Do you participate in any of these time saving, convenient, technology-based activities? • Online shopping • Online banking • Use of smartphone mobile apps Communication via Technology: • Email • Instant messaging to chat with friends and family • Texting as a quick and easy way of communicating • Connecting with friends and family online…
When a debt languishes, it’s important to remind the client and request payment. This often involves sending a collection letter, but what should be in it? Here are three primary tips: GETTING PAID How do you inspire your customer to pay promptly? First, communicate that the debt is a serious matter. This requires some care (see “Staying Legal” below),…
We asked our clients why they wait so long before considering using a collection agency to manage their accounts receivable, and should it become necessary, collect old debt. We discovered 3 Top Reasons: High Cost Factor: Contingency based collection agencies are expensive, often taking 30-50% of what is collected, and they aren’t very good at collecting, boasting a…
Three Top Priorities of Accounts Receivable Management Most executives that we talk to here at Optio Solutions have 3 priorities when it comes to accounts receivable management: Collect More Lower Cost Improve Satisfaction Rating Every business owner or executive that we meet is trying to collect more money, at the same time they are…
Optio Solutions’ Stephen Ferrar and Brenda Gonzales recently attended the Southwest Pool & Spa Show March 2, 2012 in San Antonio, Texas as guest speakers for I.P.S.S.A., Independent Pool and Spa Service Association, Inc. San Antonio hosts this annual event because pools are a way of life in the Sunbelt and San Antonio regions. The three-day…
Caveat emptor is the rule of the marketplace: let the buyer beware. Consumers should be wary when choosing a debt collection agency. However, in such a marketplace, a unique opportunity exists for companies conducting their business ethically and professionally. These gems shine brightly, and they’re as sought out as any treasure. Customers who trust your company will spread…
Your intentions in keeping debts in-house are likely good. We often hear from customers who’ve let debts languish, believing they’d save money or that using a third party would alienate their customers. However, just the opposite is true. Here are the top 5 ways a reputable professional debt collection agency can improve profit recovery. 1…
Cash flow is important for any business, but for small businesses, it might be critical to survival or growth. Many smaller businesses often don’t have adequate staff to dedicate to this and don’t have accounts receivable management services or systems to deal with the specific situations they might encounter. If your small business has cash…
Is your cash flow really flowing? How do you collect debt to keep the cash flowing? You company’s access to cash and credit is important, and may become critical if anything unexpected happens. To keep your cash flow management smooth, you need to measure it, improve your accounts receivable numbers, and prepare to withstand shortages. Measure Cash Flow…
What a dirty word, nobody wants to say it, I can only whisper it, accusing someone of it puts you out on a ledge, and many historians, authors and journalists have lost face, credibility and jobs because of it. Ever heard of Stephen Ambrose? Let’s get it out of the way right up front, as defined…