As 2016 comes to an end, many businesses are looking forward to the start of a new fiscal year. A new year brings on different obstacles and growth opportunities, but chances are you don’t want one of those obstacles to be old uncollected debt. This is when a reputable debt collection agency comes in handy.
Statistics show that after the first month of uncollected debt, the chances of recovering debt decreased to 93%. Although that may seem adequate, the numbers take a sudden nosedive; after 3 months, there is a 73% chance of recovery, and after 6 months, there is a 50% chance you will not get paid. Needless to say, if you hit the one year mark of uncollected debt, the odds are stacked against your favor and you face a 75% chance of not receiving any payment.
Time truly is money when it comes to recovering payments, so you want to make sure you are addressing uncollected debt as soon as possible. However, collecting payments can be tricky. Some clients may avoid you like the plague! Others may become defensive and shut the conversation down. You also walk a fine line when dealing with long-term clients who are going through a tough time and do not have the ability to pay for rendered services; you do not want to lose a valuable client when collecting debt.
For situations that require a delicate approach, you will be more successful in recuperating payment when partnered with an experienced debt collection agency. Through our Customer Assistance Program, we are able to approach your invaluable clients with tactics that will retain your relationship and advance the debt collection process.
At Alexander Miller & Associates, we have developed debt recovery strategies for different industries and our extensive experience will increase your chances of getting your money back. Our debt collection divisions include: Freight and Transportation Commercial Debt Collection, Seafood and Produce Commercial Debt Collection, and Restaurant Supply Commercial Debt Collection.
Let a skilled debt collection agency help you and contact us today for more information.