{"id":235,"date":"2020-02-25T19:49:34","date_gmt":"2020-02-25T19:49:34","guid":{"rendered":"https:\/\/amafirm.com\/blog\/?p=235"},"modified":"2021-03-24T16:44:59","modified_gmt":"2021-03-24T16:44:59","slug":"chicago-collections-agency","status":"publish","type":"post","link":"https:\/\/amafirm.com\/blog\/commerical-collections-news\/chicago-collections-agency\/","title":{"rendered":"Chicago Collections Agency"},"content":{"rendered":"


\n<\/p>\n

What is Commercial Collections?<\/b><\/h2>\n

When a business is struggling to get paid from individuals, the company can hire a debt collection firm to pursue and collect on those past due bills. But what happens when a business owes money to another business?<\/span><\/p>\n

<\/p>\n

Similar to collecting money from individual customers, a commercial collections company can be retained when a business is having difficulty collecting past due balances from other businesses. Also called B2B collections, a commercial collections company helps businesses resolve outstanding accounts with other businesses and avoid writing off old accounts.<\/span><\/p>\n

What Types of Businesses Can Benefit From Commercial Collections Assistance?<\/b><\/h2>\n

Given its central location in the U.S. and its status as a major inland port, there are a diversified range of businesses that call Chicago home, including important local industries such as finance, manufacturing,<\/span> food processing<\/span><\/a>, printing, publishing, <\/span>transportation<\/span><\/a>, distribution and more. <\/span><\/p>\n

Nearly any type of large or small business can benefit from working with a Chicago commercial collections firm. The goal of any commercial collections firm is to bring more revenue to a business by collecting on past due accounts. In addition, outsourcing the collection of seriously past due accounts to a commercial collections specialist frees up employee time to work on other aspects of the business or focus on collecting on accounts that are more likely to be collectible in-house. The overall result should be a more streamlined collections process and more revenue coming into the business.<\/span><\/p>\n

Cost of Commercial Collections in Chicago<\/b><\/h2>\n

\"cost<\/p>\n

So, how much is this going to cost? That’s the first question on the list for most businesses who are considering outsourcing their commercial collections to a third party. <\/span><\/p>\n

Most Chicago commercial collections firms work on a contingency basis, meaning the collections company doesn’t collect any fees for their work until they collect money from the past due accounts they’ve been assigned. Once they’ve collected money on a debt, the commercial collections company will usually keep a percentage of the collected money and forward the rest on to the business for whom it was collected. <\/span><\/p>\n

A contingency system works well for both parties because it means the business isn’t out even more money while waiting on the payments from the past due accounts and it incentivizes the collections firm to work quickly and efficiently to collect the money owed.<\/span><\/p>\n

The actual cost of the collections work will vary from firm to firm and can change based on a variety of factors, including including the amount of debt, the type of debt, how long the accounts have been past due, and what type of collections work is needed to collect the debt. <\/span><\/p>\n

Commercial Collections Process<\/b><\/h2>\n

An experienced Chicago collections firm will have a variety of methods at their disposal to effectively collect as many debts as possible. The process can vary, depending on the type of debts being collected, the industry, and the type of collections work needed. The <\/span>commercial collections process<\/span><\/a> can include conducting on-site investigations, issuing demand letters, reviewing commercial credit reports, and more. <\/span><\/p>\n

In some cases, filing a lawsuit may be the only way to get paid on an account. However, that’s usually considered as a last resort, since lawsuits are expensive and time-consuming and don’t always guarantee payment even after a lengthy court battle.<\/span><\/p>\n

When to Consider Hiring a Chicago Commercial Collections Firm<\/b><\/h2>\n

\"Commercial<\/p>\n

A commercial collections company can provide assistance at any point during the collections process. Generally, businesses have the best rate of success for collecting money owed within 60 days of the original due date. After that, the success of internal collections processes is much lower, and the longer an account is past due, the less likely it is that the account will ever be paid. <\/span><\/p>\n

If your business has a significant number of accounts that are 60 days or more past due, then hiring a Chicago commercial collections firm might be a good option. A commercial collections firm will help you bring in revenue from delinquent accounts, while freeing up your staff’s time to work on more recent accounts. This can help increase your revenue generation in multiple ways, since employees can focus on accounts that are more likely to be collected in-house, while your commercial collections partner works on accounts that probably wouldn’t have been paid through in-house efforts alone.<\/span><\/p>\n

Commercial Collections in Chicago<\/b><\/h2>\n

Any commercial collections company your business chooses to partner with will also be representing your business as they work to collect past due accounts. When choosing a Chicago commercial collections partner, it’s important to perform thorough due diligence before entering into an agreement. Consider the commercial collection company’s reputation in the industry and its commitment to industry best practices carefully before making a decision. Will the commercial debt collector approach all cases with efficiency, tact, and professionalism? While it’s important to collect the money owed to the business, it’s also essential to choose a reputable and experienced partner to ensure the best possible outcome. <\/span><\/p>\n

It’s also important to consider the Chicago commercial collection company’s specific expertise in collecting past due accounts with unusual circumstances. For example, many businesses work with other businesses across state lines or around the world. Navigating the different rules and regulations for collections across state lines presents a series of unique challenges as well, so it’s important to work with a firm that has a record of successful collections in multiple states. <\/span><\/p>\n

Alexander, Miller & Associates, LLC is a commercial collections firm that specializes in fast track commercial collections and on-site investigations for businesses of all sizes. Headquartered in Houston, Texas, the firm provides commercial collections services to clients across the nation, including commercial collections clients in Chicago. <\/span>Contact Alexander, Miller & Associates, LLC<\/span><\/a> today for help with your company’s past due accounts.<\/span><\/body><\/html><\/p>\n","protected":false},"excerpt":{"rendered":"

What is Commercial Collections? When a business is struggling to get paid from individuals, the company can hire a debt collection firm to pursue and collect on those past due bills. But what happens when a business owes money to another business?<\/p>\n","protected":false},"author":1,"featured_media":238,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"\nChicago Collections Agency | Alexander Miller & Associates<\/title>\n<meta name=\"description\" content=\"Don't lose your money to unpaid debts. 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