Tag Archive for: commercial collection agency

Hitting the Books: Debt Collecting Terminology and Definitions

Want to know what you’re talking about before you get in touch with a professional commercial collection agency? Get educated on the most common debt collection terms, language, and slang with this compendium. Consider this your master resource for all things debt collecting!

Debt Collecting Terms That Start With “A”

  • Abusive Language: The use of profane, offensive, or insulting language to a debtor or third party when attempting to collect a debt. Abusive language is illegal and strictly prohibited by the Fair Debt Collection Practices Act (FDCPA).
  • Account: The record of all information regarding an individual or company’s financial accounts, including past payments, current balances, and other relevant information.
  • Accounts Payable: A record of all money owed by a company to its suppliers, vendors, or business partners.
  • Accounts Receivable: A record of all money owed to a company by its customers.
  • Accrued Interest: Interest that accumulates on debt over time until it is paid off.
  • Administrator: A third-party debt collector hired to manage the collection of a company’s debts.
  • Administration Order: A court order that sets the terms and conditions of a debt repayment plan.
  • Arrears: Money that is overdue or past due.
  • Audit: An examination of a company’s accounts and financial records to check the accuracy of its payments and collections.

Debt Collecting Terms That Start With “B”

  • Bacs: A system used to transfer money electronically between banks.
  • Bad Debt: A debt that is unlikely to be paid off in full.
  • Bad Debt Relief: A form of tax relief that allows companies to write off a portion of their bad debt.
  • Balance Sheet: A financial statement that lists a company’s assets, liabilities, and equity.
  • Bankruptcy: A legal procedure whereby a debtor is declared insolvent and their assets are distributed to creditors.
  • Better Business Bureau: A nonprofit organization that assists consumers in resolving disputes with businesses.
  • Business Restructuring: The process of reorganizing a company’s operations to improve its financial position.

Debt Collecting Terms That Start With “C”

  • Cash Flow: The amount of money coming in and out of a business.
  • Cease Communication Letter: A letter sent to a debtor indicating that all future communication should be directed to the debt collector or attorney.
  • Charge: A fee charged by a debt collector for their services.
  • Collection: The process of attempting to collect a debt from a debtor. This can include contacting the debtor, negotiating payment arrangements, and taking legal action if necessary.
  • Collection Fees: Fees charged by a collection agency for their services.
  • Collection Letter: A letter sent to a debtor informing them that they owe money and requesting payment.
  • Collector: A person or company responsible for collecting debts from debtors.
  • Commercial Collection Agency: A company that specializes in collecting commercial debts from businesses.
  • Contract: A legally binding agreement between two or more parties.
  • Consumer Financial Protection Bureau (CFPB): A federal agency responsible for regulating consumer financial products and services, including debt collection.
  • Contractual Fees: Fees charged as part of a contract between two or more parties.
  • Credit: The process of obtaining goods or services in exchange for a promise to pay at a later date.
  • Credit Fees: Fees charged for the use of credit, such as interest and late payment fees.
  • Credit Report: A record of an individual’s credit history, including payments, defaults, and other financial activities.
  • Credit Terms: The details of a credit agreement, such as the interest rate, payment terms, and repayment schedule.
  • Creditor: A person or organization that is owed money by another person.

Debt Collecting Terms That Start With “D”

  • Days Sales Outstanding (DSO): A financial ratio that measures the average number of days it takes to collect payments from customers.
  • Debt: Money owed by one person to another, usually as a result of a loan or credit agreement.
  • Debt Relief Order: A court order that allows an individual to have their debts frozen for up to a year, during which time they will not have to pay any interest or fees on those debts.
  • Debt Restructuring: The process of renegotiating a debt with a creditor to lower the amount owed or extend the payment period.
  • Debt Settlement: A process by which a debtor agrees to pay a portion of their debt to satisfy the entire amount owed.
  • Debtor: Someone who owes money to a creditor.
  • Default: When a debtor fails to make payments according to the terms of their loan agreement.
  • Default Notice: A written notice sent to a debtor when they have failed to make payments according to the terms of their loan agreement.
  • Delinquent: When a debtor fails to make payments on time.
  • Dispute: When a debtor disagrees with the amount owed or the validity of a debt.

Debt Collecting Terms That Start With “E”

  • Exempt Funds: Money that cannot be garnished from a debtor. This includes social security payments, supplemental security income (SSI), and certain other types of benefits.
  • Exempt Income Protection Act: A federal law that protects debtors from having their wages or other income garnished.

