Is your business following debt collection best practices?
You can employ regular reviews and checks of all outstanding accounts, or accounts that may be at risk for going to collections. Taking the time to do this step provides a personalized touch to your customers, and can help maintain a healthy relationship with your client base, even if their accounts get sent to collections.
Regular check-ins also help you to keep your cash flow top of mind and allow your debt collections professionals to have an updated scope of the current state of accounts. Doing this can save you thousands in delinquent account fees, and put more money back into your pocket. Does your business have a regular review process?