Owning a business and running a business can be both rewarding and challenging. Where it gets difficult most is when people fail to make payments on products/services on time, it can eat away at your hard-earned profits. Serious debt stunts the growth of a business. It can also be a time-consuming process trying to collect on debts owed to you. The old adage ‘time is money’ certainly applies to debt collection, especially in today’s uncertain economy. When you need to be 10% focused on your business, spending time on the phone, writing emails and chasing clients for money owed to you is certainly not the way to spend your days.
According to experts, business owners lose thousands of dollars a year on unpaid debts. A business can greatly benefit from hiring a professional debt collection agency to handle unpaid accounts.
So what are the benefits of hiring a debt collection agency and what should you expect?
Realistically, not every business is able to have a full-time collection department or personnel on staff. If you did, you probably wouldn’t be reading this article. However, with the help of hiring a good debt collection agency, many businesses can and do reap excellent results in collecting their unpaid debts.
Good debt collection agencies know many different tactics for making sure you get paid. We utilize letters, telephone calls, proven scripts and negotiating skills to increase the chances of you collection as much of your money owed to you as possible.
When income or cash flow is tight because of any past due debt, hiring a collection agency as quickly as possible can greatly help you to save money as interest and age accrues. We’ll save you from having to make any collection requests yourself, which gives you energy to focus on other things.
We are 100% responsible for taking the time to write letters and make the calls to collect on your debt.
Some businesses only consider taking legal action after the debt has gone so far, but there is no need to wait on taking professional action to collect on money owed to you. We’ll provide you with frequent updates and payments as they are received.
Some debt collection agencies will only work with clients if a debt is at certain dollar amount.
TYD Recovery Group will work with you on any accounts, at any amount.
Call our Debt Collection Consultants 860.259.6866.