Blog on Debt Collection

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How to Spot a Litigious Client or Patient - It isn’t uncommon for patients or clients to sue. Unjust as their claims may be, a litigious client will throw out the word “sue” as much as they are willing to write an online review. According to Rocket Lawyer, the chances of a small business owner getting sued is pretty high with over 100 million […]
Contingency Collection Service: No Collection-No Fees - Contingency Collections, also called Traditional Collections, is the most popular debt collection service to recover your money from defaulters. The concept of “Contingency debt collection” is really simple – Once the Creditor has tried enough to recover his money from the Debtor without success, he finally hires an Expert Collection Agency to collect money from […]
Collection Agency for Hospitals and Healthcare Debt - Hospitals in America carry a large number of accounts receivable due to the sheer number of patients they have to deal with. Limited insurance coverage and ever increasing cost of health services means patients have a larger share of out-of-pocket costs. Hospitals also have accounts receivable with healthcare insurance companies who delay or dispute a […]
10 Signs Your Invoice May Not Get Paid on Time - When you’re running your small business it can be difficult to stay on top of everything. In the middle of incessant daily workload, one aspect that may get overlooked is that an invoice may not get paid on time. Whether you’re a doctor, a lawyer, or a dentist, the chances of a client’s invoice (or […]
Customer Relationship Management for Small Business - As a small business owner, you are probably aware that your customer satisfaction is a top priority when it comes to being successful. When you are first starting out as a business, this relationship might be easy to dictate because the customer pool starts off small. But as your business grows, it will become harder […]
How to Prevent your Business from Losing Customers - It is always important to acquire to new customers, but repeat business is what keeps the lights on. Losing customers can quickly erode your business income. Actually for most businesses, keeping existing customers is almost more important than seeking new ones. Repeat customers tend to spend more money over time and promote your business among […]
Tips for Healthcare Providers to Reduce AR Days - Healthcare finance has always been a tricky business, likely due to the sheer number of patients that many healthcare providers have and the different aspects that play into what one particular patient’s bill might be. In general, a healthcare provider will typically look at the metric of Days in Accounts Receivable, otherwise known as DAR, […]
How to Calculate Dental Office Overhead - Calculating your dental office overhead can be intimidating, but as soon as you lay out the groundwork, you can look forward to decreasing it. A limited line of overhead means a larger net income from your dental practice, whether you are a solo practitioner or you are working within a team. It’s important to have […]
How To Benchmark Your Dental Practice - If you are continuously looking for ways to set goals for your dental practice, your best bet could lie in your dental AR benchmarks. Generally, when dentists discuss how to benchmark their practice, they will look at factors such as finding ways to reach new patient number goals. However, taking a look at your accounts […]
Collection Agency for Credit Union Loan & Overdraft Fee - Credit Unions issue variety of loans in form of auto loans, student loans, mortgage debt, small business loans and credit card balances. They are also entitled for overdraft fees when a payment or withdrawal from a bank account exceeds the available balance. However many customers are unable to return the principal amount and interest back […]
Deal with Business Competition: Face it, Grow with it - Shortly after the birth of humanity, there were two factions of humans, Neanderthals and Sapiens. The Neanderthal was smarter, stronger, quicker, and tougher than their weaker and less intelligent cousins. Surprisingly, Neanderthals all but died out and Sapiens began to dominate most of the continent. How could this have happened? Sapiens were incentivized to improve […]
Building a Strong Brand Image in Financial Services Industry - The financial service industry is integrated daily into the lives of hundreds of millions of people throughout the world. Whether it be banking, financial planning, or accounting, without these services, the economy as a whole would fail. If you are thinking about diving into the sector and starting a company that provides financial services, building […]
How to Increase your Medical Practice Profitability - In today’s competitive healthcare space, running your own medical practice is both rewarding and challenging. It’s a constant balancing act between providing long-lasting, quality patient care and optimizing business profitability. Also, many important aspects such as dealing with crushing administrative tasks and rising operating costs come into play. The truth is, many new medical practitioners […]
Self Service Portal by a Collection Agency - Out of thousands of collection agencies in USA, only a few collection agencies offer its customers a dedicated “Client Portal” to manage all the debt collection activity online. This secure self service portal allows clients to do 10 major tasks 1. Easily submit new accounts for collections. ( one by one or uploading in bulk […]
