Improve cash flow with debt collection services.
For any business, cash flow is imperative. But for the small to medium size companies, a lack of cash flow can actually shut down the business. For smaller companies to stay ahead of the curve in 2019, it will be important to not only develop a solid line of credit with an eye toward growth but also to maintain a healthy cash flow to stay solvent. One of the best ways to improve cash flow is to reduce the days in A/R with a debt collection service.
How Debt Collection Services Help Cash Flow
Staying in control of when and how you get paid is exactly how cash flow happens. Ironically, pursuing bad debt is often one of the things that SMEs handle poorly — or not at all. It requires a balancing act between the aggressive pursuit of what is owed and maintenance of the client relationship and market reputation, which is so vital to any business, but especially the SME.
Cash flow, or the money in and out of a business bank account, should find a balance between customer payments and overhead. With too much money tied up in overhead, or with a high rate of customer late payments, that cash flow can flounder. Poor margins can close businesses over time. One of the most common causes of cash flow issues is slow to pay invoices and bad debts. This is exactly the place where outsourcing to a debt collection service can help the SME.
No matter the industry, a debt collection service can change how cash flows into a business by pursuing a debt that may otherwise have been written off as a loss. SMEs are always short on time, and debt collection is just one of the areas that may suffer when there just aren’t enough hours in the day. Fortunately, outsourcing to a debt collection service like Rocket Receivables can help SMEs boost cash flow at times when they need it the most.
Rocket Receivables’ Debt Collection Service
Rocket Receivables has proven, cost-effective ways to pursue past due balances. We offer two unique solutions designed specifically to improve cash flow for the SME. They include:
- Stage One: Payment reminder and written demands sent to patients or customers for a low, fixed-fee.
- Stage Two: Contingency debt collection service that uses data analytics to increase the odds of recovery, and recover for you faster. The service includes skip tracing, asset discovery, and legal action where appropriate and approved by counsel. Even better, if we don’t collect, you don’t pay a thing.
Rocket Receivables works with a wide variety of clients in various industries and it is our effective approach toward improving the cash flow of SMEs that we’re particularly proud of. Our debt collection services are designed to help keep your business in business. Rocket Receivables would like to be your cash flow partner in the New Year. Starting the year off strong with Rocket Receivables’ debt collection service will put your SME back on track. Contact us today.