Debt Recovery

Learn to let go of things you cannot control

Running a Small Business can be quite overwhelming, often causing stress, burnout and anxiety for the owners. Although employees may also experience stress, the pressure on the owner 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 Businesses dearly. Managing stress is important for making the right business decisions and maintaining good personal health.

Even I have personally gone through the whole start-up business cycle (still very much into it) and I often face the complications of managing a small business. After being in relatively stable and well-paying jobs for about 20 years, I quit my last job and ventured on my own. This portal is a part of that same Small Business. Burning through my savings during the startup mode, then taking new initiatives/risks to further grow the business, hiring and retaining the right talent; then carefully planning every financial decision, brutal competition, extensively researching and partnering with good collection agencies to serve businesses like yours, all this takes time and exciting, but takes a personal toll. But self-motivation, ability to controlling the stress and reminding myself that success takes its own sweet time has kept me going fairly good. Receivicomplimentsnts from satisfied customers is personally the biggest stress buster for me.

Managing the stress while running a Small Business requires positive thinking, financial planning and lifestyle changes.

Positive Thinking

Having a bad week or complications regarding fulfillment of an order? These issues often push frustrations and negative thoughts in our brain. It happens with everyone, but it also prepares us for the tough times.

Simply recollect those ambitious thoughts when you had started this business and all the nice changes it can bring to your life. We need to constantly harness the power that comes out of positive thinking. Maintain a healthy environment, like keeping your desk clean and organized. Are you surrounded by negative and lazy people, then take appropriate action?

Managing Finances / Budgeting

Growth and expenses are like two ends of a rope with your brain in the center. Each of them pulling your brain towards itself. Faster growth could erode finances too fast; being too conservative could halt your growth.

Managing finances is by far the biggest challenge for all Small Businesses and one of the biggest causes of stress. To balance your growth trajectory, have a well-written plan and stick to it. Have a fairly good reason to alter your plan. Do not take adhoc financial decisions. Before you take a crucial decision, give your sufficient brain time to rethink it. Often an idea that sounds too good at the moment, seems to be “so-so” after a day.

Keeping your Head Cool

Outbursts can only do harm, they cannot undo what has already happened. Not meeting a target does not mean you need to get terribly upset with an employee, client, vendor, or even with yourself. Think practically, we all are humans and mistakes do happen. Why was the target not achieved, it’s possible that you are extremely bullish for a task that needs more time and resources. When things go wrong, keep your head cool and see how things could have been done differently.

Success takes time

It’s completely normal to become restless even though you may have been putting your entire energy and time into your small business. Success takes its own sweet time. May be you are missing out on introducing a feature that would make you stand apart from your competitors.

Keep Watching your Accomplishments too

Constantly focusing on things that are going wrong will obviously increase your stress by many folds. Regardless its “Big or Small”, list all your accomplishments and milestones that you have achieved success and place them on your wall. It will give you motivation, positivity and satisfaction.

Make a list and Prioritize your tasks

Getting overwhelmed with too many tasks? The best way is to write all them in the order of priority, along with an expected date of completion. Many people have a whiteboard marker in their office labeled as “Tasks to do“. I personally prefer using a “Notepad” App on my cell-phone. That “Work-to-do” list is always with me, and I can make alterations pretty much anytime-anywhere. If I need to share it with a team member, I simply “Email/WhatsApp” them.

I even have “New-Ideas” list, that I keep evaluating every now and then, but I land up deleting 95% of those newly added ideas a few days later after thinking them through.

Take a Short Refreshing Break

To minimize burnout, it is important to take short breaks. This could be as simple as going for a short walk, taking a coffee break, checking the weather outside, calling a friend, watching a video, quick stretches, a quick meditation session or even going to a nearby 7-11 store to buy a $1 lottery ticket. These short breaks are really refreshing and energizing. Force yourself not to think about your work. Your burnout level will drop significantly.

Take Care of the Most Important Asset – You!

Yes, you are the biggest asset of your business. A Small Business owner has to take critical decisions, perform or supervise tasks, pretty much everything.

Eat on time, exercise regularly, release your anxieties and frustrations. Money is often too expensive; it can take away your health. If you feel lonely, party over the weekend with your friends. Hit the gym, or swim, have a life beyond work. Productivity increases if the stress decreases.

You don’t have to say “Yes” to everything

Small Business owners are often over-used by their clients. Those never-ending small requests eating up too much of your time? Can’t say “No” due to the fear of losing them? Indeed, we do need to fulfill several of these extra demands, but if those list of demands never end or become quite unreasonable, have the courage to say “No”, backed by a solid reason. Well, unless they are ready to pay for the extra cost involved.