Collection Agency for Electrician & HVAC Business - If you are an electrician or have an HVAC installation business, then you likely run into non-payment by clients or vendors all the time. These accounts receivable can quickly eat up into a significant percentage of your profits, and in extreme cases result in severe cash flow. Without a proper accounts receivable strategy, these past-due […]
Benefits of Reporting a Bad Debt to Credit Bureaus - Credit reporting should not be used as a revenge tool or a threat, it is against the debt collection laws. But a creditor whose account becomes seriously past due has the right to report the account to Credit Bureaus if he has adequate proof regarding the authenticity of the debt. Top three Credit Bureaus of […]
19 Affordable Holiday Gifts for Employees of a Small Business - Your employees play a crucial part in the success of your business. Therefore, rewarding them with excellent workplace performance gifts that build their self-esteem, proves to them that you recognize their hard work. This will motivate them to continue to contribute their best efforts to your business. Which is great because happier employees mean happier […]
How to Raise Prices Without making your Customers Angry - Business often need to raise the price of their product or service from time to time. Price increases are necessary to keep your business going while offering excellent services to your customers. However, they always risk losing your customers or making them angry, unless it is done properly. In this article, we will share top […]
Common Problems Faced during Debt Collection - Debt collections can be quite boring and frustrating if too many customers fail to make payments on time and your staff has to repeatedly chase them for making their past-due payments. Bigger challenges arise when some of the following issues also complicate the recovery efforts. 1. Debtor not traceable:Every business struggles with lack of current […]
Debt Collection Laws: FDCPA, TCPA, HIPAA and FCRA - Collection agencies are required to follow certain federal and state laws when contacting an individual regarding debt collection. These laws are designed to protect debtors from the potential harassment by Collection Agencies. Not following these laws can result in fine, lawsuits and other legal implications. Good training given to debt collectors can save thousands of […]
10 Ways To Handle Angry Patients - Experiencing severe pain or being diagnosed with a serious medical ailment can make anyone emotional, agitated, irritated or even angry. Understandably so, as no one would enjoy being confined in a hospital far away from loved ones. Sometimes patients can get so emotional that they cross all boundaries and start to take their frustrations out […]
Medical Student Loan Collection Agency - More than 70 percent of U.S. college graduates have student loans and a large percentage go in default. Among them, medical student loans are the most tricky to collect as compared to other types of student loans because they carry higher balances. Inability to collect only on a few medical student loans results in a […]
Collection Agency: Smartphone Repair & Screen Replacement - Mobile phone repair market is valued over 4 billion dollars and employs over 20,000 people in USA, growing about 3% every year. Approximately one out of every four smartphone users crack their screen. Once the phone is out of warranty or has no insurance, people often turn to 3rd party repair shops who provide cheaper […]
Debt Collection: IT, Computer Hardware, Mobile Repair & Network Company - US technology, mobile and service industry is biggest in the world, spanning across product development, networking, consulting, hardware, refurbish & repair, AI, data mining and the list goes on. Then there are thousands of small to mid size computer service, mobile & hardware repair centers, cloud and data security services. Overall millions of Americans are […]
Get a Free Quote from Reputable Collection Agencies - Based on our personal opinion, a mid-sized collection agency is able to provide better individual attention, recovery rates and service. We are not a collection agency, but based on our 18 years of extensive experience in this industry, we have carefully shortlisted a few collection agencies based on their performance, low contingency rates and experience […]
Debt Collection Agency: Waste Management & Recycling Company - Waste management, disposal and recycling companies extensively use Debt Collection Agencies to recovery money from their aging accounts receivable. Debt is typically transferred after 60 days in B2C collections and after 90 days in B2B collections. B2C collections are also called “Consumer” collections and B2B falls under “Commercial” collections. There is a big difference on […]
Should a Small Business Charge Late Fees? - Extending credit is a way to give few extra days/weeks to your clients to make payment after the service has been provided or a product has been delivered. Everyone likes to get paid right away, but for Small Businesses this is often a necessity. The next big challenge is what to do if the payment […]
