If you have past due bills, you might want to consider hiring a collection agency for small business. The fees of a collection agency can range from 7.5% to 50% of the debt. For a small business, this rate is the best option, as it doesn’t require upfront payments. However, higher fee rates mean a smaller collection agency’s success rate may be lower than your expectations. If you think this arrangement may not be beneficial to your business, keep reading.
Many small businesses choose to hire an individual debt collector to pursue unpaid debts. These agencies are different from collection agencies, which purchase a business’ debt and then collect it. When businesses sell their debt, they lose control over the money owed. A collection agency for small business, on the other hand, will help the business retain control of its debt and act as a middleman to facilitate recovery. A collections company for small business can help the business recover its unpaid debts and get its money back.
If you have a small business and need a collection agency for delinquent debts, you should consider Summit Account Resolution. This company specializes in small business collections and provides consumer and commercial debt collection services. Its fees are transparent and their strategies are tailored to your business. Depending on your needs, Summit Account Resolution can handle collections on delinquent accounts for up to two years. Although they pair with forward-flowing companies, they are able to work with any type of company.
Regardless of how long you have been in business, there will always be some sort of debt that you have to collect. A collection agency for small business will help you collect the money you owe, while maintaining the reputation of your business in the process. While you might be tempted to negotiate, remember that it is entirely legal and ethical to take this approach when dealing with delinquent customers. Besides, you’ll be able to increase your cash flow by hiring a collection agency for small business, and you won’t have to pay anything up front.
A collection agency for small business is an invaluable tool in protecting your company from illegal debt collecting practices. Many agencies offer online accounts that help their clients track their current accounts and delinquent accounts, and they also provide reports on them. This helps business owners better plan cash flow and avoid costly legal issues in the future. Finally, when hiring a collection agency, make sure they have the right accreditations. Check the Better Business Bureau’s record and the Consumer Affairs rating before hiring them.
It is essential to keep in mind that the owner of a small business needs to concentrate on expansion and moving in a forward direction. The loss of productivity and stunted growth that results from spending time trying to collect on past-due accounts is inevitable. Some owners of small businesses choose not to bother with debt collection because they believe it is more productive to focus their efforts on acquiring new customers. You should never, under any circumstances, accept anything less than the best. If you don’t get paid for what you owe, you won’t ever get paid for the time you spend working.
