Finding a Debt Collection Agency that Fits Your Business’ Needs

The first question you may ask is, “why should my business hire a national debt collection agency for something that we can do ourselves?” The answer is very simple; the accumulation of debts over a period of time can wreak havoc on your business. Being your own debt collector is extremely time-consuming and it is much easier to hire a good national collection agency as your debt collector.

If you are reluctant to hire a debt collection agency you needn’t be. They are specialized in making sure that you receive your payments from these debtors. The fact of the matter is, businesses, large and small, are now finding it to be an intuitive choice. It’s a quick and efficient way for them to realign payments for collection for you.

Hospitals, retail businesses and even private corporations have found it necessary to find a debt collection agency that can easily meet their needs, without their business suffering from unwanted debt. When searching for a debt collection agency that suits your needs, one should consider the amount of time they have been in the industry as this will help to ascertain their level of experience.

The Internet is a great way to review the myriad of national debt collectors that you feel may be right for your specific needs. These review sites will give you the number of years each agency has been in business and their rate of success. Once you have narrowed it down to a handful of national agencies, give them a call and get a feel for whether you can work comfortably with them or not.

You will find that due to the large amount of debts businesses are owed today, you’ll discover that national debt collectors are willing to work with a number of programs specifically designed for your type of business.

No matter what size your business is, you will find that debt collectors are a vital resource to your business. The use of an experienced, national debt collector will lessen your time in necessitating collection, so you can concentrate on the more important aspects of running your business and making it a success.

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When Flat Fee Collection Agency Fee Structures Are The Best Value

A good number of businesses today go through worry and agony trying to recover debts owed to them. Not many, however, are aware that the time spent going after debtors, if put to better use, would yield more profit for their businesses. Debt collection companies in their hundreds are in operation, ready to help you collect what rightfully belongs to you and help you focus on making the most of your time. The importance of these commercial debt collection agencies is enormous.

According to a study, 82% of all debt cases handled by an average debt collection agency get resolved within a month of placement. This development was linked to the power of third party intervention. It is believed that debtors are quick to pay their debts when they are aware that their account will be or has been forwarded to a debt collection firm.

Of course, similarities exist in the way these collection agencies operate, yet the best among them can still be isolated. One of the agencies that stand tall amidst its contemporaries is AccountsReceivable.com. There are several reasons why individuals and organizations who have had dealings with AccountsReceivable.com regard it as the best. Let’s take a look at some of these reasons.

The typical collection agency charges 30% of the debt collected. If you ask them to collect a debt of $5,000.00, upon successful recovery of that debt they deduct $5,000.00 as charges. In the event you submitted 10 claims in a year and the agency was able to facilitate payments for them within 60 days, you will have to part with $15,000.00 to the collection agency.

With AccountsReceivable.com the situation is different. You become a member with a monthly payment of $100.00 which totals into $1,200.00 in a year. A maximum of 48 debt cases are allowed from each member which means you can submit as many as four cases per month. Therefore, instead of paying out $15,000.00 for just 10 cases, AccountsReceivable.com provides you with the rare privilege of submitting a total of 48 cases for only $1,200.00. The difference is staggering!

AccountsReceivable.com strives to help retain your customer base, rather than only helping out with the debt recovery.

It is now up to you to take advantage of the innovative debt collection service that only AccountsReceivable.com offers.

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What Factoring Will Do For You

Every business has a need for steady cash flow, however in the current economy options are diminishing quickly. As a result, many businesses are finding it hard to meet payroll, pay back their debts and are also finding it difficult to continue the growth of their company. Luckily, knowledgeable business owners are discovering that they can still have a steady cash flow even when business financing from a bank is not available to them. More and more businesses are benefiting from factoring their accounts receivable and it is important to understand the benefits of doing so.

The explanation for many of the benefits obtained by factoring invoices and accounts receivable is the characteristic between selling an asset and in turn gaining credit. Rather than dealing with a loan from a bank, the business sells their right to receive payment on outstanding invoices to a factoring company, which will then provide the business with an immediate advance of the face price of the invoice.

This process works to many businesses advantage: 

1. Factoring helps provide the business with cash without the common debt that goes along with it. Since this process is not a loan, but rather a transaction, there is nothing to pay back.