Managing Stress when Running a Small Business - Running a Small Business can be quite overwhelming, often causing stress, burnout and anxiety. Although employees may also experience stress, but for the owner this pressure can be brutal. American Psychological Association estimates that the U.S. economy loses more than $500 billion due to workplace stress and also increases the health insurance costs, impacting Small […]
Collection Agency with Nationwide License: Need one? - There are thousands of collection agencies in America, but a vast majority of consumer collection agencies do not provide nationwide service. Licenses are required in almost 33 states for consumer collections and some cities like New York City even have their own licensing standards for agencies operating within the city limits. Each state has its […]
Collection Agency Near Me: Does the location matter? - Are you a Small Business owner and searching for a Collection Agency near your office? You are not alone, there is a common misconception that a local collection agency will be able to provide a better service or magically recover more money on your accounts receivable, verses the one located on the other coast of […]
Debt Collection Agency for Towing and Recovery Business - Operating a towing business or being a tow truck driver involves considerable hard work and planning. Challenges of a towing business include paying for the tow truck mortgage, fuel costs, monthly insurance premium, repairs & maintenance of the truck, fatigue, marketing business on on Yellow Pages or Google, dealing with disgruntled vehicle-owners, poor driving conditions, […]
Recession-Proof Your Small Business - Recession strikes United States roughly once in every 10 years and delivers a lethal blow particularly to the startups and small businesses. No one can predict the exact timing or the length of a recession. During these tough times many of your clients will cut their budgets, downsize or discontinue several services or products that […]
Dentistry Burnout: Is your Stress Killing you? - Dentistry is one of the most stressful medical profession impacting both mentally and physically. The suicide rate among dentists are unfortunately high. They are more prone to coronary heart disease, psycho-neurotic disorders, cardiovascular disease and high blood pressure, than the general population. In short, if a dentist does not control his burnout and stress, it […]
Debt Collection for Glass Repair Companies - Glass replacement and repair companies assist clients whenever a glass breaks or loses alignment. Common services include replacement of double pane windows, windshield, laminate glass repair and other breakages involving mirrors, storefronts, partitions, shower doors, glass closures, etc. Glass repair companies can be privately owned and operated, or work as a franchise of a larger […]
Debt Collection Agency for Restoration Companies - You have a restoration company that helps homeowners from damages caused by water, fire and mold. You have worked hard to build your business. However several clients have not kept up with their obligation to pay for your services. This has increased the number of accounts receivable and putting stress on your cash flow. Then […]
Selecting a Collections Agency with Very Low Contingency Fee: Sure? - A Collection Agency is your business partner. The criteria of shortlisting them cannot the same as shortlisting a plumber. Collection agencies are well aware of Contingency Fees of their competitors. The ones charging a higher Contingency Fee than their competitors are not foolish. There is usually a solid reason why their fees are relatively higher […]
Is Management Ready to Hire a Collections Agency? Frequently asked questions - Is your organization constantly losing money on accounts receivable because a significant chunk of past-due accounts remain uncollected despite following all the recommended procedures. Did you notice, accounts which become over 90 days past-due, out of those 90% never get resolved (only 10% pay). These 90% accounts are subsequently written off as a complete-loss in […]
Insurance Recoupment: Recover Overpaid Insurance Claims - Insurance companies often make over-payments to subscribers and providers by mistake. These errors are caused due to duplicate payments, pricing changes, oversight by accounting department, fraudulent claims or insurance coverage changes. These claims where an insurance company is entitled for a refund, are called Insurance Recoupment or Takebacks. These incorrect payments are incredibly hard to recover […]
Recovering Insurance Claims from Healthcare Insurance Companies - Everybody struggles to recover money from insurance companies in a timely manner. Although some insurers consistently processed claims within 30 days, other insurers might take as long 120 days to pay claims. This unpredictability in the reimbursement process caused numerous healthcare providers to experience cash flow difficulties and other operational problems. Insurance claims submitted by […]
Online Reviews of Collection Agencies: They Don’t Matter - Have been trying to shortlist a Debt Collection Agency by looking at their Google reviews or Yelp rating? According to inc.com – 88 percent of customers read an online review that influenced their buying decision and a single bad review can undo the value of 40 good customer experiences. Those online review methodologies works well […]
An Impressive Dental Website: Get New Patients - Dental practices are always looking for ways to get new patients. Following are proven techniques in today’s digital era to acquire new clients online through a Website, Search Engine Marketing (SEO), Paid Advertising, Press Releases and Social Media Marketing. A good website is like having the best sales person, working for you 24×7. Every time […]
