Commercial debt collection is obligatory when a company fails to pay for services or goods supplied on credit. Although the process of commercial debt collection is a demanding experience for you and your company, you must still treat the debtor courteously and fairly.
Since 1980, Brennan & Clark Collection Agency, a leading full-service commercial collection agency serving the business community. Like all businesses, commercial debt collection is a process, if this process is not perfected then the business has a greater chance of worsening. The aim is to assist you and your business get paid on time and to profit for years to come.
The first pitfall with commercial debt collection is not having a strategy at all. As long as you have a plan of action, the plan does not have to be too complicated. At 30 days do you send a letter reminding the consumer of the outstanding debt? At 90 days do you turn the debt over to a collection agency? At 60 days do you call? These are deadlines and basic actions that need to be addressed. You are well ahead of the curve if you are able to do this.
A second pitfall is not alloting debt collection correctly. This is general in any small business, because staffing is generally tight and employees are forced to handle manifold roles. The biggest question that you need to ask is, would it be better situated if someone else handled this? It does not have to be a 3rd party collection agency, but probably someone within can do a better job. Do not propel an engineer to change a light bulb. You will be better positioned doing what you do best, and that is focusing on your business. You can hold your businesses commercial collections, but it will cost you more than hiring a collection agency. Due to this fact collection agencies exist, they earn their keep. Once you have found a commercial collection agency that is specialized and does a good job, then it is very important that you setup a working relationship with them. Make certain they understand what your business requires and that they understand your specific industry.
By employing a commercial collection agency you must be cautious and guard against not opening your self up to a lawsuit. Professional agencies will guard you from this unnecessary outcome. The agency will almost positively wish to speak directly with your debtor or debtors , after all the time for written warnings will most likely have been passed some time ago. The desire for action on your part will be well-built. A good communicative agency will be able to vocally make your debtor comprehend the seriousness of the situation.
Commercial collection agencies like Brennan & Clark Collection Agency are there to help businesses of all sizes collect their debts and get back on way with their operations. Do not let outstanding accounts and bad debt slow you down. The key with debt collection is to act sooner than later, because you never know when a company will default on your account and you will have a tougher time getting paid.
