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Persistence Pays Off in the World of Debt Collection

The best debt collection practices involve persistence. While this seems simple, persistence takes a lot of work and hours. In especially difficult debt collection cases, accounts receivable departments can begin dedicating too much time to one case at the expense of more important and lucrative projects. Many delinquent clients have no interest in talking to a bill collector, and fruitless efforts can easily strain employees engaged in debt collection tasks.

When tasks become too burdensome and expensive for businesses to handle in-house, they outsource. Thanks to the emergence of many professional collection agencies, debt collection can now be outsourced as well. Third-party collection services do have the manpower and time to allocate to recovering debts through relentless—yet professional—persistence.

Rapid Recovery Solution employs professional debt collectors that begin quickly and pursue delinquent parties until your funds are recovered. The service doesn’t cost a dime unless fund are recovered and there are no upfront fees, making RRS a beneficial, hassle-free debt collection partner.


Protecting Your Profits when Using a Collection Agency

It is important to recognize how collection agencies make money from debt collection services. Most collection agencies simply take a percentage of the recovered funds, meaning services do not need to be paid for upfront. It is best to avoid collection agencies that charge fees and retainers before any funds are recovered.

The payout amount often depends on a few main factors. How old the account is, the volume of accounts, how much money is owed, and the collection agency’s percentage payout policies will all influence your bottom line. The best choice is a collection agency that provides fast recovery, large percentage payouts, and guarantees. That way, your money is not at any risk and you only stand to profit.

The guarantee offered by Rapid Recovery Solution ensures the collection agency does not get paid until you do. Clients of RRS receive access to a skilled network of attorneys, advanced debt collection methods, experienced debt collectors, and skip trace services without upfront fees and retainers. Receive a free quote and enjoy risk-free debt collection that will get you paid.


The Importance of Regulations in Debt Collection

Debt collection agencies must adhere to national and federal regulations. The various laws, acts, and ethical guidelines can make debt collection difficult for those who are not equipped to handle the task properly. For this reason, it is important to select a debt collection agency with capabilities that align with your goals and needs while working within the law.

There are license requirements that vary between states and countries, and it may be necessary to select an agency with the capability to collect debt across borders. It is also important to select a collection agency that deploys debt collection methods that match your end goals and ethical guidelines. If an agency is too rude or aggressive, a debtor may try to retaliate or make the situation more difficult. Those looking for dental or medical billing debt collection need to select an agency that is sensitive to maintaining the patient-provider relationship. Collection agencies should have an excellent track record in terms of recovery and a positive reputation.

Rapid Recovery Solution is licensed to work in all fifty U.S. states and hundreds of countries worldwide. An effective multistage approach maximizes efficiency and the chances of recovery, and a network of attorneys is available to ensure compliance to legal regulations and codes.


Skip Trace Brings Missing Debtors Back Into the Picture

The most difficult debt collection cases often involve debtors that have skipped town. Unfortunately, this scenario is not uncommon. Missing debtors cause undue stress for account receiveables departments and force businesses to spend additional time and money to recover the funds that are rightfully theirs.

Experienced collection agencies employ tactics known as skip tracing to find missing debtors. Through the use of skilled debt collectors, conducting research, using advanced technologies, and even employing detectives, a collection agency can often quickly find a debtor who has relocated to another town, state, or even country. Collection agencies often offer skip trace services as part of their general packages, allowing more businesses to take advantage of these methods and recover more of their money.

Rapid Recovery Solution uses skip trace and deep skip trace methods to locate missing debtors and recover funds quickly. RRS does not charge fees unless funds are recovered, making the agency a great choice for difficult debt collection cases.


Making Collection Practices More Successful

Feel like your accounts receivable department can do more to aid debt collection? Even the largest, most-powerful businesses face struggles in this area. Many customers are quite good at escaping collection calls, and some have been known to even skip town.

The first line of defense against loss of funds is to develop and implement strong debt collection practices.

  • Contact customers frequently to ensure they know about the debt. Trying various forms of communication (mail, electronic mail, phone, etc.) can lead to additional success.
  • Have resources on hand when customers do contact you about a debt. Being available to take calls and address concerns and questions can increase the chances for recovery. Facilitate clear, professional communication and be willing to negotiate in terms of unpaid debt.
  • Treat customers with respect. Don’t assume a customer is trying to swindle you or simply avoid paying. They may not be able to pay at the moment or may not have the full amount. Again, keep an open mind and have policies in place for fair negotiations. Recovering some money is much preferable to recovering none.
  • Have guidelines in place for referral to a debt collection agency. After a certain length of time or certain amount of debt unpaid, difficult cases should be referred to a debt collection service for assistance. A debt collection service can help recover funds quickly and get the problem taken care of.

Rapid Recovery Solution offers free quotes and fund recovery guarantees. Find out more and add a quality debt collection agency to your arsenal.


Guaranteed Collection Versus Going Solo

In business, it all comes down to the bottom line—profits. In a debt collection situation, your business stands to lose money not only in unpaid funds, but also in terms of the funds needed to continue tracking down delinquent customers. Your accounts receivable department may become quickly overwhelmed, taking employee attention away from other important business operations. At the end of all the strife, debt collection practices may still fail, leaving you with a huge loss.