Debt Collecting Terms That Start With “F”

  • Factoring: A type of debt collection where a third-party company buys out a business’s debt at a discounted rate in exchange for immediate payment.
  • Fair and Accurate Credit Transaction Act (FACTA): A federal law that protects consumers from identity theft and other forms of fraud.
  • Fair Credit Reporting Act (FCRA): A federal law that governs the accuracy, fairness, and privacy of consumer credit reports.
  • Fair Debt Collection Practices Act (FDCPA): A federal law that regulates the activities of debt collectors and protects consumers from unfair or abusive practices.
  • Fake Debt: The practice of attempting to collect on a debt that is not owed and does not exist.
  • Federal Trade Commission (FTC): The federal agency responsible for administering and enforcing laws related to consumer protection and fair debt collection practices.
  • Forward Dating: The practice of placing a date on correspondence before it is sent out.  This practice is illegal in many states, as it can be interpreted as an attempt to deceive the consumer into believing the correspondence was sent out earlier than it actually was.
  • Fraud: The intentional act of deceiving a consumer for the purpose of obtaining their personal information or money.

Debt Collecting Terms That Start With “G”

  • Garnishments: A legal action taken by creditors to collect a debt. It is usually done through a court order and requires the creditor to take a portion of the debtor’s wages or other assets to pay back the debt.
  • Guarantees: A contractual agreement between two parties in which one party agrees to assume the financial responsibility for a debt incurred by the other party.

Debt Collecting Terms That Start With “H”

  • Harassment: The act of making persistent, unwanted contact with a consumer to pressure them into paying off their debt. This can include frequent phone calls and letters as well as threats of legal action.
  • Hearing: A legal proceeding where a judge will listen to arguments from both parties involved in the dispute and make a ruling. This is often used when the debtor has failed to pay the debt or when they are disputing the amount owed.

Debt Collecting Terms That Start With “I”

  • Informal Arrangement: A payment plan set up between the debt collector and the debtor that does not involve legal action. The plan is informal in nature and based on an agreement between the two parties.
  • Initial Writ: A document issued by the court that informs the debtor of their obligation to pay a debt and of the legal action that can be taken if they fail to do so.
  • Insolvency: The inability of a debtor to pay their debts due to a lack of funds.
  • Interest: A fee charged by a creditor to compensate them for the use of their money.
  • Invoice: A document issued by a creditor to the debtor that details the amount of money owed and due.
  • Itemization: A detailed listing of all individual items that make up a debt.

Debt Collecting Terms That Start With “L”

  • Late Payment: A payment that is not made by the due date specified in the terms of the loan.
  • Letter Before Action (LBA): A legal letter sent by a creditor to the debtor informing them of their debt and demanding payment.
  • Limited English Proficient: A person who does not speak English fluently and is therefore unable to effectively communicate with debt collectors.
  • Liquidation: The process of converting a debtor’s assets into cash to pay off their debt.
  • Liquidator: A person or company appointed to manage the liquidation of a debtor’s assets.

Debt Collecting Terms That Start With “M”

  • Mini-Miranda Warning: A statement given by a debt collector to a debtor informing them of their rights under the Fair Debt Collection Practices Act.
  • Misrepresentation: Making false or misleading statements to a debtor to collect a debt.

Debt Collecting Terms That Start With “N”

  • Nominee: A third party appointed to receive payment from a debtor on behalf of a creditor.
  • Non-Recourse Facility: A type of loan facility in which the lender has limited or no recourse against the borrower, typically in cases where the collateral is of greater value than the amount of debt being borrowed.

Debt Collecting Terms That Start With “O”

  • Order-to-Collections Process: A process whereby a creditor assigns an account to a third-party debt collector. The debt collector then sends out a collection letter and attempts to contact the debtor to collect the debt.
  • Original Creditor: The creditor who initially extended credit or services to the debtor.
  • Outstanding Balance: The amount of money the debtor still owes to the creditor after all payments have been made.

