Are you a business owner with multiple outstanding debts? If so, your business could be at risk. Luckily, there’s a solution. Keep reading to learn why you should partner with a commercial debt collection agency and find out how ignoring outstanding debt negatively affects your business.
Common Signs You Should Hire a Collection Agency
Delinquent accounts can tarnish your reputation and your business’s success. But not every business owner knows when it’s time to reach out to a debt collector. If you’ve never had to deal with delinquent accounts or accounts receivable issues before, you might be unaware of some important red flags. These are the common signs that you should hire a commercial debt collection agency:
Bill Collections Take Up More of Your Time
If you’re a business owner who spends more time collecting bills than focusing on daily operations, it’s time to hire a collection agency. In order for your business to succeed, you need to:
- Be present
- Focus on daily tasks and future success
- Build relationships with employees and customers
- Maintain a consistent cash flow
You can’t do any of these things if bill collection keeps getting in the way of your day-to-day routine. Commercial debt collection agencies help you streamline your collection process, so you can continue focusing on your responsibilities as a business owner.
Your Administrators Are Overwhelmed With AR
Many business owners rely on administrative staff to collect outstanding balances and manage delinquent accounts—but that’s not what they’re there for. If your administrators:
- Vocalize their need for AR support
- Seem more stressed out than usual
- Can’t sustain your delinquent account management
Then you need a commercial collection agency. Putting the weight of AR responsibilities on your admin staff is not only risky because they’re underqualified, but can also make your team stressed. They should be focusing on daily tasks, not taking on the job of a collection agency.
Decrease in Cash Flow
If you have too many clients with past due accounts or worry those accounts will become a write-off, it’s time to hire a collection agency. With multiple outstanding accounts and no knowledge of how to collect debt properly, your company is losing money. A debt collector has the techniques, tools, and tactics to successfully collect your debt or reach a different solution that works for you.
Don’t let your money get away from you. Partner with an industry-leading commercial debt collection agency today.
You’ve Given Up Collecting Outstanding Debts
If you’ve been overwhelmed with delinquent accounts for too long, you might just give up instead of hiring a debt collector. But doing so can significantly damage your organization. Maybe you haven’t hired a debt collector because you feel there’s no way they can do it if you can’t.
Debt collectors are trained professionals and have the necessary tools to collect your debt successfully or reach your desired solution, whether that be:
- Partial collection
- A settlement
- Filing a lawsuit
Which Commercial Debt Collection Agency Is Right For Me?
You deserve a commercial debt collection agency that:
- Maintains positive relationships with your clients
- Avoids threatening techniques like harassment
- Represents your organization well
- Leaves the door open for both parties to work together again in the future
Rapid Collections, located in St. Louis, Missouri, does all of that and more. With over 20 years of industry experience, we specialize in commercial and small business collections, managing accounts from midsize to Fortune 500 companies and maintaining a 95% success rate. Our effective debt collection services include: