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... »
In an ideal world, people will honor all their financial obligations as and when they are due. But let’s face it: life is unpredictable, and sometimes things get in the way. Sometimes, juggling between medical bills, student loans, and other obligations is not quite a smooth ride. And before you know it, you may find yourself drowning in a sea of overdue notices and final warnings. It’s times like... »
Picture this: you came through for some individuals, companies, or other entities in need by lending them your hard-earned money. They gave you their word, or even put it in writing, to repay in the not-too-distant future. But alas, when the time came for them to repay their debt, they failed. Humans and their fickle nature, right? You’ve tried different approaches to recover your money, maybe you... »
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... »
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. […]
