5 Tactics to Improve Your Debt Collection Strategy in the New Year

If you’ve been losing out on income due to unpaid debts that your customers, clients or business partners owe to your company, you need to adopt a better strategy as soon as possible. No business can afford continual losses for services rendered or goods provided. You fulfilled your end of the contract, and now they must fulfill their end.

Make a Change for the Positive in 2023

The new year is a time for a new start for everyone, especially in the world of business. Start the year off right and collect unpaid debt that’s overdue to your accounts receivable department by contacting the debt resolution experts at Summit A•R. If you’ve been struggling with lost income that clients, business partners, or past employees owe to your company, you need to contact us immediately to get on the fast track to debt recovery.

1) Hire a Debt Collection Professional at Summit A•R

If you’re currently facing a loss of income for this reason, the best news you’ll hear this year is how easy it is to change. As in the case of every other tactic described below, the most critical step to recover lost income due to delinquent payments or any other reason is to contact a professional.

Today’s collection agencies work differently than those that came before them. At Summit A•R, we employ highly trained and experienced professionals who have honed strategies for avoiding common excuses and other pitfalls in debt collection. Our team has learned from that experience to develop a system of strategies to return your money to you in the fastest and most efficient way possible.

Beyond our claim to one of the most successful track records in the collections industry, we aim to create a better collections industry by bringing parties together to resolve debt issues amicably and respectfully.

Maintaining this mandate ensures that your business is represented by a team that will not enter into unethical tactics, which helps preserve your company’s reputation and guarantees zero chance of any actions that do not comply with the most current laws regarding collection in the United States.

2) Don’t Try This at Home

If you’ve been trying to collect on income owed to your business and are experiencing the frustrations of being unsuccessful in recovering lost revenue, there is still hope. One of the many significant problems companies face in attempting to resolve debt disputes with their clients or business partners is they make matters worse.

Whether the approach is too strong and ends up scaring off the person in question, the situation will likely get worse when any person who is not qualified attempts to resolve a debt dispute. Unless you contact our team, you won’t have access to our trade secrets like credit bureau reporting and the additional services mentioned below. You also won’t be likely to succeed in recovering lost income for your business.

3) What is Skip Tracing, and How Can It Help Your Business?

When someone is late on a payment and refuses to communicate, the chances of debt recovery get worse. Often that person will begin to avoid contact actively or might even create a situation wherein it is challenging to find the means to contact them.

That’s when you need the help of a collection agency that can offer skip tracing solutions to track down the person in question and begin the process of amicable debt resolution. Our skip tracing department is led by a private investigator and is one of the only skip-tracing departments in the industry with a PI at the ship’s helm.

Consequently, when you contact Summit A•R for help with a client who seems to have disappeared off the face of the earth, you’ll gain access to the ability to track down the delinquent individual that you can’t get anywhere else. If you need help locating debtors and getting a hold of their assets, there’s no better resource.

4) Try Our Pre-collection Services

Ensuring you don’t lose out on lost income might begin when you’re facing an insurmountable dilemma, but it shouldn’t end there – or only occur each time you’re already in trouble. Once you partner with Summit A•R for the first time, you’ll find out how easy it is to get the help you need regarding debtors. You’ll also find out how many other essential services, like skip-tracing, we offer.

Another benefit our team can provide you that you may not already know about is our pre-collection services designed to give you an extra line of defence against unpaid debts. When you choose to get pre-collection services, you’ll gain the benefit of having our team work closely with your accounts receivable department to achieve two key roles:

• Ensure There are No Uncollected Bills that Go Overlooked
• Prevent Unpaid Debts from Accruing in the Future

With these services on your side, you won’t have to worry about contacting us for debt collection down the road when you’re already feeling the weight of the problem. Instead, you’ll be able to prevent such problems from arising through our tried and tested preventative measures.

5) Maintain Client Relations

Debt recovery can be a messy business, especially when you try it alone. Often, the person who owes money to your company is a valued business partner with whom you’ve had a long and successful history of positive exchanges.

In such cases, you don’t want to risk destroying that history, especially if this relationship has a high potential of becoming profitable again in the future. By working with our team of debt recovery experts to find an amicable solution, you’ll be able to recover your income without burning bridges.

There are few situations for troubling or challenging in the world of business than dealing with overdue invoices and debt disputes. This time, ensure the situation is handled correctly and resolved fast with the help of our team at Summit A•R.