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Using Debt Collections to Boost Income at Your Business

by Josh Biggs in Finance on 15th November 2021

No matter what kind of company you’re running, a universal principle that applies to them all is that you can’t afford to lose income. Whether you’re talking about finding and securing lost revenue or increasing your ability to make new profits, it is your job as a business owner or manager to ensure that you’ve got all of your bases covered. 

Why Partner with Debt Collections Specialists? 

Eventually, it happens to every company: you get into a situation where you’ve performed a service or have sold goods to an individual customer or even a business partner, but that money does not end up returning to your accounts payable department. The two worst things that you can do in this situation are to 

  • Wait and Hope the Matter Will Resolve Itself
  • Take Matters into Your Own Hands

In the first case, the uncollected revenue is often neglected indefinitely, resulting in a total loss. In the latter case, individuals who are not trained in ethical debt resolution, and are unfamiliar with regulations regarding collections practices, are rarely successful at coming to an ideal outcome. 

In such circumstances, the business owner risks the lost of a client as well as the money they are owed. They can sometimes jeopardize both parties involved by unintentionally breaking laws regarding contacting the person owing the debt. Because the issue is a sensitive matter, it is easy for straightforward negotiation to turn into harassment or worse. 

Partnering with an Expert

For these reasons, it is always preferable to partner with ethical collections specialists like Summit A•R, who can resolve the issue while quickly retrieving the money you are owed. By transferring the matter to a company that can resolve the issue without resorting to unethical behaviours, you’ll ensure that your company can capitalize on whatever funds it is owed without wasting your time or putting yourself at risk. 

A Distraction from Running Your Company

Lost revenue that is owed to your business can represent an enormous distraction from your job. Whether you’re spending time trying to get in contact with a customer that has been avoiding you, or your mind is occupied with worry from the prospect of a broken partnership with a company that has provided you with essential resources, you’re wasting time. 

Balancing Your Accounts Payable Department

All it takes in one experience working with a company specializing in ethical debt collection to realize how lucrative and painless the process can be. Once you’ve formed this kind of partnership, you’ll be eager to outsource all of your collection issues. You may even decide to opt for a pre-collections service so that you never need to worry about lapsed invoices again.  

In the world of business, time always equals money. When you hesitate to collect the unpaid revenue you are owed, you lose a lot more than the initial amount. Contact a debt collections agency that specializes in the ethical recovery of funds and pre-collections services to find out more about how you can put your bottom line back on track. 

Categories: Finance