Outsource your aging AR to a Collection Agency

Recovering money from clients who refuse to pay on time can be really frustrating. It can eventually lead you to write those off as a complete loss in the accounting books.

Creating well-planned policies for common tasks such as recovering money from accounts over 60-90 days past due by involving a professional Debt Collection Agency. It will not only help you to recover some of that lost money but drastically reduce your stress and of your employees.

Developing systems also means you don’t have to reinvent the wheel every time you get a new client or launch a new product.

A low amount of stress is probably fine and may even motivate us to work hard, but an elevated level of stress can actually hurt you. If you do not know how to do something, get in touch with somebody who does.

Money is not everything. Success can sometimes prove to be too costly.

There are thousands of collection agencies in America, but most 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 own licensing requirements and procedure. Some states require a physical office or a key employee in their state to be registered.

Need a cost-effective Collection Agency licensed in all 50 states? Contact Us

Broadly speaking, when this article was written, these states did not require consumer debt collectors to be licensed – Kansas, Louisiana, New Hampshire, Ohio, Pennsylvania, Texas, California, Georgia, Kentucky, Mississippi, Missouri, Montana, New York, Oklahoma, South Carolina, Vermont and Virginia.

Since the license requirements vary significantly, debt collectors need to carefully understand the laws in the state in which they are attempting to collect.

Several collection agencies take licenses in 49 states except for Massachusetts, because Massachusetts’ compliance system is complex and costly, and they partner with a local collection to still provide nationwide coverage.

A nationwide collection agency must

• Have a thorough understanding of the Statute of Limitations for each state. Once a debt becomes older than that time frame, they may lose the right to pursue the collection activity on the debtor (consumer).
• Should ideally perform collection activities in both English and Spanish.
• Should have a secure client portal to handle debtors online.
•  Be fully aware of the local time zone where a debtor is located and call accordingly, or else they risk violating the FDCPA guidelines.
• Not all states allow recording the call without informing the debtor first.

A nationwide collection agency will be familiar with all the laws and ensure that all collection activities are compliant, reducing the risk of legal complications. Agencies with a nationwide license often have a larger network and more resources, which can make them more effective at collecting debts. Reputable nationwide collection agencies will handle debt recovery professionally, which can help maintain the business’s reputation and relationship with customers.

 

• We have been delivering excellent recovery rates for businesses near you for over a decade.
• Our Google rating is 4.85 from Over 2500 reviews.
• We are low cost, secure, compliant and we understand that your business relationships should be protected during collections.
• Licensed in all 50 states, with multiple locations across USA.

However, do you know that the physical location of a collection agency really does not matter.

Hiring a collection agency significantly differs from hiring a local Plumber, Cleaner or Mover.

Working with a non-compliant agency = Big trouble for you.

Go for a better collection agency licensed to recover money in your state regardless of their location. Look for an agency with a higher recovery rate, follows all debt collection laws, protects your reputation during the collection process, has data protection checks in place, and offers cost-effective solutions.

Are you a Small Business owner or a Medical Practitioner searching for a Collection Agency near you?

You are not alone. There is a common misconception that a local collection agency will be more effective, provide better service, and recover more money from your debtors versus the one on the country’s other coast. Not True. 

Need a Collection Agency with good recovery rates? Contact Us Serving Clients Nationwide Debt collection offices located all across USA

Stop searching for a “Collection Agency Near Me“. Give us a chance to explain why.

• You will never visit the Collection Agency’s office to submit accounts. Instead, you will send your past-due accounts from your home or office through their secure website.
• Similarly, a local Debt Collector will never personally go to your debtor’s house to collect money. The debt collectors either send collection demands, make calls, or hire an attorney to recover money. Then why restrict yourself to hiring a Collections Agency near your home or office?
• Have you ever checked if your other bills, like utility or insurance bills, were generated locally or from a different city? You don’t. Similarly, debtors don’t care if payment demands originate from a local agency or an agency elsewhere.
• If your debtor relocates to a different state, your local collection agency won’t be able to pursue your account anymore. Very few collection agencies have a license to collect in all 50 states.

If a collection agency covers all 50 states and has good reviews, it’s ideal. Whether a Collection Call or a Collection Letter to your debtor originates from your city, verses from New York or San Francisco does not matter.