A debt collection service, on the other hand, handles everything for you. While these services charge a percentage of the recovered funds, getting some money back is a much better option than only taking a full loss. Great debt collection services like Rapid Recovery Solutions even offer guarantees, protecting businesses against further losses.

For difficult cases with no easy or quick resolution, the answer is clear—a debt collection agency can provide relief and prevent some loss.

Receive a free quote today and get back to business as usual. Your funds are waiting to be found.


Understanding the Benefits of Debt Collection

Businesses may feel that their accounts receivable departments aren’t meeting demands or are ineffective when some debts remain unpaid. This simply isn’t true. Every business faces a situation where a customer refuses to pay or disappears, and it can be quite a burden.

Letters, phone calls, electronic communications, and personal visits can only go so far. Each customer is different, and some cases will get out of hand. With these more difficult cases, a debt collection service can recover some funds instead of no funds.

A debt collection service can:

  • Recover money quickly
  • Recover money in difficult cases that are typically impossible for businesses to manage
  • Remove stress from your accounts receivable department, allowing you to focus on more important business operations

Rapid Recovery Solutions guarantees a recovery of funds, making for a choice that is nothing but beneficial. Contact Rapid Recovery for a free quote regarding collection agency services and get your money back.


Tips For Hiring a Debt Collection Agency

Businesses do their best to recover owed debts, but some cases simply are too difficult to handle alongside regular business operations. Your time and money are important, and debt collection often consumes both. Hiring a qualified debt collection agency can reduce the strain on your business and recover funds once and for all, freeing up employees and departments to focus on other important projects.

Consider Your Needs

Is your business a small home-based operation, a small to mid-sized firm or a large company? Are your cases very difficult, or are you simply looking for a helping hand? Look into various companies and see if their services match what you are looking for. If you’re trying to track down funds owed by a large business, for example, a company that only specializes in small claims probably won’t fit the bill.

You’ll also want to ensure the debt collection agency is well-equipped to successfully collect your money. One service offered is known as “skip tracing”, and it helps track down debtors who have left the area with little or no trace. These cases are very difficult for businesses to handle on their own, but debt collection agencies are professionals equipped with special tools and methods to get the job done.

Consider Qualifications

In addition to what the company offers, you will also want to ensure the debt collection agency of your choice is properly licensed and follows legal regulations and rules. You definitely don’t want to hire a company that uses unfair practices to collect debts, as such behavior can tarnish the reputation of your business as well. You will also want to be sure the collection agency has insurance to protect against cases where debtors sue. Obtain proof of insurance right away to protect yourself from liability if the collection agency uses inappropriate practices.

“A collection agency should make an effort to provide you with the information you need for successful collections. A company that keeps you in the dark should be avoided,” says John Monderine, president of Rapid Recovery Solution. Rapid Recovery offers free quotes and regular articles with collection tips, showcasing their transparency and skill before businesses even contact them. More information generally does lead to better results, and it is something to watch for in your research.

Consider Costs and Guarantees

How much does each agency charge, and is there any guarantee or time limit? The last thing you need is a shady debt collection agency wasting your time and money with a never-ending case. It’s best to hire a collection agency that adheres to clear guarantees. Most agencies won’t charge you a fee unless the money is recovered. Of the recovered amount, agencies generally take a cut depending on how difficult the case was. Remember, receiving some of the money you are owed is better than not receiving any of it. Hiring an agency early will generally be cheaper, but do be sure you’ve gone through all reasonable options before hiring one. An experienced agency like Rapid Recovery will be able to provide quick recovery of funds at a rate that works for your business.

Information is the Key to Collection Success

It’s easy to think a debtor hasn’t paid due to simple negligence or reluctance, but this may not be the case at all. Information allows debtors to understand their debt, and breaking down payments into simpler terms can make the situation less overwhelming for debtors. Accounts receivable departments can obtain higher success rates by having information ready and using it appropriately.

Sending frequent reminders to debtors can increase the chance of recovering funds. Using language that isn’t threatening will help even more, as communications should always remain professional. Let debtors know you are available for questions and that you are aware of their debts. It’s also important to notify debtors when additional action will be taken, such as forwarding the case to a collection agency.

On that note, debt collection can lead to expenses and wasted time. If your plan of action doesn’t work with a specific debtor, consider using collection services before things get out of hand. Rapid Recovery Solution offers a satisfaction guarantee and a free quote to recover your money quickly.


An alternative worth considering: accounts receivable management through a third party

Getting paid on time from your vendors sometimes can be easier said than done. For this reason, it can be beneficial to focus more on your business and let a third-party collector handle your accounts receivable.

A customer can often become too comfortable with the businesses they work with, to the point the customer doesn’t take an invoice seriously. A third-party debt collection agency can show the customer that the company expects prompt payment for products and services which it has provided. Third-party collection agencies have trained experts that are able to effectively contact debtors and increase the likelihood of receiving on-time payments.

Are you in the market for a debt collection agency? Contact Us for tips, advice and much more.