Streamlining Your Business Debt Recovery
You’re a business owner, and you have a plan to recover your business debt. The question is whether or not your processes and procedures for your business debt recovery will be successful. Here are four ways that you can better streamline your recovery efforts.
Examine Your Written Policies Regarding Your Business Debt Recovery Methods
The first place to start is with your written policies that cover how you will go about trying to recover your business debt. If you’re going to recover it on your own or have an employee take on the debt collection process, it’s important that you make sure that you create an area that lists the relevant federal and state laws that cover collections. You will also want to include guidelines on when an account goes into collections. Finally, it should include a long description of your collections process and a simplified version. How you make your simplified version will, of course, be up to you. Many people use a flow chart for this.
What About the Law?
It’s important that you really know and understand the laws as they relate to business debt collection. There are laws in place that regulate when and how collections can occur. The Fair Debt Collections Practices Act only covers consumer debts. So, it is very important that you look at state statutes to determine if there are any limitations on how you can recover the business debts that are owed to you. You may also need to become a licensed collection agent in your own state or in any state that you need to make calls in to try and collect on your business debt.
Learn About the CCAA
CCAA means Commercial Collections Agency Association. They are a great resource to get answers about business debt recovery. They can help you determine exactly what you need to do in your state.
Get Professional Business Debt Recovery Help
It can be time consuming and a little scary to take on your own business debt recovery. Instead of devoting time to collections, you can devote your time to your business and let a professional business debt recovery agency help you get the money that is owed to you.
Clients A.R.M. is the premier choice for professional business debt recovery. With more than 30 years of experience, Clients A.R.M. takes pride in helping business owners just like you get the money that they are owed. We’re also offering a free, no obligation process review of your accounts receivable management process. We will help you spot issues in your entire process. Put our experience in business debt recovery to work for you! Book your free process review today.