10 Ways to Increase Profits Quickly for a Small Business - Being in the accounts receivable industry, we interact with customers all the time, often personally over a cup of a coffee. Nearly all small businesses are constantly looking for ways to increase profits quickly, without increasing costs or by taking drastic measures. Here are the 10 simple changes you can incorporate easily to increase sales, […]
Debt Collection for Car Rental Industry - Minimizing the accounts receivable has become extremely important for the Car Rental industry because online ride sharing services are presenting huge growth challenges to the industry. Car rental companies like Enterprise Rent-A-Car, Hertz and Avis have been fiercely competing with Uber, Lyft and Turo, which are genuine businesses but probably have an unfair business advantage […]
Laundry and Dry Cleaning Service: Debt Collections Agency - Accounts receivable for Laundry and Dry Cleaning Service industries is an ongoing problem. Hiring an in-house person to deal with accounts receivable , even with a prior experience in collections industry is usually not all that effective because collections is still being done under the name of your Laundry company instead of a professional collection […]
Drugstore and Pharmacy: Collection Agency - Debt collection agencies play a vital role in managing accounts receivable of drugstores. Following up with customers who have not made the full payment is not something the drugstore staff are expert at. Typically accounts which are not paid are transferred to a collection agency after 60-90 days. Collection Letters Service Upfront cost for 5 […]
Debt Collection for Rehabilitation Centers and Physiotherapists - Every year millions of Americans utilize variety of rehabilitation therapy services. Rehab centers and physiotherapists play a vital role in keeping our citizens healthy and self-reliant. Unfortunately billing is a complex affair for Rehab centers, because there is not a uniform standard how much will a private insurance cover. If a patient has a government […]
Bill Recovery for Spa, Tanning Salon and Massage Parlors - Massage parlors intend to de-stress clients with a gentle touch, but many customers leave behind a huge stress in return for these parlors by not paying for the services they just received. Accounts receivable is an ongoing problem for these businesses and there is very little they can do them self to recover the unpaid […]
What Golf has Taught me about Debt Collections - Being an avid golfer, and working in the collection industry for the last 18 years, it wasn’t long enough that I started to find so many similarities between the two. 1. Practice and Patience Like Golf, debt collection is an art that requires sufficient time to learn and improve the game. Then there are days […]
Debt Collection Letters: Why are they so effective? - Sending fixed fee collection letters through a Debt Collection Agency is the cheapest and most effective way to recover money from debtors.. Without a doubt! Note: They have maximum impact when the debt is between 60 to 120 days past due. Submitting accounts which are more than 180 days past due have a low success […]
Collection Agency: Tax Preparers & Enrolled Agents Fee Recovery - Have people utilized your tax preparation and filing service, but failed to pay your consultation fees in full ? Accounts receivable can hurt the profitability of any small business. A Tax Preparer helps business and individual taxpayers file tax returns which are due quarterly and annually. Enrolled Agent (EA) is a federally-authorized professional who represents […]
Collection Agency: Newspaper & Magazine Subscription Bills - Newspapers and magazines often require sending debt collection letters to recover money due to the unpaid subscriptions of their customers. Many customers relocate but forget to update their new address with the newspaper and magazine companies, even though they are enrolled in an auto-renewal plan. Regardless of the reason, a customer is obliged to pay for […]
Hotel, Travel & Airlines: Debt Collection Agency - Hospitality industry (which includes Hotels, Airlines, Rental Cars, Restaurants, Catering Services and Travel Portals), frequently face the problem of mounting accounts receivable. This could be due to booking disputes, unpaid commission invoices, invoice corrections, check declines, credit card reversals or denials, property damages, cancellations, billing disputes and denial to pay for the facilities used. Collections […]
Legal Debt Collections Agency: Courts and Law Firms - Legal entities like district courts and law firms regularly need the help of a collection agency to recover money from past due accounts. People often use the legal services of a lawyer but fall behind in making promised payments. Similarly, district courts often issues summons and notices for the payment, just to find that the […]
Mortgage Debt: Looking for a Home Loan Collection Agency? - Mortgages are the largest loans issued in United States, running into hundreds of thousands of dollars against each property. Many mortgage loan borrowers go above and beyond than what they can actually afford to become an owner of that expensive dream house. Last recession (year 2008-2010) taught us that when a recession strikes, there is […]