Debt Collecting Terms That Start With “P”

  • Party/Parties: A person or entity involved in a legal transaction.
  • Payday Loans: Short-term loans often used as a last resort by consumers who cannot get access to more traditional forms of credit.
  • Phantom Debt: Debt that the debtor does not owe but is being claimed by the debt collector.
  • Pleadings: Documents filed in a court of law that outline the parties’ legal claims and defenses.
  • Preferential Creditor: A creditor who is paid out first before other creditors in the event of a bankruptcy or liquidation.
  • Principal: The amount of money originally borrowed, not including interest or fees.
  • Proof of Debt: Documentation used to prove that a debt exists and must be paid.
  • Proof of Delivery: Documentation that confirms a debt collection letter was sent to the debtor.
  • Proxy: A person who is authorized to act on behalf of another person.
  • Proxyholder: A person appointed to act on behalf of another in debt collection matters.

Debt Collecting Terms That Start With “R”

  • Receiver: A person appointed by a court or other authorized party to take control of, manage, and administer the assets of a debtor.
  • Receivership: A court or other authorized party action to appoint a receiver to take control of, manage, and administer the assets of a debtor.

Debt Collecting Terms That Start With “S”

  • Sales Ledger: A list of all outstanding debts owed to a company.
  • Secured Creditor: A creditor who has security for their loan. The security can be in the form of a mortgage, charge, or pledge over assets or goods.
  • Set-Aside Judgment: A set-aside judgment is a court order that allows a debtor to pay back the debt in installments over time as approved by the court.
  • Settlement Agreement: A settlement agreement is an arrangement between a creditor and debtor that allows the creditor to receive less than the full amount of the debt in exchange for the debtor paying a lump sum.
  • Small Claims: Small claims are court proceedings for collecting a small amount of money owed, typically up to $3,000.
  • Statute of Limitations: A law that sets a time limit for creditors to collect on certain debts. After the statute of limitations has expired, creditors can no longer legally pursue collection of the debt.
  • Statutory Demand: A formal request for payment of an undisputed debt. It is usually sent by a creditor to a debtor and can be used as evidence in court that the debt is owed.
  • Substantiation of a Debt: The process of providing evidence that a debt is owed. This can include a copy of an invoice or statement showing the amount due and when it was incurred.
  • Summary Clause: A provision in a contract that states the amount of money owed, the terms of payment, and any penalties for late payments.
  • Summons: A legal document issued by a court or other authority that orders an individual to appear in court and answer a complaint.

Debt Collecting Terms That Start With “T”

  • Time-Barred Debt: A debt that is past its statute of limitations and thus unenforceable in court.
  • Token Payments: Small payments made by a debtor to show that they are trying to pay off their debt.
  • Tradeline: A line of credit that appears on an individual’s credit report.

Debt Collecting Terms That Start With “U”

  • Unsecured Creditor: A creditor that does not have the right to seize a debtor’s property in case of nonpayment.

Debt Collecting Terms That Start With “V”

  • Validation Notice: A document sent by a debt collector to a debtor that contains information about the debt and the rights of the debtor.
  • Verification of a Debt: The process of confirming the accuracy of a debt and its associated information.

Debt Collecting Terms That Start With “Y”

  • Year-End Closing: The process of finalizing a company’s financial statements at the end of their fiscal year. This includes reconciling accounts, preparing financial statements, and other duties related to closing out the books.

Debt Collecting Terms That Start With “Z”

  • Zombie Debt: A debt that has been sold or transferred to a third-party collections agency after it was written off by the original creditor. It is also referred to as time-barred debt because it is usually past the statute of limitations.

Too Much to Wrap Your Head Around? Let Rapid Collections Handle It

If all of this information has left your head spinning, it’s time to call in the professionals. Rapid Collections is a leading global collections agency that can help you manage and collect on your delinquent accounts. Our experts have years of experience in the industry and are trained to handle even the most difficult debt collection cases. We understand the nuances of the industry, so we can customize solutions that will fit your needs. 

Don’t let debt collecting leave you feeling overwhelmed. Contact Rapid Collections today and let us handle the hard work for you.

Debunking the Myths Around B2B Collections

Business owners often worry about working with a debt collection agency to help them recover funds. Maybe they’ve heard horror stories from other companies. Perhaps they fear that outsourcing collections will damage their business’s reputation or incur other great costs.

In reality, partnering with a professional and experienced B2B debt collection agency can be hugely beneficial for any business. In this blog post, we’ll debunk the myths around commercial debt collection and explain why an agency can benefit you and your business.

Reframing the Perception of Debt Collection Agencies

Let’s start by reframing the perception of debt collection agencies. In truth, these organizations exist to help businesses get paid promptly and safely without jeopardizing their reputation or incurring unreasonable costs. Good debt collectors are highly professional and understand the importance of establishing trust between themselves and their clients; they know that getting the job done means more than just acquiring money—it also involves safeguarding your business interests.

