How Leasing Companies Can Minimize Debt Collection Issues

Leasing companies have a few challenges, no matter what types of products they lease. Whether it involves equipment, cars, or whatever else, machines are subject to wear and tear and leasing companies need to ensure their fleet is in a good state of repair.

That’s why they need capital set aside to cover maintenance and upkeep. Debtors throw a wrench into this system because money that should be in their accounts isn’t there, and this financial shortage could ripple into other problems downstream if it drags on for too long.

All companies have a protocol for collecting debts, but that’s not really their specialty. Summit A*R is proud to collect nearly double the industry average without resorting to any of the unethical, underhanded tricks sometimes associated, rightly or wrongly, with the debt collection industry.

Our consulting services can help revamp your in-house collections efforts, improving how a core service performs long-term, or you can outsource your collections to us entirely. Every company has their own circumstances and ways of doing things, so we’re happy to provide whatever type of support you prefer.

Please read on to learn more about how Summit A*R can help you protect your reputation and collect debts.

Respect Matters

Business leaders may feel aggravated when they’re owed money that isn’t coming, just like debtors feel pressure and stress over what they owe. It can be a frustrating situation, and navigating it calmly is a real challenge. When anger and frustration boil over, it undermines the initial collection efforts, but it may also create a rift between you and the debtor that makes any future partnership unlikely.

Summit A*R always makes it a point to treat everybody with respect and kindness. We don’t judge anyone for falling into debt, and never use the kind of collection tactics that would reflect badly on your business if they were made public.

We will never resort to late-night calls, threatening language, robocalls, and other shady, ugly tactics. Instead, our trained, experienced collection professionals look for the best way forward in resolving disputes for both parties, and offer help with a kind, friendly tone. That can make a large difference! Nobody feels cornered and there’s never hostility.

Thankfully, there’s no conflict between being kind and collecting more money. In fact, Summit A*R manages to collect nearly double the industry average while treating everybody with respect. That’s what our PHD philosophy is all about — Preserve Human Dignity.

Better Skip Tracing

Outstanding debts from debtors on the run put leasing companies in a tough dilemma: do they invest more precious time and money into locating the debtor or cut their losses and let it go? There’s no guarantee that spending more time and money will result in finding the debtor, and they could just lose even more money and time.

On the other hand, accepting that the debt won’t get collected means they’re short money, and it sets a bad precedent moving forward. Leasing companies aren’t built to find debtors who may change their business’s name and location to stay hidden and avoid repayment.

Thankfully, that’s where Summit A*R excels. Of all the debt collection agencies in the US, we’re the only one with a skip tracing department run by a fully licensed private investigator. Our private investigator has resources, skills, and experience other skip tracing departments don’t have. Most skip tracing departments rely on free tools. Our databases are more comprehensive and exclusive to Summit A*R.

We know how to find debtors and their assets that don’t want to be found sooner and more effectively. The quicker we locate them, the sooner your books will be healthier. And best of all, there’s no extra fee for using our private investigator. If you need their services, they’re yours.

Credit Bureau Reporting

Summit A*R knows how to motivate debtors to meet their obligations. At no extra cost to you, we file timely reports to all three credit bureaus. Such an approach changes a debtor’s calculus.

When their debts begin to affect their credit rating, it’ll be harder and more expensive for them to obtain loans in the future. Once they realize this, they’ll accept that repaying their outstanding debts is cheaper than not paying them.

That’s when you’ll find the money begins to roll in! Summit A*R is very experienced in pressing the right buttons to get a response from debtors. We always follow the rules and regulations carefully everywhere we operate.

In-House Consulting

Hopefully, your core in-house processes prevent debt from arising in the first place. Done right, they can.

Summit A*R is happy to take on the busy work for you, such as billing, telephone follow-ups, or other actions to pre-emptively prevent different types of debt from building up and becoming more problematic. We’re proud of our record: Summit A*R has an A+ rating from the BBB, a perfect compliance record, and our complaints rate sits at 0.02%.

Our goal is to find a productive way forward that makes everybody happy while recouping more debt sooner for our clients, and our track record after more than 28 years in the business speaks for itself. If your leasing company wants to let someone else handle all the menial collection work and focus on the core of the business, call Summit A*R today.

Summit A*R’s seasoned accounts receivable consultants and management professionals will share their insights to improve your cash flow while reducing bad debt write-offs. We can tailor a custom program to empower your staff to generate new revenue in ways that fit your business and your team’s skills.

Don’t hesitate to get in touch! Just call (888) 222-0793 and we’re happy to connect and see how best to proceed.

Leading companies can feel like they’re in purgatory when outstanding debts threaten their ability to pay for maintenance and upkeep in machinery, vehicles, or equipment they may not own but are responsible for. Their business depends on always having a well-stocked fleet of maintained equipment, and lost revenue can cause a proverbial wrench in the mechanics. Keeping their accounts healthy is indispensable for any leasing company, so connect with Summit A*R today to see how we can help.