2. When using factoring as a means of cash flow, the business’s discretionary use of that money will never be restricted.

3. Businesses can choose which invoices they would like to factor and which invoices they would rather keep.

4. Factoring is readily available to new businesses, which may not have the trust of their bank just yet. This method is available to businesses that cannot obtain financing from a bank but need the money.

5. Many businesses who have used factoring say that they enjoyed the low fees and received their money extremely fast, usually within 24 hours.

It is easy to see what factoring can do for you and your business. By freeing up significantly needed cash flow and not increasing debt, factoring is the perfect option for many businesses. These businesses can then use this extra money to pay debts, increase sales and fund the growth of their company. Many business owners have found that factoring their accounts receivable was much more efficient in gaining operational capital than pursuing a traditional business loan. If you own a business that is new to the industry or are just trying to regain your status within your industry, factoring may be extremely beneficial to you and your business.

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How to Collect a Debt Using a Debt Collection Agency

It is important to be able to collect your debt using a collection agency. Modern debt collectors use a variety of methods to collect debt. A debt collector can help you to recover debt after winning a settlement. A debt collector can go anywhere to collect debt and can even work internationally. OK, you have won a judgment or settlement in a court of law, now what? A collection agency can help you recover that debt.

Debt Collectors work by a variety of methods.

Just as all debtors are not created equally, neither are all debt collection agencies. Services of a debt collector vary depending how the debt was established and who the debtor is. A good collection agency knows that a one size fits all approach is not going to work on all debts. A good debt collection agency is going to employ state of the art methods and can make the debt collectible.

Debt collectors may be licensed in several states to collect debt and can even work internationally. It is up to you to find the best agency to collect the debt. Some of these agencies will go to work in 30 minutes of receiving the debt and promise a rapid response. Take some time to find the agency that will help your business resolve the debt in the shortest time possible. A good debt collector is going to leave no stone unturned in an effort to help you resolve your debt in an expedient manner. A good collection agency understands that you know that every day that your debt is out there unresolved is day that costs your business money.

Debt collection laws vary from state to state so a business that has a debt to settle should make sure that the agency they hire knows the laws of that state. Some debts may be international in origin so agencies that are licensed to work internationally should be ones that the business owner considers. It is extremely useful to have an international debt collection agency collect your debt as they have very few limitations.

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Buying Bad Debt: Large Profit Potential For Investors

Getting into the debt collection market has huge profit potential, especially when the country is overwhelmed with bad debt. There are many types of bad debt out there that can be bought for a margin of the actual bill. Imagine paying 10-cents on the dollar for credit card charge accounts and then being able to collect the debt for a huge profit.
Credit card companies are the most common place to purchase bad debt from. Accounts that become more than six months delinquent are often written off by the company. To collect a small margin of the debt by selling it to a buyer allows them to recover some of the loss, while giving the buyer the opportunity to collect themselves. As a buyer of bad debt one has the option of trying to collect the total amount due or to work out a settlement offer with the debtor.

While credit cards may be the most common place to find accounts to buy, they are certainly not the only place. Student loans, ambulance services and installment contracts that are delinquent can all be profit opportunities as well. The key to buying these accounts is establishing a business relationship with various credit departments. Rather than allowing these places to send them to normal collection agencies, they need to be aware that they can sell them and recover some loss before sending them out to private collection agencies that may or may not collect and pay them.

When buying bad debt looking for large accounts is best. Small debt will not be profitable and collecting it is actually more difficult than larger accounts. People are willing to leave a small outstanding bill unpaid, while a large sum of money is more profitable for them to work out a deal on. Also, taking note of how many collection agencies, if any, it has been sent to is important. An account that has made its rounds with a few agencies already, will probably not pan out and buying it will be pointless. Some companies will sell an entire portfolio of bad debt as this is the quickest way to get numerous accounts at once. Knowing the facts about the portfolio before buying includes finding out the average balance of each account, how long ago the last payments were made, how many accounts are included and if all the documentation is available. Knowing what to buy, how much and when to buy it is the key to making money in bad debt recovery.

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Buying Bad Debt – What Is It?

