Minimizing the accounts receivable has become extremely important for the Car Rental industry. Chargebacks, vehicle damages, fuel charges, tire damage, one-way drop-off, and parking tickets are common issues that rental car companies face.
Online ride-sharing services already present enormous growth challenges for the industry. Therefore losing money to unpaid bills further impacts the cash flow.
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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 due to low operating costs and taxes.
Leaving money uncollected from past-due accounts is like leaving money on the table. An effective accounts receivable strategy is vital to survive, and Debt Collection Agencies play a critical role in recovering outstanding debt for car rental companies.
Statistics indicate that accounts over 60-90 days past due should be promptly transferred to a collection agency for a better recovery. Collection Agencies can recover money most effectively with their vast pool of resources and partnerships. They will efficiently collect money from lease breaks, repossessions, damages, and credit card chargebacks.
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| Collection Calls Service |
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Equipped with advanced Skip Tracing services and a collection staff that recovers money all year long, they utilize services like Collection letters, Collection calls and Legal suits. They follow a multi-step approach to recover money from people who have defaulted on their payments.
Collection agencies collect money empathetically and diplomatically by following federal and state collection laws. This will give you much-needed money for growth and transforming your fleet to EV’s as the times change.