Debt Collection Agency for Optometrists (OD) - Optometrists examine eyes for both vision and health problems. They spend years to get the Doctor of Optometry degree, and then to establish their name in the city. It is certainly its a promising career since a wave of aging baby boomers will eventually need to see an optometrist at some point in their life. […]
Library Debt Collection Agency - Whether it is a public, county or a college library, a professional debt collection agency is a great tool to recover money from people who take books and do not return them, or fail to clear their late fee dues. Most patrons of a public library have a very wrong perception that once they issue […]
Federal, State & Municipal government debt collection agency - All public agencies such as county, municipal, state and federal need money for a variety of services such as school budgets, roads construction, police and fire services. Debt collection agencies play a very vital role in the government’s financial ecosystem, recovering money from the past due accounts. Government debt collection on past due accounts can […]
Elementary and Private High School Debt Collection - A high number of public and private schools are now struggling with student debt, this includes Elementary schools, K-12 and High schools. Most common debts are related to tuition, student health, meals, contracts, books, laptops and lab fees. Although this crisis is happening all over USA, some school districts of Michigan, New Hampshire, Maine and […]
Have you been Ignoring Accounts Receivable too much? - If you have been ignoring to collect money from past-due accounts, it can seriously damage the cash flow needed for a smooth functioning of your business. Here are the vital signs that your accounts receivable are already overdue for some serious collection efforts and possible need to be assigned to a debt collection agency. You […]
Debt Collection for Trucking and Logistics Companies - Logistics industry is the backbone of nearly every industry in USA, yet the business challenges faced have grown significantly in the last decade. Trucking companies in particular are experiencing severe distress due competition, regulations, manpower and growing accounts receivable. Common issues faced by Logistics/Trucking companies include Unpredictable fuel costs and competition Driver shortage, employee retention […]
Collection Agency: Home and Office Security Industry - Timely payments from existing customers is essential for the survival of a business. Security industry in particular is facing ever increasing challenges due to: Rapid changes in the technology and up-gradation costs. Finding & retaining top talent and wage pressures. Cyber intrusions and security. Issues related to introduction of Internet of Things (IoT), Voip and […]
Outsourcing Accounts Receivable to Experts - Outsourcing accounts receivable to a Debt Collections Agency will save you time, energy and money. It will also reduce stress and make you more legally complaint with the federal debt collection laws and regulations, significantly lowering your chances of getting sued back from your debtor. Here are all the benefits of involving a collection agency […]
AthenaHealth Medical Debt Collections: Better Recovery Rates - The administrative costs of collecting money increases as time goes by, and the likelihood of a patient paying decreases. It is advisable to forwarded any medical balances that are more than 90 days overdue to a collection agency to recover money on past-due accounts. Transferring delinquent accounts directly from AthenaNet to a collection agency streamlines […]
Low Cost Collection Agency: Did you find one? - Have you ever fallen for a debt collection agency claiming to be the cheapest and best, and later found out that It was not exactly true. They have simply cut a few important steps of the standard debt collection procedure to make their pricing cheaper than others. They basically sold you an inferior product. Offered […]
Propane, Oil & Gas Industry: Debt Collection Agency - Oil/Gas exploration and Propane industries are the backbone of American energy industry. These fuels are used in heating, transportation, cooking, hot water, refrigerants, aerosol propellants and vehicles. There are variety of companies involved in production, marketing, storage, fabrication of tanks, distributors and transportation of these fuels. Propane, Oil and Gas companies often face severe cash […]
How to Select a Debt Collection Agency - There are about 5000 collection agencies in USA, selecting a good collection agency can be a daunting task, when each agency claims itself to be the best. We will try to simplify the process for you here. I have personally been in the collections industry for the last 18 years. This analysis is based out […]
Spanish Speaking Debt Collection Agency in USA - Out of 325 million residents in USA, about 235 million people are English language native speakers. Remaining 90 million people may be able to communicate (well or somewhat) in English, but it is not their native language. Millions of people in USA can hardly communicate in English, and completely rely on talking to someone who […]
Sample Debt Collection Letters - We have published 2 collection letters for medical and dental practices. This is a generic format and can be referenced for non-medical collections as well. Tried Enough? Send a final letter, give 15 more days to settle before involving a collection agency. Mention your intention in this letter. Sample Billing Letter from “Dr. William Joe” […]
