A Guide for Business Owners Chasing unpaid invoices is never fun, but for businesses of all sizes, successful commercial debt collection is crucial to keeping cash flow healthy and operations running smoothly. For SMEs (Small and Medium Enterprises), it can be the difference between thriving and struggling. Missteps in the process can lead to legal […]
Tips for Staying Financially Strong Running a business comes with its challenges, and one of the most significant is avoiding bankruptcy. Business bankruptcy doesn’t just impact financial stability; it can damage reputations, disrupt operations, and threaten the very survival of a company. However, understanding why businesses face bankruptcy and implementing strategies to prevent it can […]
Protecting Your Business Against Credit Risks The implementation of the recent tariffs continues to be a hot topic among business owners and financial professionals. Despite changes in political administration, the tariffs recently imposed have largely remained in place, impacting industries across the board. But how exactly do these tariffs affect businesses, and more importantly, how […]
A Guide to Creating Effective Standard Operating Procedures (SOPs) Collecting commercial debt isn’t just about chasing payments—it’s about balancing strategy, professionalism, and relationships. How do you recover overdue payments while keeping cash flow steady and business connections strong? The answer lies in having a solid plan. For financial managers, debt collectors, and business owners, robust […]
A Guide For Businesses Nationwide Chasing overdue payments can feel overwhelming, but it doesn’t have to be. For businesses, financial managers, and entrepreneurs, the question “what is commercial debt collection?” is key to keeping cash flow healthy and stress levels low. This guide breaks it all down—what commercial debt collection really means, why it matters, […]
Extending credit to customers is a common practice in the business-to-business (B2B) space. Credit allows businesses to make bulk purchases and meet their customer needs. According to a 2023 survey, 85% of B2B buyers want to buy goods and services and postpone payment to suppliers. In addition, 60% of surveyed professionals stated they prefer credit […]
Companies are increasingly using advanced digital tools to increase their debt recovery efforts. Different platforms have varying capabilities, but most streamline the collection process by providing automated solutions. For example, debt recovery software can replace manual processes such as dunning, payment tracking, and settlement processing. Others can also provide detailed reports and analytics to help […]
First-party and third-party collections play an essential role in the debt collection process. In first-party collections, an organization uses its internal team to collect debts or acquire the services of an agency. With third-party collections, an external agency runs the collections efforts. Understanding the differences between the two will help you know what to do […]
Today’s debt collection technologies offer many benefits, helping businesses achieve more with less effort. For example, cloud-based debt collection software streamlines debt payments, provides real-time reports, and simplifies communication. With the right technology, debt collection firms can increase recovery rates, improve compliance, and enhance customer relationships. Below, learn more about current industry challenges, debt collection […]
While federal law protects individuals who obtain consumer debts, businesses have limited safeguards regarding debt collection. Some states have corporate debt collection laws relating to licensing requirements and statutes of limitation. However, the core guidelines to collect commercial debts properly are found in the code of ethics that applies to certified members of renowned associations. […]