Busting 5 Myths About B2B Collections

Now that we better understand the reality behind debt collection agencies in general, let’s review some of their specific myths and bust them.

Myth 1: Debt collection agencies are expensive.

Good debt collection agencies like Rapid Collections provide affordable services and will work out payment plans that are suitable for your business needs. They also work on contingency, meaning you don’t pay anything unless they successfully recover the funds owed to you.

Myth 2: Debt collection agencies damage my reputation.

A reputable debt collection agency will be respectful and use best practices. They will not be overly aggressive, and they will always abide by the law. By utilizing their services, you will not only preserve your reputation, you can improve it by maintaining standards of fairness. Also, you will finally get your money back.

Myth 3: Working with a debt collector will insult my clients.

A debt collection agency will never disrespect your clients in any way. The only goal is to recover the debt and they do this by being professional, respectful, and patient. They understand that people can fall on hard times and will work with them to settle their debt amicably.

Myth 4: Working with a debt collection agency is complicated.

Utilizing a reputable debt collection agency like Rapid Collections can be surprisingly straightforward, as most agencies have streamlined processes that make dealing with debt stress-free.

Myth 5: Debt collectors use unethical tactics.

In reality, reputable debt collection agencies abide by stringent industry regulations that ensure the ethical and professional treatment of debtors.Collectors are not allowed to use aggressive tactics in any shape or form, but instead rely on effective communication to successfully collect their debts.

Interested in Working With a Commercial Collection Agency?

Rapid Collections has decades of experience in the collections industry. We use our techniques to make sure that you’re able to get the accounts you’re rightfully owed without having to worry about your reputation. Learn more about our collection processes below.

Explore Our B2B Collections Process

Benefits of Working With a Professional Commercial Collection Agency

Now that we’ve debunked some of the most common myths circling around the collections industry, let’s dive into the benefits businesses get when they work with a commercial collection agency.

Save Time

Debt collection is time-consuming and difficult without the proper means. A commercial debt collection agency can quickly and efficiently recover the money owed to your business, saving you time and resources.

Save Money

Working with a professional debt collection agency can save businesses money by allowing them to focus their resources on core objectives while the collectors handle the time-consuming and costly task of recovering outstanding debts.

Get Access to Professional Experience

A collection agency has years of experience in the industry and understands the best practices to recovering debts, ensuring they’ll have an easier time collecting than your business could on its own.

Get Credibility

Debtors who view a commercial debt collection agency as a third-party source may understand that their debts aren’t just going to go away and they will be pursued unless they pay up. This may motivate them to take future obligations more seriously.

Protect Your Reputation

When you utilize a commercial debt collection agency, you can pursue delinquent debts without being seen as aggressive or unprofessional. In addition, the agency will take responsibility for the management of those accounts and any potential legal action, further preserving your company’s reputation with customers and creditors.

Why Choose Rapid Collections for Your B2B Collection Needs?

So how does Rapid Collections stand out among other B2B debt collection agencies? We pride ourselves on being agile yet dignified—our team provides tailored solutions for each individual case while maintaining a respectful approach towards debtors. Additionally, we offer an additional array of services. Whether you need consultation to develop tailored strategies for better financial management, or are looking to take advantage of our shared AR services, we’re an all-encompassing solution to your financial needs.

5 Signs That Your Collection Policy Isn’t Working

If you’ve struggled with your B2B accounts receivable, you may have decided that enough was enough and put some kind of collection policy in place. However, collections are easier said than done. Many businesses stumble when implementing a new collection procedure or process, and end up with a policy that’s ineffective, turns customers away, and has an overall negative impact. Not sure if yours is doing the trick? Here are 5 signs that your collection policy isn’t working and it’s time to make some changes.

What Is a Collections Policy?

A collections policy is a set of guidelines and procedures that an organization or business follows in order to manage their accounts receivable, which is the money that is owed to them by their customers or clients.

It outlines the steps they will take to collect outstanding debts, including the frequency of billing, the types of communication that will be used to contact customers, and the consequences for not paying on time. It may also include information on how to handle disputes and delinquent accounts.

Why Implement a Collections Policy?

