptly quit and potentially work for a rival business. Such a move breaches the original conditions, and professional debt collectors can get compensation from the company.
After all, you don’t want to pay to train somebody who doesn’t work for you and may even use the education you paid for to help a business rival! That wasn’t the initial arrangement, and having somebody who can enforce it is very helpful.
Perhaps a system glitch caused an overpaid salary or an employee improperly claimed work or travel expenses, either by accident or to exploit the system. Whether they were genuinely confused about employee compensation for business expenses or they tried to take advantage of their position, your business shouldn’t suffer as a result.
No matter how employees improperly drain company revenue, professional debt collectors can restore things and recoup the money that rightfully belongs to the business.
Specialized Collections
Some industries are harder to collect debts than others. For example, dental and medical collections can be tough because patients don’t ask for health problems. But dentists and doctors need funds to keep their operations going — they have considerable expenses they take on in the course of their work.
Leading debt collectors can exceed the industry averages without being harsh or aggressive with debtors. This approach is especially appreciated when the people who owe money have a health problem.
Debt collection can also be a challenge when it comes to education and commercial rent. Leading debt collectors rely on timely reporting with all three major credit bureaus, at no extra cost to their clients, to motivate debtors. They know which buttons to press because they’ve been there before and they have a track record of success.
Keep Relationships Intact
Nobody enjoys asking for money, even when they’re right to expect it. Asking for payments can be awkward and stressful. Companies worked very hard to advertise their business and develop positive relationships with customers and clients. They’re reluctant to do anything that may undermine these relationships yet can’t let money go uncollected.
Professional debt collectors solve this by acting as a middleman. You need to be sure you hire a debt collector that never uses aggressive tactics, like robocalls or threats. Thankfully, the industry leaders prioritize friendliness and professionalism while collecting double the national average.
There should be no hidden fees, a perfect A+ rating from the BBB, and an excellent compliance record with regulating agencies everywhere.
Accounts Receivable Consulting
It could be that your business has an accounts receivable problem that needs solving. That parable about giving a man a fish versus teaching him how to fish applies.
Leading debt collection agencies have seasoned account receivable professionals whose insights will help you increase cash flow and reduce bad debt write-offs. They can help you out with a specific debtor or debtor, but helping improve the way your business handles debt collection may help get you pointed in the right direction.
Sometimes a little work to fix the underlying problem can go far and help make companies more self-reliant.
Custom, Flexible Support
The leading debt collection specialists should be willing to tailor their services to a company’s needs. No two businesses are the same, and the type of help they need may very well differ, too.
If you run a company and need debt collection help you don’t see described above, contact the business to see what they can do for you. The odds are high that they’ll be willing and able to provide help.
The thought of uncollected money keeps business leaders up at night, yet they don’t want to spend more than they must to get it back. Overburdening your HR team with tasks they aren’t well equipped for wastes everybody’s time and the company’s money. Hire a professional debt collector instead, because they get results you can’t on your own.
