How Debt Impacts the Financial Health of Chemical Companies

The larger and more complex a company is, the more debilitating debt can be. Chemical companies run many elaborate, complicated processes, like transforming or refining gas, minerals, and other substances.

Unlike companies in certain sectors, like the financial sector, that mostly operate on paper, these processes are very much tangible and physical. Companies weighed down by debt struggle to make accurate long-term financial forecasts or allocate money reliably. Basic functions become challenging.

If something goes wrong and there’s an accident, chemical companies may need a large infusion of cash that can’t be tied down in debts. Depending on the jurisdiction in which the chemical company operates, regulations may take some of the control out of the hands of business leaders. It’s nice to have stable, reliable finances in such circumstances.

Thankfully, debt collection for businesses large and small is where Summit A*R really thrives. Please read on to learn how we do it.

Better Skip Tracing

Summit A*R knows how to find assets and debtors that don’t want to be found, and once we locate them, we know which buttons to gently press to get a response. We’re one of the only professional debt collectors in the US with their own in-house fully licensed private investigator running their skip tracing department!

Many professional debt collectors use free resources to track down debtors and their assets, meaning their limited tools all come from the same pool. Our investigator has the experience and the means to quickly and reliably find what’s trying to hide.

They know how to leverage credit bureau reporting properly, with prompt reports to the major agencies that change a debtor’s calculation. Before filing a report, a debtor saves money by not making payments. However, once their credit rating is affected and they realize how much more expensive and difficult it will be to secure a loan in the future, they’ll likely pivot and find a way to make repayments.

Better skip tracing is an indispensable way to get payments moving forward.

Support Your In-House Collection Efforts or Outsource

Large organizations invest considerable amounts in internal debt collection processes. However, there is usually room for tweaks and improvement, and a little guidance can give them a significant boost.

Summit A*R can embed ourselves among your debt collection team and consult on where you can improve, but we also have a collection team tailored to your needs that can take over your operation entirely.

No two companies are built the same, and we’re happy to give whatever lift suits you best. We believe that debt collection for large companies shouldn’t distract business leaders from what they do best, or take away resources from where they’re best used.

Ethical, Helpful, and Friendly

Let’s face it. Financial disputes can cause tensions to rise. People don’t like being asked to lend money, never mind repaying what they owe. Often, if a debtor could repay the debt, they would, but they could be in difficult circumstances that aren’t entirely their fault. Business is complicated, and there are many moving parts.

Summit A*R takes pride in what we call our PHD approach — preserve human dignity. We treat everybody with respect and kindness, no matter what side of the issue they’re on. None of our collection methods will ever alienate you from B2B partners, clients, or customers. Our goal is to help everybody get what they want, which means helping debtors move forward while obtaining the maximum debt repayment for our clients.

We will never resort to ugly, aggressive tactics like robocalls, late-night calls, threatening language, or anything like that. Our ethical debt collection process is central to what we do, and it works. Summit A*R collects nearly double the industry average. Clearly, being kind and helpful is no obstacle to financial success.

Our ethical approach leaves bridges intact once the debt is recovered. Harsher collection methods can push people away from a business by leaving a sour taste in their mouths.

Transparent and Secure

Large companies hire us to give them financial predictability. When the debts owed aren’t in their accounts yet, they need to know their status.

Summit A*R’s secure web portal provides a constantly accessible view of your account’s status. Companies can check to see if a debt has been collected, place new accounts for collection, download custom reports, and more. The window into how your debt collection is progressing is always open.

Employee Reimbursements

Sometimes, the source of debt is within the company itself. Employees may be a source of financial drain in a few ways, which Summit A*R can prevent.

Companies are right to offer their employees free training and ongoing education programs; it helps them upgrade their skills without paying out of pocket, while companies with more qualified employees can deliver better services. However, if an employee helps themselves to the free training and then abruptly quits, that may violate the terms of the agreement and we can recoup this money.

Likewise, if an employee improperly files a business expense, we can help you get this money back, whether it was an honest mistake or an attempt to exploit company policy.  Finally, if employees are overpaid because of a technical glitch, recouping this money can be challenging because they did nothing wrong and may resent having to pay it back. Tact is required. Summit A*R will take this sensitive challenge off your plate and handle it for you.

Your employees deserve the money they earn and work hard for, but upholding the initial agreement to which both sides agreed is fair to everybody.

Chemical companies have unique dynamics that their leaders factor in when making business decisions, but all large organizations need to keep bad debts off their books to stay financially healthy and operationally agile. If you need a debt collection agency in Minnesota that can boost your financial health and free up your leadership to concentrate on what’s most useful, call Summit A*R today.