If you own a business, you probably have plenty to do besides dealing with debt resolution. You’ve got a business to run, product or services to sell, and customers to please. Do you really have time to deal with debt resolution? If you don’t, who’s going to take care of the responsibility? And is there anything you can do to improve your accounts receivable beforehand?
What is Debt Resolution and When Should You Call in Help?
If you have accounts that aren’t paying you, debt resolution should be a top priority. With Rocket Receivables, your debt resolution will be handled with expertise. You won’t have to do the heavy work of resolving the debt, in other words, getting your money. Rocket Receivables has an effective two-stage debt recovery system designed specifically for small- to mid-sized businesses.
Rocket Receivables stage one service has clear fixed fees with no surprises and you keep 100% of the collected debt. Stage two is based on a contingency fee and you receive a percentage of the collected debt. This is for the more difficult accounts; Rocket Receivables can put its expert collection skills to use here to help resolve your debt.
Optimize Your Accounts Receivable
Of course, it’s better to receive your payments on time, and here are some tips on doing that. According to Balance.com, establishing an effective account receivable management strategy is a crucial part of running a successful business. Being proactive upfront can save you a lot of sweat and tears on the other side.
Part of this means thinking about AR related issues before they arise. This includes how you are going to determine client/customer creditworthiness and who you are going to extend credit to. In addition, it’s important to maintain accurate customer data. Things can change over time and you want to be aware of what’s happening with your clients and customers.
To help you avoid some debt collection issues:
- Have a clear and concise credit approval system.
- Create a system to help ensure that the information in your accounts is current.
- Check the account information on a regular basis.
But What Happens When You Still Have to Deal with Debt Resolution?
As a small or medium business, maybe you just don’t have the money or time to invest in a strong AR department. It’s tough to cover everything with sophistication and in a comprehensive manner.
Maybe you have all the right procedures in place with your accounts receivable, and maybe you don’t. Regardless of the cause for overdue accounts, the problem has to be resolved.
What’s the best way to handle this task?
Seek Help from a Collection Agency
Perhaps you are hesitant to outsource your past due accounts. You may prefer to ‘do it yourself’ rather than pay a collection agency to do what you may be successful at.
However, there are several reasons that pulling in some outside help may be the best choice. Besides streamlining the overall process of AR resolution, a good collections management agency can help you in the following ways:
- Identify Overdue Accounts
- Prioritize Collections
- Generate Workflows
- Integrate Data
Finding the Right Agency for Debt Recovery
When looking for this expertise, don’t hesitate to contact Rocket Receivables. As an industry leader with expertise in compliance and risk management standards, Rocket Receivables can take care of the messy aspect of debt recovery while you focus on your business. You won’t be surprised with hidden costs or slow processing, and customers appreciate the clear structures and solid standards of Rocket Receivables.
When it’s time to call in help, or before it’s time, please contact us. We are here for you.