Accounts Retrievable Systems – Having Trouble With Debt Collection?
As a business owner you may already be familiar with hiring a collection agency, but if you are not, we can help you decide when the right time is. Creditors will often ask when they should place an account with a collection agency, and although there is not one definite answer but there are general rules of thumb to help you out. Generally we would say if an account is 90 days past due which would be 120 days past the invoice date, you should initiate a placement with a collection agency. This would be so if there is no response received from the customer.
If an invoice is 90 days past due, you probably have sent out several statements and collection letters and even made collection calls to your client. If you have tried bringing the delinquency of the account to your customer but they have showed a lack of response it either indicates a lack of concern or cash flow problem. In any case, one thing is certain, a collection problem exists. Your best chance at collecting and recovering on a past due account is to place your account with a collection agency.
The sooner you place your account with a collection agency, the better the chances that the account with be collected on. It may be time to hire a collection agency if the customer has broken two or more promises of payment. If you have been promised payment but have not received any checks it may be time to contact a collection agency. Also if you try contacting your client and their telephone has been disconnected, double check with an information operator and if not new listing can be found you should immediately place your account with a collection agency.
Call Accounts Retrievable System For More Info at (800) 327-4687