Manufacturing Debt Collection Services

Altus Receivables Management is North America’s largest debt collection agency and a proud collection services partner for many manufacturing companies. We provide accounts receivable (AR) management and debt collection services that assist manufacturing companies collect past-due receivables and navigate complex disputes. Work with Altus Receivables Management for a transparent, reliable debt collection process.

Collections Specifications and Standards for the Manufacturing Industry

In the manufacturing industry, revenue enables you to develop the products your clients need. One payment delinquency can tie your business’s hands, so it’s important to implement successful debt collection practices. However, the practices you utilize must also meet certain specifications and standards. Altus Receivables Management understands and follows all necessary debt collection regulations.

Communication With the Debtor

When addressing delinquency, you must send a demand for payment that details the breach of the agreement. The debtor will either accept or deny the claim. Manufacturing demand-for-payment letters include information like:

• Both businesses’ names.
• The debtor’s contact information.
• A delinquency notice with account statements that highlight missed payments.
• A timeline for resolving the debt or determining an alternate resolution.

Service Organization Control (SOC) Reports

A SOC confirms third-party verification of your financial reporting practices and Trust Service Principles (TSPs). The two most common SOC reports are SOC 1, which covers financial reporting, and SOC 2, which covers TSPs like confidentiality and data security.

Memberships and Licenses

When you partner with a manufacturing debt collection agency, you must be sure your partner has certain certifications, including:

• Commercial Collection Agencies of America (CCAA) certified agency member.
• A license or bond for the relevant state or states.

Effective Collection Services and AR Management Processes Are Essential to Manufacturing Companies

Manufacturing companies work hard to meet quality and speed standards when creating products for clients across industries. When your clients fail to pay on time or at all, it affects your ability to meet demand. You need steady revenue to pay your employees, order materials, ship products, and keep the lights on.

Outsourcing AR management to a reliable debt collection agency will help you secure consistent revenue and resolve delinquencies fast so you can focus on manufacturing the products your clients need.

Here are a few ways your business can benefit from debt collection services:

• Revenue: Track balances and delinquencies to receive consistent compensation for the products you manufacture.
• Relationships: Navigate past-due balances without litigation to preserve your relationship with the debtor.
• Production: Free your staff to focus on manufacturing quality products rather than tracking down delinquent debtors.

Altus Receivables Management Services for the Manufacturing Industry

At Altus Receivables Management, we provide a full suite of AR management and debt collection services for partners in the manufacturing sector. We comply with all relevant requirements, possess SOC 1 and SOC 2 Type II certifications, and are fully licensed in every state with such requirements. We assist manufacturing businesses by:

• Communicating with debtors before and after delinquency.
• Monitoring payments and other debtor data through our ARM STRONG™ collections platform.
• Resolving delinquencies with industry-high recovery rates.