Americans are drowning in debt, and it is negatively impacting businesses. But Rocket Receivables can help you get what’s owed – fast.
This is it. We are in the final push to drive the numbers up in 2018. Most small to mid-size businesses have a fiscal year ending in December, so best practices dictate one final push to close the books with 2018 firmly in black, not red, ink.
If you’re looking for an immediate return on the bottom line, consider credit collection services as a way to provide new meaning to “cash on hand.”
Credit Collection Services to End the Year Strong
Just looking at the numbers can elicit a shudder: In 2018, 71 million U.S. adults have debt in collections as reported in their credit rating file. That’s more than 30% of American adults. CBS News calls it “The United States of Indebted America.” NBC News says 25% of adults aren’t paying their bills on time. The problem is epidemic, and it will have far-reaching implications for the economy and the business world.
To combat these trends, it’s more important than ever those companies with tight cash flow turn to third-party credit collection services to help increase cash on hand. The ACA International, the nation’s credit collection services trade organization, tracks the contributions of these companies to help businesses recover what they are owed. Industries outsource a significant amount of their credit collection services to these professional firms, including:
- Nearly 40% of all healthcare past due balances.
- More than 25% of all student loan debt.
- Roughly 13% of all financial services debt.
- Over 10% of past due government debt.
- Roughly 3% of retail, telecom, utility, mortgage, or other debt.
A firm like Rocket Receivables has revolutionized the debt collection services industry by creating a self-service web portal that has a simple yet effective accounts receivables management process.
For companies that have been struggling to collect on past due debt, credit collection services focus completely on recovering what is owed quickly, efficiently and with minimal fuss for your team. Hiring Rocket Receivables may have an immediate impact on your end-of-year balance sheet. Our goal is to continue our track record of successful collections while carefully navigating stringent compliance rules. We can free up your existing team to focus on strategies to grow your business in 2019. Our two unique stages are built specifically to help you collect more of your hard earned money back.