Collection Agency for Credit Card Bills - An average American household carries about $9,300 in credit card debt. Millennials and individuals over 75 years old have the least credit card debt. Over 40% all households carry some credit card debt. After the great recession of 2008 the economic recovery has not been uniform. Many statistics and surveys have concluded that the bottom […]
Debt Collection for Utility Companies - Utility companies supplying Electricity and Gas are the backbone of every household in United States. They cannot simply cut the supply if a customer does not pay a bill or two on time, this often results in a large number of accounts receivable for them. Recovering the money on time is extremely essential for Utility […]
Improve Cash Flow for your Business - When a company provides a product or service, it has a right to expect to be paid on a timely basis. However, anyone who’s been in business knows that prompt payment is not always the case. Often, accounts get seriously past due, or when payments are made, there may be insufficient funds in the customer’s […]
Dental Malpractice Insurance: Types, Cost & Lawsuit Reasons - “Dental Malpractice Insurance” also called the “Professional Liability Insurance” is essential for any dental practices to protect them against the liabilities if a lawsuit is filed by a patient. According to data from NPDB, about 10,000 medical malpractice claims are paid out every year, totaling to 3.5 billion dollars. It means that the average payout […]
Pros & Cons of Free Universal Health Care System - Healthcare in the United States today is very expensive compared to other countries, and there has been an ongoing debate whether or not we should have the system of “Free Healthcare For All“. Lets see all the Pros and Cons of a Universal Health Care system. Pros: 1. Of course, everyone is covered and no […]
Collection Agency: Body Shop and Auto Repair Garage - Automotive repair and body shop garages constantly face issues related to accounts receivable. Whether it is because a customer did not fulfill his obligation to pay or a delay/rejection of claim by an insurance company. Past due accounts can quickly erode profits of an automotive workshop and even interrupt the smooth running of the facility. […]
Telecom and Mobile Phone Debt Collection Agency - Non paying customers create a major financial burden on telecommunication companies. Telecom is a highly competitive industry and without a proper accounts receivable strategy, past-due accounts can become a huge problem. Accounts receivable will restrict the ability of a telecom provider to expand business and provide quality service existing customers. It can create a financial […]
Lawn care and Landscaping: Debt Collection Agency - Lawn care and landscaping companies face rising challenges to keep their accounts in “green” and usually employ too few resources to properly manage the administrative side of the business, often because they are looked upon as a cost center. Most Lawn Care and Landscaping companies do not have a good enough system in place for […]
Debt Collection Agency for Pest Control Services - Pest Control is a very competitive industry. The market is huge but so are the number of pest control companies. Accounts receivable can erode away profits for which you have worked so hard. The staff of a pest control company is not trained to professionally recover past due money and constant followups with defaulters can […]
Debt Collection Agency for Winery - Vineyard owners regularly face problems of outstanding accounts receivable from clients, contractors and suppliers. A smooth cash flow is critical for the ongoing operations and expansion of your winery. Collection agencies classify the debt as “Commercial Debt” or “Consumer Debt“. Commercial Debt: In commercial debt, the debtor is a business ( not an individual). Collection […]
Collection Agency for Kindergarten and Child Daycare centers - Unpaid tuition fees can cause lot of financial burden on Child Daycare Centers, Kindergarten, Preschools and even K-12 schools. Many child care centers attempt switching to a prepaid model but it generally results in a loss of enrollment as most parents prefer a postpaid model. To recover their money, some child care centers try taking […]
Collection Agency: Private Student Loans Recovery - Higher education is expensive in United States. Student loans are rising and so are the defaults. It is certainly an unfortunate scenario for students, but also for the lenders as they are taking a big financial hit and in some cases, are forced to write-off these loans. Private student loans are primarily issued by the […]
Health Club / Gym Membership Fees Recovery - Health and Fitness clubs operate in a vibrant ambiance full of energy, motivation, sound of heavy metal and grunting. Although you expect your staff to deal with clients with utmost respect and professionalism, keeping the head cool especially when dealing with those tough to handle clients is not always easy. Most employees doing membership fees […]
Collection Agency for Chiropractic Debt - Accounts receivable for chiropractors is an ever growing problem all across America. Insurance coverage is getting more and more restrictive and treatments are getting costlier. Depending on which region of USA the Chiropractor operates, this issue may vary from moderate to severe. Unpaid bills from patients and reduced coverage from insurance companies can have a […]
