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How Outsourcing Debt Collections Benefits Your Revenue

Posted by Emily Herrington on Mar 11, 2021 11:00:14 AM

Any business can face financial problems that work against the effort to maintain sufficient cash flow. One dilemma that can have a significantly negative impact on your company is issues in accounts receivable. When a service is provided and your customer does not pay, meeting your bottom line becomes difficult. It is a debt collection agency’s obligation to recover your earnings so that you can continue doing business.

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Topics: Collection Strategy, Technology, old debt, debt collections, collection agency, accounts receivable, outsourcing

The Mysterious Disappearing Client: Leaving Thousands on the Table

Posted by Emily Herrington on Feb 25, 2021 11:46:04 AM

When I was 14, I started my first job as a telemarketer for a photography company. That started decades of a career in sales and marketing. My longest stint was 20 years as the National Sales and Marketing Manager for a multi-billion-dollar manufacturing company, so you can imagine that the transition to understanding the mechanics of the debt collection industry was worlds away from what I was accustomed to. The difference is that I’m not selling products anymore, I’m selling a service. I am still learning this industry every day, but the thing that puzzles me most is the mysterious disappearing client. Let me explain.

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Topics: Collection Strategy, old debt, debt collections, collection agency, unpaid debt, accounts receivable

How to Turn Aged Receivables into Bottom-Line Revenue

Posted by Emily Herrington on Dec 9, 2020 2:45:00 PM

If you’re in a product or service industry, you’ve likely faced a time when you realized your bad debt was catching up with you. At this point, you may have considered the use of a collection's agency. Maybe you were even scared to take the leap of faith? These fears may be the reason you’re missing out on the revenue that your business needs, negatively impacting your day-to-day business. In fact, a lack of funds can affect employee retention, lead to freezing critical marketing activities, and in extreme cases, can ultimately result in closing your doors permanently.

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Topics: Insider, Collection Strategy, Technology, old debt, debt collections, collection agency, accounts receivable, outsourcing, revenue

Recovery Rate vs. Commission Rate in Debt Collections

Posted by Emily Herrington on Nov 30, 2020 11:32:00 AM

According to Investopedia.com, recovery rate is defined as the extent to which principal and accrued interest on defaulted debt can be recovered, expressed as a percentage of face value.

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Topics: Insider, Collection Strategy, debt collections, collection agency, accounts receivable, commission rate, revenue, recovery rate

How to Collect Post-COVID

Posted by Joey Nichols on Jun 30, 2020 8:00:00 AM

From self-isolation to job loss, and most importantly, the tragic loss of family members and friends, COVID-19 has affected every individual in some way; not one person is exempt from the perils of this economic and physical state of emergency. With new restrictions hitting the headlines daily regarding debt collection, and the historical negative perception of debt collectors, many regulators called for a stop in collections activity. However, this may actually cause more stress for people impacted by financial difficulties caused by COVID-19. 

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Topics: Collection Strategy, COVID-19, Technology, old debt, debt collections, collection agency, accounts receivable, outsourcing, revenue

The Different Phases of Debt Collections

Posted by Joey Nichols on Jun 8, 2020 8:15:00 AM

Though we may not like it, debt is often a necessary part of life, meaning there's absolutely no shame in borrowing from time-to-time. Unfortunately, many people find themselves in these financial situations simply because they do not know how to handle the collection process. When this happens, debt just continues to pile up, leading to negative outcomes.

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Topics: Insider, Collection Strategy, Technology, debt collections, collection agency, accounts receivable, revenue, recovery rate

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