(PRWEB) February 28, 2003
Denver Â February 28, 2003 - Central Credit Corporation is offering the following tips to our local businesses to help improve their cash flow from open accounts.
1) Carefully review your internal collection processes with your collection agency representative. For example, are you holding on to accounts too long and thereby impacting the effectiveness of your collection agencyÂs efforts?
2) Do your contracts, agreements, or bids contain the appropriate verbiage to allow your collection agency to utilize all legal means available to them on your behalf?
3) Verify what services are included in the rate youÂve negotiated with your collection agency. Do they include skip tracing and asset searches? Credit bureau reporting or pre-legal services? How often are recovered funds remitted back to you?
4) Be sure you understand the rate youÂll receive if your customerÂs account proceeds to litigation or is forwarded to another agency.
One survey done by the U.S. Department of Commerce shows that the value of an account depreciates from 5% after 30 days to as much as 70% after 180 days, which is when most businesses turn over their open accounts to a collection agency.
The simple guide above and working with your collection agency on developing sound internal processes will reduce your account aging status and increase cash flow.
To obtain a free copy of the recommended verbiage or for more information, please email us at firstname.lastname@example.org or visit our web site at http://www.centralcreditcorp.com
Central Credit Corporation is a proud sponsor of the Tom Martino Referral list and a member of the American Collectors Association.
Central Credit Corporation is a full service collection agency represented in the industry by the following divisions: Casino Check LinkÂ, a comprehensive check verification and recovery service designed specifically for the gaming industry, Commercial Check Link, a check verification and recovery service for merchants, and Central Credit Recovery Services, specializing in accounts receivable recovery. Corporate office is located at 12211 W. Alameda Parkway, Lakewood, Colorado 80228.