You know that slightly awkward moment when you have to remind a friend he’s still owing you some money since last month? Now multiply that by about a thousand, add some legal considerations, throw in some collection strategies, and you’ve got yourself a typical day in the life of a debt collection manager. Here’s the thing: liquidity works hand-in-hand with business. You can’t separate... »
Let’s face it, when most people think of debt collection, they imagine a stress-filled pressure cooker of a job. You know, the type where you’re on the phone all day yelling at people who refuse to honor past agreements and pay their bills. Not exactly the material of childhood career aspirations, is it? But get this: despite all these ‘dirty’ stereotypes, more and more in... »
You’ve provided a service, sent out the invoice, and… nothing. Your client seems to have vanished into thin air. And now, you’re left wondering if you’ll ever see your hard-earned money. It’s frustrating, right? If you’re already considering throwing in the towel, I’m here to let you know all is not over. Yes, you’ve done your part and delivered on your promises. But now, n... »
The truth is, no one wants to be a debtor. It’s too much hassle, it can put a dent in one’s reputation, and it can be mentally draining. Coincidentally, even the people charged with chasing down debtors don’t find it fun either. And so, when push comes to shove, some of them tend to bend the rules to get the job done. Incidents of rule-bending in the debt collection industry are not completely str... »
Like any new business venture, starting your own debt collection agency can be quite exciting. Not only do you get to be your own boss, but it’s also an opportunity to do a lot of good for society. How? I’m talking about helping businesses stay alive through the collection of debts owed. Thanks to debt collection companies who are keeping the wheels of our economy moving, there’s hope for business... »
Remember those days when collecting debts was like the Wild West? Those were times when anything went. Brutality with little to no punishment was so rampant that the government had no choice but to step in with strict measures and debt collection regulations. Don’t get me wrong; I’m all about recovering what’s owed. Besides, how do you keep businesses afloat without proper cash f... »
If you own a debt collection agency, one tool you must DEFINITELY have in your arsenal is incentives. It’s what successful businesses use to keep their workforce fired-up and committed. So, if you come across any collection agency where the phones are buzzing, the energy is electric, and collectors are closing deals left and right, a strong incentive plan is most likely the secret sauce! Col... »
We’ve all been there. The unsavory feeling when we’re owed some money but the debtor is not very keen to do what’s necessary. It’s annoying, it’s tiring, and it can drain multiple wallets. Unpaid debts are somewhat like those small pebbles in your shoe; they may be small, but they sure can cause a whole lot of trouble! Therefore, what do you do when friendly nudges and professional ema... »
Let’s face it: getting one’s money back is always a challenge, whoever the debtor is. But here’s the hard truth: Even though the debt collection industry is sometimes complicated it ensures the continuity of business. It’s the same as the car engine oil; it may not always be pretty or even invisible at times, but a car can’t do without it. Now, this isn’t just about going after a handful of ... »
Debt collection is similar to tug of war. Here you are at one end, straining your every fiber to pull those dollars closer to you. Meanwhile, the debtor is at the other end, striving to ensure the money doesn’t end up in your hands. It’s a task that’s full of challenges, frustration, and at times, looks like it’s a waste of time. But do not fret, because there are strategies that can be used to ev... »
September 10, 2014
The debt collection industry, as almost everyone knows, doesn’t get the best coverage in the media. Here at Connection2Collections.com, we want to show support for the industry professionals and help them be confident and responsible in their work. […]
