The Business Benefits of Streamlined Debt Collection
“Streamlined” is an adjective most people wouldn’t normally associate with debt collection. B2C or B2B debt collection can be fraught with challenges, and it isn’t always straightforward. Yet developing a streamlined solution to debt collection is essential for businesses in order to keep cash flow positive and ensure the business always has sufficient working capital. […]
Your Collections Process Influences Customer Sentiment — Here’s How
Customer loyalty is largely based on customer experience. In fact, customer experience is becoming an increasingly important factor in customer loyalty. By 2020, it is expected to surpass price and product as the primary brand differentiator. Many factors shape the customer experience. Assuming you offer high-quality products and services at a fair price, customer experience will be […]
Does Your AR Department Have This Fortune 500 Policy? It Should!
Small and mid-sized businesses usually pride themselves on delivering personalized service to customers. People generally enjoy interacting with businesses that know their names and understand their needs. A small or mid-sized business may have a more accurate idea of which customers would like which new products or services, and they rely on long-term customer loyalty […]
Healthcare Debt Concerns are on the Rise
Healthcare continues to be a controversial topic. Between health insurance, co-pays, and flex cards, the benefits can become confusing for the consumer. Consumers are often surprised by medical bills and unable to pay them. According to Health Exec, more than 90% of healthcare consumers were surprised by a medical bill in 2018, while nearly three-quarters were […]
3 Most Common Explanations for B2B Nonpayment
When someone fails to pay a debt, different explanations may follow. You might have heard every excuse in the book, but do you know how to respond effectively? Following are some of the most common explanations for nonpayment you’ll hear from B2B clients and ways you can respond to encourage prompt payment. We Already Sent […]
The Value of Partnering with Consumers in the Debt Collection Process
When it comes to debt collection, one of the most important things is to continue the positive relationship you already have with the consumer. After all, the consumers are your customers, and even if you won’t be doing business with them again, you want to avoid burning bridges if you can. Debt collection can be […]
3 Unique Debt Collection Challenges
When your client or customer owes you money, challenges may arise. Perhaps you have a number of clients or customers who are delinquent in payment or maybe some of them have gone out of business. How do you collect? Do you want to continue working with them if they do pay? If so, it’s important […]
4 Ways the Right Debt Collection Partner Helps Your Team
When you’re running a small or mid-sized business, one of the demands on you, among many, is collecting payments you are owed. Sure, there may be someone on your team who might be able to manage this, or maybe everyone is responsible for working with their clients to collect debts. However, this can cause stress […]
6 Warning Signs of Financial Trouble for Your Small Business
Any entrepreneur knows there’s a chance that their business may not take succeed. Risk is inherent in any new business venture, of course. The Small Business Administration says that, while about 80% of small businesses make it through their first year, only 50% of small businesses make it past the five-year mark. Only one in three celebrate […]
How Technology is Disrupting the Collections Industry
The future is here for debt collection technology. Is technology a good or a bad thing? The answer is it depends on how you use it. In the field of debt collection, technology is being used to improve the consumer experience while helping industries work smarter and improve their bottom line. Here’s how the new […]