There is always money to be made in both good and bad economies, especially when there are companies and individuals who incur debt and firms that are willing to make a profit by buying bad debt. Buying bad debt is a billion dollar business and, with literally millions of American companies and families racking up consumer credit card, commercial loan defaults and delinquent student loan debt, there are financial opportunities to be had. Of course, firms that purchase bad credit are never simply looking for an equal return on the original face amount of the debt, but want to collect on high interest or debt penalties that have accrued. The original holder of the debt will profit from clearing their financial books of the bad debt as well as collect at least a minimum amount of 10 to 50 percent of what was owed on the bad debt.

What is it?

As a general rule, when someone or some company has defaulted on a loan, credit card, or other type of financial instrument, the institution owed the money is left holding the financial bag. The millions of credit card holders who cannot stretch card payments out any further make up the largest category of bad debt holders and are the primary target of bad debt buyers. The process involved in collecting from these defaulted debts is termed “buying bad debt”.

It Can Be Lucrative

Buying bad debt can be lucrative, depending upon the age of the debt and if the total debt incurred as well as penalties and interest can be secured. In addition, there are other forms of bad debt that can be bought from credit holders, including department stores that wish to jettison their bad credit accounts and not further encumber staff or legal efforts to recover debt. Student loans, automobile loans and even bail bonds companies that have been left holding the tab, are good targets for firms interested in buying bad debt.

Precautions to Take

Even firms that purchase bad debt must take precautions to make certain they do not encounter legal or financial statutory prohibitions in attempting to collect on the debts that they now own. When buying bad debts, the federal or state statutes that govern prohibitions on abusive and aggressive collection tactics used to collect on debt are still applicable. For example, when collecting on a debt, all of the documentation associated with the bad debt must be accurate and when presented either to the individual or in a legal process, should never be fabricated or inaccurate.

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How does an international debt collection firm work?

Collecting any debt can be difficult, but if you have a company that deals in international sales or billing, then you know that collecting international debt is significantly more difficult. There are many reasons for this, including distance, differences in language and culture, time zones and more. The laws are also not the same everywhere in the world. Some countries may not have the same ideas about the ethics of paying past-due bills. It is prudent to have an expert on your side when it comes to the complexities and laws involved in collecting international debts.

The best idea, if you have a business that needs to collect international debts, is to hire an international collection agency. There are many different firms that have the necessary experience needed. This is not something that can be learned overnight; the best firms have spent years figuring out all the different laws. Do the research and be sure you find a collection agency that has been recommended by other businesses.

Doing business internationally can be the caveat that puts your small business over the top. By adding customers outside of the U.S., your base of clients will be much larger. An international collection agency can free up time that you will need to prepare for other aspects of the business that will need attention.

One of the necessary evils of working with international clients is that they must be screened. Getting your money with a collection agency is much harder internationally, and clients must be found reliable before being taken on. An international debt collection agency can do this for you; they are a professional collection agency who has been doing this for years. If you try to collect these debts by yourself, you could end up finding that you have no time for the more important parts of your business, such as marketing and development.

If you want to do business internationally and are not planning on using an international collection agency, ensure you are very careful about which clients you choose. The language barrier alone is enough to make collecting your debts very difficult. Also, screening potential clients is very hard if you do not know what you are doing. Every country has different standards when it comes to paying debts in a timely manner. Using an international collection agency can keep this from happening and help to make your business a lot more profitable.

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Debt Collection Agencies Can Help Locate Past Due Customers

Every amount of revenue, past and present, is important for your business. The longer a bill remains past due, the less time you have with the outstanding monies to draw interest and reinvest. While you could spend time and money training or hiring staff specifically to locate past due customers, a more cost effective solution is to hire a debt collection agency. There are several advantages to using a debt collection agency, aside from the obvious collection of outstanding monies.

Perhaps the least obvious, but most important advantage of using a debt collection agency to locate past due customers, is that they have a specialized skillset and resources at their disposal. Many debt collection agencies have software and subscriptions to online services that make finding delinquent customers easier and faster than if you used the traditional route. In addition, debt collection agencies usually have one or several employees whose sole goal is to locate past due customers. Consider the amount of time and effort you would expend to match this kind of specialization.