Collection Agency: Rent Recovery from Tenants - Property management is a well paying business and a good income source for landlords. But the biggest stress for both managers and landlords is collecting rent from tenants on time. Once the rent is past due, a property manager starts evaluating whether or not he should continue his association with the tenant, pressurize him with […]
Veterinary Debt Collections: Recover money from pet owners - Veterinarians have an immense love for animals and every day they put wonderful smiles on the face of pet owners whose furry family members are cured by the vets. Despite the risk of being bitten, kicked and scratched, a veterinarian also has to keep himself safe from contacting diseases. Veterinarians do not work only for […]
Collection of Past due accounts for an Advertising Agency - Printing and advertising agencies are constantly dealing with accounts receivable since their final invoice is usually raised after the work has been completed. To maintain a positive cash flow, the advertising agencies must regularly review their past due accounts and raise invoices promptly. Just a handful clients can often accumulate large number of accounts receivable […]
Dental Debt Collections Agency - Accounts receivable is an ongoing issue with nearly all dental practices in USA. Too many patients who get the treatment do not keep up with their promise of making payments on time. It could be due to the non-payment of installments by patients, or because the insurance company did not cover all estimated costs after […]
Medical Collections: Recover money from patients - In United States, healthcare practitioners have been facing an ever increasing problem of patients who do not pay their medical bills. If a medical practice works on a 10% profit margin, but say 3% of its patients do not pay, then effectively 30% of the net profit is gone. Collecting money from existing patients is […]
Collection Agency for Banks - Banks are the backbone of global economy. They issue variety of loans to businesses and individuals in form of mortgage loan, credit card balances, loans to small businesses, car loans, student loans and variety of other products. They also charge an overdraft fees on accounts where the withdrawal exceeds the available balance. Customers are also […]
Automotive collection agency: Car loan defaults - A record 7 million Americans are 3 months behind on their car payments. This could be because of loss of regular income or mismanagement of personal finances. There could be other circumstances like a sudden medical emergency due to which borrower’s cash reserves have depleted or even a personal situation like divorce. Americans who fall […]
Debt Collections for CPA / Accountants - CPA/Accountants are very smart people, and they are the last people who need any financial advice, definitely not us. But lets accept, accountants do face numerous professional challenges which have risen significantly in the last decade. Attracting new clients, technology adaption, data privacy issues, outsourcing work to low cost countries and free tax/accounting softwares have […]
Debt collection for Plumbers and Contractors - Being a plumber or running a private contracting business is not easy. Getting paid on time for the work done is a huge challenge, especially for those contractors who take plumbing assignments for commercial businesses. Plumbers often need a Line of Credit to function. Other business challenges include – Increased competition from low priced competitors, […]
Are the Recovery Rates of your Collection Agency too Low? - Has the amount recovered by your current collection agency been below your expectation or lower than the standard recovery rate. Before jumping to a conclusion or firing your existing agency, below are a few things that you should evaluate or ask the “Support/Sales Representative” of your existing collection agency to get a better understanding of […]
Collection Agency Fees - Summary: Collection agencies offer 3 types of debt recovery services. Collection Letters cost about $14 per account are best suited for accounts that are less than 120 past due. Debtor pay directly to you. It is a very effective, yet a low cost solution. ( “Step 1” and “Step 2” service). A highly recommended product, […]
Selling debt collections service to clients: The Right Way - Honesty and patience reap betters results verses being pushy when trying to sell your collections service to a prospective client. Let your prospective clients ask questions about your service before you explain your collection services to them. 1. Understand all services and believe in them: Sales process requires a deep understanding of the product/service to […]
Collection Letters, Calls or Legal Suit: Which is better? - When you approach a collection agency you will be offered 3 types of services:1. Collection Letters 2. Collection Calls3. Legal suit Selecting the right product is important and it primarily depends how old your debt is and how big is the outstanding balance. Kindly allow me go a little bit off topic before we discuss […]
In-house Recovery vs. Collection Agency: Cost Comparison - After an account has been 30-60 days past due and sending reminder invoices or in-house calls have essentially failed, at that point engaging a Collections Agency is far more economical and effective than continuing to pursue in-house collections . Let us compare in-house collections and with two main services that are offered by a Collection […]
