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Outsourcing Your Debt Collection Functions

Running a business in an organized and efficient manner requires you to have the appropriate amount of staff to perform all of the functions required. Though every business is different in one way or another, some companies share specific processes that are required for operation. If you are in a business that loans money or provides work in advance and thus carry accounts receivables as you await payment, you likely need to enlist the services of a debt collection agency. Rather than tas...

Debt Collection Agencies are the Solution

 Once you have exhausted all of your efforts to collect a debt that is owed to you, it is overdue time to call in a debt collection agency to handle this complex task for you. People often use debt collection agencies rather than going through the courts, because it can be less expensive than the judicial route. By the time you get through all of the proceedings, you have usually spent what you would be collecting if not more. Debt collection agencies use up to date methods of col...

Who Are Collection Agencies and What Kind of Businesses Hire Them?

A collection agency is a third party that is licensed to collect debt for the consumers and / or businesses that hire them to do so. The collection agency signs a contract with clients to represent them to actively pursue people and businesses that owe the client money. Typically, collection agencies receive a certain percentage of the debt that they collect. For example, if the two parties agree to 3% of the debt as their payment, this means that upon successful collection of a $100, the...

Skip-Tracing: Locating Debtors Who Have ‘Skipped’ Town With Your money

 If you want to find somebody who owes you money, try skip tracing. Anyone who “skips out” on a financial obligation can be found and courts can make them pay you. Skip tracers are those who work for debt collectors. Their job is to track people down so that they can be served with legal papers or their assets can be seized or modified by a court.Skip tracers also spend a lot of time tracking “dead beat” parents who have refused to pay their half of child support pa...

Bad Check Recovery

As a business owner, one of the most frustrating pieces of mail you can ever open is a letter containing a check written by one of your customers that has been returned because of non-sufficient funds, a closed account, or a stop payment. It can be even more frustrating when you attempt to collect the now outstanding debt and find that it is not as easy as you may have initially thought. Odds are that your company is not the first that the customer has written a bad check to, so most debt...

4 Major Considerations for Hiring a Collection Agency

The first consideration one should consider when hiring a collection agency is choosing one that has a great reputation. This is important for several reasons. Depending on what kind of business you are in, you may not want the debt collector harassing your customers needlessly. For instance, if you have a medical practice, you may not want to harass your terminally ill patient that is sincerely doing their best to pay the bill. Another important factor to take into account is to find out...

Default Judgments, What to Do When the Debtor Won’t Pay

Once in awhile, some customers dislike paying their bills and subsequently refuse to pay what they owe. These customers can significantly hurt a company’s profit, making it much more difficult to succeed in an already difficult economy. Fortunately, businesses do not have to sit back and allow irresponsible customers to take advantage of them. There are steps that companies can take to recoup from their losses and collect what they are owed.After weeks, or even months, of attempt...

Debt Collection recommendations for the small business owner

Debt is one of the worst things to happen to anybody especially when it comes to small business owners. Some clients will not pay you due to a few reasons and in order to make any money, you have to go after them by hiring a debt collection agency. It doesn’t help when people are losing their job and the typical reaction is to not pay their bills. Most people seem to stay away from telling a debt collection company that they owe money to that they can’t afford to pay. And since they�...

How is accounts receivable funding different than a loan from a bank?

 Is your small business in financial trouble? Do you have several thousands in accounts receivables, but are unable to get the money now? There is an option that can get you your money now and with ease! An accounts receivable funding company can give you a type of loan. However, it is not necessarily a loan per se. A company will give you money based on how much your customers owe you, then you pay the company back when your customers pay. Of course, there is a small interest rat...

How to Collect a Debt Using a Debt Collection Agency

 It is important to be able to collect your debt using a collection agency. Modern debt collectors use a variety of methods to collect debt. A debt collector can help you to recover debt after winning a settlement. A debt collector can go anywhere to collect debt and can even work internationally. OK, you have won a judgment or settlement in a court of law, now what? A collection agency can help you recover that debt.Debt Collectors work by a variety of methods.Jus...