When a debt languishes, it’s important to remind the client and request payment. This often involves sending a collection letter, but what should be in it? Here are three primary tips: GETTING PAID How do you inspire your customer to pay promptly? First, communicate that the debt is a serious matter. This requires some care (see “Staying Legal” below),…
DetailsWe asked our clients why they wait so long before considering using a collection agency to manage their accounts receivable, and should it become necessary, collect old debt. We discovered 3 Top Reasons: High Cost Factor: Contingency based collection agencies are expensive, often taking 30-50% of what is collected, and they aren’t very good at collecting, boasting a…
DetailsThree Top Priorities of Accounts Receivable Management Most executives that we talk to here at Optio Solutions have 3 priorities when it comes to accounts receivable management: Collect More Lower Cost Improve Satisfaction Rating Every business owner or executive that we meet is trying to collect more money, at the same time they are…
DetailsOptio Solutions’ Stephen Ferrar and Brenda Gonzales recently attended the Southwest Pool & Spa Show March 2, 2012 in San Antonio, Texas as guest speakers for I.P.S.S.A., Independent Pool and Spa Service Association, Inc. San Antonio hosts this annual event because pools are a way of life in the Sunbelt and San Antonio regions. The three-day…
DetailsCaveat emptor is the rule of the marketplace: let the buyer beware. Consumers should be wary when choosing a debt collection agency. However, in such a marketplace, a unique opportunity exists for companies conducting their business ethically and professionally. These gems shine brightly, and they’re as sought out as any treasure. Customers who trust your company will spread…
DetailsYour intentions in keeping debts in-house are likely good. We often hear from customers who’ve let debts languish, believing they’d save money or that using a third party would alienate their customers. However, just the opposite is true. Here are the top 5 ways a reputable professional debt collection agency can improve profit recovery. 1…
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