When you get to the point that all you are doing is repeating your efforts with no payment or response to your demand, then you need to escalate it to a third party resource.
Atlanta, GA (PRWEB) November 11, 2014
C2C Resources, a national commercial debt collection agency, released a tip sheet today for businesses in need of commercial debt collection experts. As the end of the year quickly approaches, the company believes businesses need to proactively collect past-due invoices. The fourth quarter is traditionally the largest past-due period of the year for businesses.
“We encourage business owners to do everything possible to take control of their debt collection,” explained Todd Tinkler, President of C2C Resources. “When you get to the point that all you are doing is repeating your efforts with no payment or response to your demand, then you need to escalate it to a third party resource; just make sure you do not wait too long or a third party’s effort could be ineffective.”
For a majority of retail businesses the holiday season is the best time for cash flow. Tinkler believes businesses collecting delinquent payments should always get on the front end of their customer’s cash flow. He encourages businesses to utilize third party resources following the delivery of a final demand letter to reinforce the importance of payment.
When selecting a third party commercial debt collection agency, Tinkler suggests taking the following steps:
1. Verify the legitimacy of the agency and that the company is licensed to business in the state needed for collection. Always ask for a copy of the licensing documentation.
2. Verify the company’s experience. How long has the company been in business? How much experience does the leadership team possesses? What is the average collection experience of the collectors?
3. Ask the agency what sets them apart from other agencies. Does the agency provide a collection attorney should their efforts not work? Make sure they do not increase the rate if it needs to be forwarded to an attorney.
4. Research the agency’s name to verify their reputation. Recent press releases or blogs, customer testimonials, awards and association affiliation are good signs. What is their rating with the Better Business Bureau? Due to the nature of the debt collection industry, it is common for agencies to have some negative reviews regarding their service. Treat it merely as an indication to do more research.
About C2C Resources:
C2C Resources is a global Commercial Debt Collection agency headquartered in Atlanta, Georgia. The company collects commercial debt on behalf of their over 25,000 clients and is considered one of the top agencies in the country. The executive team at C2C brings more than 60 years of experience helping businesses collect their accounts receivable. C2Cs powerful combination of Profit Maximizer, InfoMax Collection System, and Legal Forwarding Edge, can help your company be more effective with your own in-house collecting and maximize recovery of accounts turned over for collection.