How to Shortlist a Collection Agency? Hiring a collection agency with higher recovery rates is more important. They should treat their debtors with dignity and respect. Ensure that they are sufficiently insured for your protection in case there is a dispute or a lawsuit from the debtor’s side during the collections process. They are licensed to collect in all 50 states. They hire top-of-the-line debt collectors. They recover more money and protect your reputation during the collection process. You would be sharing a lot of personal information about your debtors. Are you sure the agency closest to you handles that data securely? What would happen if that data gets stolen? You can get in a lot of trouble. Therefore the first thing is to ask if they have proper security measures and well-audited security certifications. The agency should have been in business for at least 5 to 10 years. What is the experience of their management and debt collectors? What is their collection fee? Could there be any hidden fees? The collection agency near you may be charging a higher fee despite having a low recovery rate.  Do they offer collections in both English and Spanish? Do they sincerely follow all federal and state laws like the Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), Telephone Consumer Protection Act (TCPA) and Health Insurance Portability and Accountability Act (HIPAA)? They offer more products than contingency-based Collection Calls. Do they offer a cheaper 1st and 3rd party Collection Demands option, suitable for accounts less than 120 days old? How important is it for you to have all their debt collectors based in the USA? If so, ask them. Do they send collection letters in plain “Black & White” print or more attention-grabbing “Colored Prints”? A right collection agency may charge 10%-15% more because they have better resources and far better collection rates.  The collection agency should also do several “scrubs” like – Change of Address, Bankruptcy Check and Litigious Debtor Check, without charging you anything extra. It should be a part of their standard collection process. Collection Demands service requires accounts to be purchased in advance. What happens if there are any unused accounts? Do they have an expiration date for them? Some good collection agencies allow you to use these new accounts for many years, instead of forfeiting them after six months or two years. Do they have a secure online portal to enable you to submit new accounts for collections, run real-time performance reports and stop the recovery process on accounts after payment is received? The list goes on…

Therefore, if you are searching for a “Collection Agency near me, ” you may be making a mistake. You are not alone. Many small businesses have this natural tendency. All that matters is whether or not a Debt Collection Agency is licensed to collect in your state.

A local presence matters only when an account gets transferred for legal collections because a legal suit against the debtor will be filed in the local court, depending on your jurisdiction or county. The good news is that almost all good Collection Agencies have a nationwide network of attorneys. Their fee is usually the same if you go through a Collection Agency or approach them directly. Since Collection Agencies regularly transfer their accounts to local lawyers near you, they are likely to act more seriously when a Collection Agency is involved because it also impacts their future business.

We hope this article was helpful, regardless you are located in New Jersey or California!

Contact us, and we will connect you to a Collection Agency (for free) with experience in your industry that delivers higher recovery rates and is fully licensed to collect money in your state.

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 Yellow Pages or Google, dealing with disgruntled vehicle owners, poor driving conditions, accounts receivable, competition, business expenses, uniform and miscellaneous expenses.

Past-due accounts are a significant drag for towing operators.  This hurts their cash flow and profitability. This situation arises because of dishonored checks, payment disputes, damages, or just because a car owner did not fulfill their obligation to pay as promised.

Without a clear, enforceable policy for payment collection, towing companies can have difficulty receiving payments for their services. Towing businesses, especially smaller ones, may lack the resources or expertise to manage accounts receivable efficiently, leading to cash flow problems.

Need a Collection Agency? Contact Us

Tow truck businesses do not have an in-house expert to collect late payments while adhering to the federal/state collection rules and regulations that must be followed when recovering a debt. Not following these guidelines can lead to a lawsuit from the vehicle owner. To be honest, vehicle owners are usually not that serious when the employees from a towing company request them to make payments. However, all that changes when a Debt Collection Agency gets involved.

When a debtor (vehicle owner) gets that first written demand or a phone call from a Collection Agency, he knows that the matter has been transferred to experts. Dent collectors will continue to demand payments legally for a very long time and may take the debtor to court as a last resort. They are a lot more inclined to settle the matter. Collection agencies have subscriptions to various tools like “Advanced Skip Tracing“, which help them locate a debtor who has relocated due to genuine reasons or hide from his payment obligations.

Transferring an account to a collection agency after 60 days of non-payment is highly recommended for the towing business. This maximizes the chances of recovery and amicably resolving the matter. The three-step process followed by collection agencies switches from diplomatic collections to intensive collections as time passes.

Customers may dispute the charges if they feel the cost is too high or unfair, especially when they did not request the towing service directly (like in the case of parking violations or accidents). If a vehicle has been impounded due to legal issues, there may be delays or difficulties in receiving payment until the legal matters are resolved.

