Suppose–on the simplest level–you have a customer who owes you money for services rendered and has not paid for the past three months. You have emailed, called, and perhaps even attempted the ‘bumping into them at the coffee shop’ approach. Nothing’s working. What, then, do you do? Better call a debt collection agency! These agencies are professional in the act of locating debtors and persua... »
The primary goal of any business is to be profitable. That means having a positive cash flow. Without that, business operations are bound to run into brick walls and may eventually become bankrupt. Unfortunately, cash flow problems abound across various industries today. Many businesses are owed large sums of money, putting them in danger of folding up. Without debt collection agencies, resolving ... »
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... »
Collectors Have All The Fun As a Collection Manager you are constantly juggling your responsibilities, making sure that you are meeting your goals, but also making sure that your staff is happy. CMs can do this by using contests for collectors, or implementing a generous bonus structure to keep the hard workers motivated. Something that happens a lot is the way the rest of the company feels about ... »
Happy Monday everyone! We decided to start this week off with a post that is true to any good negotiator’s heart, the problem with leaving money ON THE TABLE! Before we dive into the post, take a half of a minute to watch the below video. This is something that is a perfect visual display of collectors’ reactions when they find themselves leaving money on the table. Don’t let thi... »
DBA International 18th Annual Conference: Passport to the Future Well, as you all know, we’re really big on education for industry professionals. I mean, it’s in our company values for crying out loud. So it’s only natural that we let you know about a conference that’s coming up this February. It includes a whole lot of educating and networking opportunities. If you aren... »
Why Consumers Should Thank Debt Collectors Yep, we said it. It’s not written incorrectly, but popular to contrary belief, debt collectors actually help consumers. And not just the consumers they speak to on the phones, but ALL consumers. What debt collectors and debt collection companies do, adds tremendous value to our United States’ economy. And that’s exactly why consumers sho... »
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. […]
