Navigating Debt Collection Challenges in the Manufacturing Industry

It’s interesting how the rise of digital technology is changing the very hands-on world of manufacturing. Innovations like robotics and AI have already led to technological manufacturing responses, like drop-shipping.

It’s hard to think about an aspect of life that digital technology hasn’t changed, but as we start another new year in our highly technological world, collecting debts is still mostly a non-digital, old-fashioned problem. Manufacturers have dealt with unprecedented disruption for years and now have even more appreciation for steadiness and predictability.

Let’s check out how Summit A•R can help manufacturers navigate debt collection challenges.

Collect Debts Sooner, Focus Where it Matters

Manufacturers need accurate economic forecasts about their industry and their own business. How can they get reliable data when they don’t even have the money in their accounts from previous transactions and deals?

Hiring the leading debt recovery agency takes this vital matter off their hands, as Summit A•R ensures you get your money back so you can focus on making your next moves. Summit A•R knows how to locate your debtors and their assets. In over two decades of experience, we’ve learned which buttons to press to maximize collecting debts and how to press them in ways that make it easy for you to keep doing business with them moving forward.

You’ll have more money in your accounts sooner. Manufacturers untroubled by where their money is are free to focus on navigating a complex, quickly changing industry.

Keep Bridges Intact

Summit A•R strives to do a lot more than simply collect your debts. We understand that asking people for money is uncomfortable and difficult, and it can alter relationships with people you’d like to keep working with.

You’ll be glad that Summit A•R’s PHD philosophy stands for Preserve Human Dignity. No matter the situation, we treat everybody with respect. Sometimes, debt collectors use shady methods to get back what’s owed, like robocalls, threats, late-night calls, aggressive language, and more.

Such rude and underhanded tactics fail on several levels. Even if the debtor does repay what’s owed, such aggressive methods will likely sour them on ever doing business with you again. At the very least, it will impact business relationships. Manufacturers work hard to maintain positive relations; don’t undo them overnight by using aggressive debt collectors who can sabotage your hard-earned reputation.

Even if your bottom line was your only concern, there’s no advantage in using harsh, aggressive collection tactics! Summit A•R is proud to collect nearly double the industry average without resorting to tactics that will anger the people you work with and reflect badly on your business.

Thankfully, the leading consumer collection solutions are more pleasant to be around. You don’t need to choose between treating peers with respect and collecting the money that’s rightfully yours. Get the best of both worlds by hiring Summit A•R.

Pre-Collection Services

Summit A•R’s pre-collection services could be the most efficient way to outsource debt collection. Ultimately, hiring us to handle all debt collections in-house means we’re there from the start to ensure the entire process is organized and efficient.

We’re happy to oversee whatever aspect of debt collection you need but bringing us in from the start gives us agency and full control over what we do best. We understand how important it is for clients to walk away from having done business with a good impression, and, of course, we know that you need all your accounts full.

When we’re free to enact all our processes rather than integrate them with a company’s ongoing setup, we know we can achieve top results. However, every manufacturer is different, and we respect that with so many moving pieces, sometimes, it makes more sense to only tackle a specific aspect of debt collection.

Don’t hesitate to reach out to us to see if our pre-collection services will help your manufacturing business the most.

Debtor Rights and Obligations

Most manufacturers don’t want to deal with the nitty-gritty involved with collecting debts. Sending debt validation letters isn’t their top priority, as they have other things to do, and the timing can be sensitive.

For example, if an alleged debtor asks for a debt validation letter, it must be prepared within five days. Otherwise, the debt can be declared invalid.

Manufacturers aren’t specialists in debt collection. Any time it takes them to learn about processes, rights, and legal obligations takes away valuable time better used elsewhere. Hiring professionals who know these rules helps manufacturers to get their debts collected sooner and keeps their focus where it should be — on their work.

The terms and type of business manufacturers are in make it very different than, say, debt collection for contractors or freelancers. Manufacturers have a lot more overhead, meaning there are expenses paid upfront that must be met, or many people’s job safety could be at risk.

However, despite this urgency, you also need to honour and observe every debtor’s rights and obligations. Of course, you can avoid this tension altogether by hiring Summit A•R.

Any manufacturer needing heavy rental equipment recovery, whether they lend it out or borrow it, can also rely on debt collectors for vital aspects of their business. Such equipment needs to be returned on time and in good condition, and if disputes arise about the condition of the equipment, you could be out money if you don’t have professionals in your corner.

In our 20+ years of operating, we’ve helped businesses across sectors, as well as a range of manufacturers. No matter what obligations you have as a manufacturer, speak to Summit A•R to get the best debt collectors on your side.

Manufacturers have faced serious disruption over the past few years, and they’re eager to keep things steady and reliable moving forward. If you need to keep business relationships intact while maximizing your debt collection, don’t hesitate to give Summit A•R a call.