Collection Letters Service

The upfront cost for 5 Collection Letters is about $15 per account. Debtors pay directly to you, no other fees. Low-cost option. Good for accounts less than 120 days past due.

Collection Calls Service

Contingency fee only. No upfront or other fees. Agency gets paid a portion of money they recover.  No recovery-No fees. Best for accounts over 120 days. A debt collector calls a debtor many times. If everything fails, a possible Legal Suit if recommended by the attorney.

 

Glass replacement and repair companies assist clients whenever glass breaks or loses alignment. Common glass repair services include replacement of double pane windows, windshield, laminate glass repair and other breakages involving mirrors, storefronts, partitions, shower doors and glass closures, Glass repair companies can be privately owned and operated, or work as a franchise of a larger organization (like GlassDoctor). They serve both residential and business customers.

It is very common for Glass repair companies to have several accounts receivable, many of which are eventually written off as a complete loss in accounting books. To minimize losses due to unpaid bills, it is important to have a good receivables strategy. Accounts that have not paid after 60-90 days, despite regular payment requests such as reminder calls and mailing invoices, have little chance to get resolved ever. Usually, the effort put into follow-up on these accounts after 90 days goes waste because the little recovery that happens from a handful of late-paying accounts, gets wiped off by the time and cost that gets put in to attempt recovery from your overall delinquent accounts.

Once payment has been due for over 90 days, Glass repair should definitely take full advantage of the two-step collections process offered by collection companies (Attorney-crafted “Collection Letters” and “Collection Calls” from an Expert Debt Collector). Collection agencies are extremely effective and efficient in collecting money.

Collection Letters Service

Upfront cost for 5 Collection Letters is about $15 per account. Debtors pay directly to you, no other fees. Low cost option. Good for accounts less than 120 days past due.

Collection Calls Service

Contingency fee only. No upfront or other fees. Agency gets paid a portion of the money they recover.  No recovery-No fees. Best for accounts over 120 days. A debt collector calls debtor many times. If everything fails, a possible Legal Suit if recommended by the attorney.

Need a good debt collections agency: Contact us

While you focus on expanding your business, meanwhile collection agencies work as an extension of your office to recover money from your past due accounts.

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. Unpaid bills have increased and are now restricting your cash flow. It is probably the right time to hire a Collection Agency to turn those accounts from red to black.

Serving Restoration Companies Nationwide Need a Debt Collection Agency? Contact Us Higher Recovery Rates : Restoration collection experts!

NOT getting paid is NOT an option
Restoration companies must often invest in expensive equipment, tools, and trained personnel. The cost of maintaining and upgrading this equipment can be substantial. The demand for restoration services can depend highly on seasons or unpredictable events, such as natural disasters. This can lead to inconsistent income. Insurance companies may also dispute or deny claims, leading to further delays or non-payment. Therefore restoration companies cannot effort not getting paid for the work done.

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Apart from the complexity of running a small business, ever-changing market conditions, the pressure of complying with rules and regulations, hiring & retaining top talent and getting new clients can be quite challenging.

Restoration companies can be privately owned and operated or work as a franchise of a larger organization ( like ServPro, ServiceMaster, Rainbow, Duraclean, etc). They typically serve both Residential and Commercial clients. Restoration professionals have a lot on their hands.

The chance of getting paid drops significantly once payment has been due for over 60-90 days. Restoration Companies should take full advantage of the two-step recovery process offered by most collection companies (Attorney crafted “Collection Letters” and “Collection Calls” from an Expert Debt Collector).

Collection agencies have vast experience in recovering money for their clients. Their tactics can never be matched by your in-house staff trying to recover money under your own business name. If nothing works, they can take the debtor to court.

Although collection agencies do not put “Mechanics Lien” on a property, trying to recover your money today is highly recommended, rather than waiting years to seek unpaid compensation. Customers might dispute the quality or extent of the restoration work completed, leading to delays in payment.

Insurance policies often cover restoration services, which introduce a third party into the payment process. This can complicate matters, as the insurance company may dispute charges, delay payment, or require extensive documentation before releasing funds. Collection agencies can also send notices to insurance companies.

Our collection partners have extensive experience in recovering money for restoration companies.

While you focus on expanding your business, meanwhile collection agencies work as an extension of your office to recover money from your past-due accounts. The average unpaid balance of restoration companies is between $5,000 to $10,000, therefore selecting a collection agency with tremendous experience in recovering for your industry is essential, and they must provide some references if requested by you.

Need a good debt collections agency: Contact us