Biggest Collection Agencies in USA - Here is the list of the largest debt collection agencies in United States. Each collection agency has its own set of strengths. Bigger does not mean better. We may be able to assist you to choose a good one based on your specific retirements based on our experience. 1. Transworld Systems Inc (TSI) TSI has […]
How to make a Perfect Collection Call? - According to the annual CFPB 2017 report, there were 130,000 people employed by 6,000 collection agencies in the “$13.7 billion dollar industry”. Although the base salary of a debt collector is low, he (or she) can earn a lot in commissions, which are based on the amount of debt he collects. In this article we […]
Debt Collections Industry Future: Only the smartest will survive - Collections industry which was perceived to be slow in adapting the latest technologies has completely transformed itself in the last decade. Today the biggest players in the industry are fiercely competing in terms of SEO, Adwords, partnering with software providers, Digital marketing, PCI compliance, Web Services etc. Little by little, lots of things have gradually […]
Collection Lawyer or Collection Agency – Who is Better? - Selecting between a Debt Collection Lawyer versus a Collection Agency is often a confusing decision. If you talk to them or visit their website, both entities try to convince you into using their own respective services. There are many scenarios where selection is rather straightforward, in other cases it is a matter of personal preference […]
Small Business Debt Collection Agency - In today’s competitive environment, growing number of accounts receivable can result in a substantial financial drag on any small business. Without a proper debt collection strategy these accounts will become completely non-recoverable over time, resulting in a 100% loss. A growing number of past-due accounts can result in several issues including: A negative cash flow […]
Finding Clients Online: Collection Agency Marketing and SEO - In this article we have covered most important aspects of digital marketing for your collection agency website. 1. Make a GOOD website A website is your company’s face in the online world. If you do not have one then make it your first priority. For your website to render nicely on all screen sizes (mobile, […]
How to make your Collection Agency website for under $300 - Summary: ( A static 5-10 page website + single email address ) 1st year cost: Less than $300 ($12 Domain + $60 Hosting + $200 Development of website) 2nd year and beyond: $144 ($12 domain + $132 Hosting ($11 monthly hosting) + $0 development cost) Regardless of the size of your collection agency (or your […]
Statute of Limitations in Debt Collection - Statute of Limitations (SOL) is a time period after which a debt collector loses the right to sue the debtor or take any legal action against him. Statute of limitations laws vary from state to state, for example in California it is about 4 years while in Rhode Island it is 10 years. In most […]
Finding a Good Collection Agency - There are about 5000 collection agencies in USA … Yes, you read it right. Each agency claiming to be the best, because they need business from you. Hiring a collection agency is like selecting a reliable business partner. Here are the main factors that will assist you in shortlisting which collection agency is the best […]
Find the Debtor’s Latest Address with Skip Tracing - What if you send a bill to your debtor and it comes back as non-deliverable, or if you try to contact them on the phone number listed in your records and find that it no longer works? Suddenly your past due amount appears to be noncollectable. The biggest mistake most creditors make is to keep […]
Most common excuses debtors give during collection calls - Debtor excuses are the biggest problem in debt collection. The most common reasons why debtors are unable to pay their debt are mentioned in this article. Sometimes they are actually truthful, but many of them simply use these as a delay tactic to defer paying on time, or even avoid paying altogether. A debt collector […]
Difference between Commercial and Consumer Debt Collections - Summary: Commercial Collections: B2B Collections (Both Creditor and Debtor are business entities) Consumer Collections: B2C Collections (Creditor is a business and Debtor is an individual person) The term “Commercial Collections” refers to the debt collection activity where the debtor is a business entity. A business can be a sole proprietorship, partnership, LLC, Inc, MNC, etc. […]
What is a Debt Collection Agency? - Collection Agency is an organization that attempts to collect money from individuals (or businesses) who have not paid their bills on time. Accounts are typically transferred to them after they have been over 60-90 days past due. Watch this video: What kind of a debt can be assigned to a debt collection agency? 1. Unpaid […]
How Debt Collection Agencies work? - Businesses often transfer their accounts receivable to a professional Collection Agency which their own in-house staff is unable to collect. Collection Agencies are expert in recovering debt. Their well trained team of debt collectors are able to recover money from even those hard to collect accounts. Their role in the financial ecosystem is extremely important. […]