Knowing whether or when a customer will pay is an important part of your business planning. A collections policy is important for maintaining good cash flow and protecting yourself from financial losses. You need one with clear procedures for billing, invoicing, and collection to ensure that the organization is following legal and ethical guidelines for debt collection. Furthermore, it establishes expectations and communication with customers about payment terms, which can reduce the likelihood of disputes and maintain good relationships.

What Are the Legal Consequences of Having a Bad Collections Policy?

Having a bad collections policy can result in a number of legal consequences, including:

  • Violation of Consumer Protection Laws: If a collections policy violates consumer protection laws, such as the Fair Debt Collection Practices Act (FDCPA), it can lead to legal action being taken against the business. Violations of the FDCPA can result in fines, damages, and other penalties.
  • Lawsuits: If a collections policy is unfair or unethical, it can result in lawsuits being filed by the individuals or entities being targeted by the policy. This can result in costly legal fees, damages, and other penalties.
  • Reputation Damage: A bad collections policy can also damage the reputation of the business, leading to loss of customers and revenue. This can have a long-lasting impact on the business’s bottom line.
  • Regulatory Action: In addition to consumer protection laws, there are also other regulatory bodies that oversee collections practices, such as the Consumer Financial Protection Bureau (CFPB) and state attorney general offices. If a collections policy violates regulations, it can result in regulatory action being taken against the business.

Need Help Writing a Collections Letter?

If you haven’t written a collection letter before, it can be tough knowing how to get started. Check out one of our recent blogs for all the info you need to write your next one, and even get access to a sample letter that you can base your own off of!

Learn How to Write a Collection Letter

5 Signs That Your Accounts Receivable Collections Policy Needs a Change

Are you a business owner struggling with a poor collections policy? If so, you’re not alone. Here are a few signs that your current policy isn’t working:

Sign 1: You’re Constantly Chasing Customers Down

You shouldn’t have to constantly call or email customers for payment, especially on a regular basis. Make sure you give them enough time and that there aren’t any other issues (such as customer service problems) impacting your sales.

Sign 2: You Receive Late Payments More Often Than Not

You will struggle to manage your accounts receivable and cash flow if the majority of your payments arrive late. The best way to improve your collections is to identify the problem and develop a solution that keeps your customers happy and your process efficient.

Sign 3: You’re Experiencing High Levels of Bad Debt

A large portion of unpaid invoices might mean your customers aren’t getting value out of their products, or perhaps they’re struggling to pay their bills. To avoid a serious strain on your business, consider what kind of issues they are having and how you can resolve them.

Sign 4: Your Collections Effectiveness Index Is Low

The Collections Effectiveness Index (CEI) is a metric that measures the effectiveness of your accounts receivable collection policy and indicates whether yours works or not. A low CEI can indicate a difference between actual and expected recoveries. 

Sign 5: Past Due Invoices Are Stacking Up

When invoicing customers, it is important to make sure they know you will track their payments and follow through on any delinquencies.

What to Do When Your Collections Processes Aren’t Working_

What to Do When Your Collections Processes Aren’t Working

If you’ve noticed any of these signs, it’s time to take action and make some changes. Here are a few solutions you can use to improve your accounts receivable collection policy:

Take a Closer Look

Take the time to interrogate your processes and look for any weaknesses. Are you following up on past-due invoices in a timely fashion? Are you keeping your customers in the “know” by providing them with an invoice workflow that includes multiple payment options? Is there any room for improvement?

Review Invoicing Procedure

Make sure your invoices are easy to understand and are sent in a timely manner. Confusing wording or unclear descriptions can create confusion on your customers’ part, which could lead to invoices being paid late or not at all.

Here are some tips for improving your invoicing procedures:

  • Use Professional Invoicing Software: Invoicing software can streamline the invoicing process and make it easier to create and send invoices. Many invoicing software options also allow businesses to customize invoices with their branding and include payment options, such as online payment portals.
  • Standardize Invoicing Procedures: Creating standardized procedures for creating and sending invoices can help reduce errors and ensure that invoices are sent out in a timely manner. This can also help improve cash flow by ensuring that invoices are processed quickly and accurately.
  • Use Clear and Concise Language: Invoices should be easy to read and understand. Using clear and concise language can help reduce confusion and prevent errors. This can also help improve customer relationships by making it easier for customers to understand their invoices.
  • Provide Detailed Invoices: Detailed invoices can help customers understand the charges and fees they are being billed for. This can also help reduce disputes and improve customer satisfaction.
  • Set Up a System for Tracking Payments: Having a system in place for tracking payments can help businesses ensure that invoices are paid on time. This can also help identify delinquent accounts and allow businesses to take action to collect outstanding debts.
  • Send Reminders: Sending reminders to customers about upcoming or overdue invoices can help improve payment rates and reduce the amount of time it takes to collect payments.