Another advantage of employing the use of a debt collection agency to locate delinquent customers is that they are motivated to find debtors and get them off your books. Debt collection agencies may have a flat rate foundation fee, but most also will not get any additional payment unless they deliver your delinquent debts. This alone is motivating enough for diligent collections agents to work their hardest to locate delinquent customers and close their accounts. Pursuing any debt successfully requires both flexibility and creativity and an effective debt collection agency will do everything legally possible to locate a delinquent customer and arrange a payment schedule. Once this has been accomplished, your company will no longer need to retain delinquent accounts on the books.

The final advantage of using a debt collection agency to locate delinquent customers is that the employees of the agency are well versed in the legalities of debt collection. The last thing your company needs is litigation against you because someone in your company took it upon themselves to close a debt in a way that wasn’t entirely legal. This alone can cost your company thousands of dollars in lost wages and litigation costs. Debt collection agencies make it a part of their regular training to stay on top of changes in the law that affect collections practices. This saves you from the cost of continually updating employees on this information.

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How An International Debt Collection Agency Can Work To Help You

Many people, organizations, groups and companies are owed large sums of money by other individuals and organizations for services offered or goods delivered. Sometimes it is interest owed on a debt or credit facility.

A collection agency is an organization that collects the debts and payments owed to a company or individual by another party. The collection process is of course done for a fee. Sometimes the fee will be contingent-based and is a percentage of the total amount, while other times the collection agency will require a standard flat-fee rate for its services.

An international collection agency, on the other hand, performs this same function, but is capable of debt recovery efforts on the international stage.

Most collection agencies are referred to as third party agencies because they were not party to the initial contract. Both collection agency and international collection agency are important agencies especially in the pursuit of debt owed to an organization. They are registered with governments and have rules, regulations and procedures that are followed in the pursuit of debt. Governments of industrialized countries have set up strict laws and regulations that any collection company must adhere to when collecting a debt on behalf of their clients. These include sending a letter by post, email reminders and phone calls.

An international collection agency could be registered in one country, but still licensed to operate in other countries overseas. The benefits of using a collection agency are many. One is that a collection agency is professional and is best placed to pursue the debt using methods that have been tried and tested. It is less expensive in the long run because the collection agency is specialized in this business and can afford to lower the fees.

Other benefits of using a collections agency are that they will allow a regular business to focus on its core mandate which they specialize in. These agencies have a much better record of recovering debts and any client who chooses to use these services will benefit from the experience and expertise provided by these professional agencies.

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Tips To Recovering Debt And Keeping Customer Relationships In A Bad Economy

Any company that deals with loans or sells products that involve multiple payments will inevitably have customers that do not pay back what is owed. While some customers may occasionally be late on a payment, some may try to avoid payment consistently and will not answer calls or statements mailed from your company regarding debt. In this difficult economy, many people may not pay all of their bills, and can be quite difficult to locate by many companies that simply do not have the time or resources to track them all down.

In cases like this, many companies find it necessary to employ the services of a debt collector. Using a nationwide collection agency is an efficient and quick way of tracking down those who owe money. Collection agencies free up your own workforce to focus on other company matters, and are also much more cost effective than using your own personnel.

An effective debt collector is one who has the training and experience locating delinquent customers. These customers may be hostile or belligerent when confronted about paying their debt, and a professional debt collector is one who will be equipped to effectively deal with these types of people and outline their options in a clear and concise manner.

The collection agency you use should be able to work swiftly. Customers who are holding your money can keep you from growing, so using a national collection agency that can work quickly will ensure you get your money and achieve your company’s goals. Many companies that do not utilize an effective debt collector will not be as far ahead as a company that does.

A good collection agency is one that can operate nationwide. As a result of the ability to communicate quickly and efficiently across great distances, companies can now reach customers across the country. A great debt collector will be able to find delinquent customers no matter where in the country they are and will be able to get the required payment from them.

Due to the difficulties many people face in this economy, a good debt collector will be able to empathize with the customer while still devising an effective strategy to recover the debt. This requires both tact as well as a strong personality to gain the payment while not alienating the customer from doing business with your company in the future.

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