Overall, improving invoicing processes can help businesses reduce errors, improve cash flow, and maintain positive customer relationships.

Develop Payment Plans

Whether or not you require a deposit, creating a plan that works for both you and your customers can help them better budget for their total bill and pay on time. Enabling them to make payments in smaller installments is a common solution.

Work With a Commercial Collection Agency

A professional collections agency like Rapid Collections can help you recover overdue accounts receivable quickly and efficiently. We specialize in B2B accounts receivable collection services, and our team of experienced professionals has the knowledge and experience to ensure that you get the best results. With Rapid Collections on your side, you can be sure that your accounts receivable are being handled properly, without adding additional stress or headaches to your business operations.

Payment Plan Do’s and Don’ts

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Setting up a payment plan for your B2B clients is essential to running a successful business. It can help you manage cash flow, encourage clients to pay on time, and maintain positive industry relationships. But what are the dos and don’ts for setting up a payment plan for your customers?

Do: Know Your Client’s Needs

Before starting anything, ask your client questions like:

  • How much are you expecting to pay?
  • What timeline works best for you?
  • Is there any room for negotiation?

Their answers will help create a well-structured payment plan that works for all parties.

Do: Set Up Terms and Conditions

Consider factors that may impact the plan such as:

  • Payment Frequency (Monthly or Quarterly?)
  • Payment Due Dates (Beginning or End of Periods?)
  • Minimum Payments (Fixed or Percentage?)

Additionally, be sure to include any interest, late fees or collection / attorney fees in the agreement for transparency. You must ensure that all parties are aware of any terms or conditions before signing.

If possible, try to implement a system where you incentivize early payments. This will encourage your clients to pay on time and minimize being late or missing entirely.

Do: Emphasize Communication

Good communication now is key to avoid misunderstandings later. Stay on top of your clients by providing them with regular updates about due dates, changes to the agreement, and more.

If possible, set up an automated system where notifications are automatically sent out when payments are due or late fees need to be applied. This eliminates the possibility of your team forgetting to remind customers.

Can’t Get Your Clients to Pay?

If you’ve tried incorporating a payment plan to no avail, it may be time to consider working with a commercial collection agency to recover your debts. Not sure if it’s time to send your overdue accounts to collections? Read our blog that breaks down the right time to send accounts to collections!


When to Send to Collections

Don’t: Be Aggressive or Inflexible

Financials are sensitive enough as it is. The last thing you want to do is make your clients feel like an inconvenience by treating them rudely. Not only does this kind of treatment damage your relationship, but it also impacts your business’s reputation and reduces your chances of successful debt recovery.

Approach every client empathetically when it comes to payment. If they had the means to pay you upfront, they would. A rough-and-tumble attitude does nothing but damage your business’s reputation.

Don’t: Charge Your Clients More

Some business owners think that they should charge customers more simply because a payment plan is inconvenient to them. This behavior is inconsiderate, unethical, and a poor business practice.

Payment plans are about collaborating with clients to find a solution that works for everyone—not nickel and diming them. Yes, they are less convenient than upfront cash, but strong-arming clients because they lack resources is aggressive and erodes any goodwill you’ve built with them.

Business people negotiating at boardroom behind closed doors

Don’t: Neglect Communication

Effective business is entirely predicated upon excellent communicative skills. Stay in touch with your client’s consistently, and make sure to use multiple channels so that you’re giving them every opportunity to be informed.

However, be careful to not be overly pushy, either. Keep all communications regarding payment cordial, fact-based, and objective driven. If your organization acts poorly, you’re just as guilty as your clients are.

Summing Up the Dos and Don’ts

Creating an effective B2B payment plan doesn’t have to be complicated—keep these simple dos and don’ts in mind and it won’t be! By understanding your client’s requirements, structuring a proper agreement, and handling communication carefully, you ensure a smooth setup process for all involved!

Work With The Gold Standard in B2B Collections

If you continue to struggle with the B2B collections process after following this guide to making a payment plan for your business, turn to Rapid Collections! We have decades of experience in the collections industry and have a 95% success rate with all of our collection cases. Contact us today and get your AR back on track.