Set Your Business Up for Financial Success!

Is your business prepared for potential payment disputes?

Here are three tips to help set your business up for financial success and prepare it for B2B debt collection.

Establish Clear Terms

One of the most effective ways to mitigate potential issues with debt collection is to establish clear and concise payment terms from the beginning. Clearly outline expectations regarding payment due dates, acceptable payment methods, late fees, and consequences for non-payment in your contracts. By setting expectations upfront, you minimize misunderstandings and provide a solid foundation for effective debt management.

Maintain Detailed Records

Accurate record-keeping is vital when it comes to debt collection. Keep thorough documentation of all transactions, invoices, payment receipts, and correspondence with clients. Maintaining organized records not only facilitates smoother debt collection processes, but also serves as valuable evidence in case of disputes or legal proceedings.

Implement a Systematic Invoicing Process

Consistent invoicing is essential for prompt payment collection. Establish a systematic invoicing process that sends out invoices promptly upon completion of services or delivery of products. Clearly itemize the charges and payment due dates on each invoice and follow up promptly on overdue payments. Utilizing accounting software or invoicing platforms can streamline this process and help you stay on top of outstanding payments.

Need Help with B2B Debt Collection in Michigan?

Our Michigan debt collection agency is dedicated to helping your business collect money owed with efficiency and empathy. If you’re ready to start collecting, or even if you just need a few questions answered, call (248) 370-8160 or submit a contact form here.

B2B Debt Collection: Tips for New Business Owners

Are you a new business owner?

For many entrepreneurs, starting a business is an exhilarating journey. However, while launching a new venture can be exciting, there can also be challenges, like debt collection. Here are a few tips to get you started:

Communicate Effectively

Open communication is the key to resolving payment issues. If a client falls behind on payments, reach out promptly to remind them of their outstanding balance and inquire about the reason for the delay. Be polite, but firm, and offer flexibility where appropriate. Often, a simple reminder is all it takes to prompt payment and maintain a positive business relationship.

Enforce Policies Consistently

Consistency is paramount when enforcing payment policies. Establish a clear protocol for handling delinquent accounts, including the escalation process for overdue payments. Whether it involves sending reminder notices, imposing late fees, or pursuing legal action as a last resort, ensure that your debt collection policies are applied uniformly to all clients or customers. This demonstrates professionalism and reinforces the importance of timely payments.

Preserve Relationships Whenever Possible

While debt collection is primarily focused on recovering overdue payments, it's essential to approach the process with tact and empathy, especially when dealing with long-standing clients or valued customers. Strive to preserve business relationships whenever possible, even amid payment disputes. 

Need Help with B2B Debt Collection in Michigan?

Our Michigan debt collection agency is dedicated to helping your business collect money owed with efficiency and empathy. If you’re ready to start collecting, or even if you just need a few questions answered, call (248) 370-8160 or submit a contact form here.

Need Help with Legal Debt Collection?

Dreading the idea of going directly to a law firm for collections help?

This excerpt was prepared by Thomas W. Hamilton, Executive Vice President and General Manager of the American Lawyers Quarterly, Cleveland, Ohio.  Copyright © 2009.  All rights reserved.

The volume provided by RSD makes collections profitable for these law firms, and thus they commit resources to their collection practices, including superior technology, personnel, a dedicated legal collections staff, and prioritized partner time.  When a law firm processes a volume of collections files over an extended period of time, they are committed to this practice, and they establish a reputation with local debtors.  This reputation can eliminate a lot of “stall tactics” and increase the probability of settling your cases without protracted litigation.

Firms that process a large volume of collection matters may develop specializations within the field, so that they have particular expertise in handling claims involving the Miller Act, the insurance industry, subrogation, transportation, or health care.

RSD has personnel that deal only with legal collections.  Their legal department handles thousands of files each year.  They develop professional relationships with the attorneys they use, and sometimes personal relationships as well.  They are active in associations that provide them with continuing education on the ever-changing laws that deal with collections and bankruptcy.  Many of these organizations also afford them the opportunity to network with receiving attorneys.

Why not make use of the advantages afforded by the use of RSD and its network of law firms to collect your legal accounts receivables?

Contact RSD for Help with Legal and Commercial Debt Collection

Whether you need help with legal debt collection or commercial debt collection, RSD is here to help you get the money you’re owed. If you’re ready to start collecting, or even if you just need a few questions answered, call (248) 370-8160 or submit a contact form here.

RSD Can Help with Legal Collections!

Wondering if a commercial collection agency can help with legal collections?

This excerpt was prepared by Thomas W. Hamilton, Executive Vice President and General Manager of the American Lawyers Quarterly, Cleveland, Ohio.  Copyright © 2009.  All rights reserved.

RSD has a unique ability to service legal collections, because of their expertise in this field, the volume of legal matters they handle, and the resources they have available.

A member of RSD obtains legal services through the use of a law list.  These lists provide a network of law firms who are educated and experienced in handling collection matters and provide their services on a contingency fee basis.  These law firms work with the agencies within a strict set of rules (Operative Guides set forth by the Commercial Law League of America) and abide by the usual and customary practices particular to the collection industry, thus assuring a high level of service.

Furthermore, the law firms are carefully screened by the list who provide bonding coverage up to $3,500,000 per law firm to the agencies on all matters forwarded through this medium.  Thus, the creditors are protected against the possibility of any loss due to fraudulent or dishonest acts.  This bonding coverage is available only to collection agencies and law firms, not direct to creditors.  Because of this bonding insurance coverage, the law lists continuously monitor and evaluate the performance of their listed law firms.  

Need Help with Legal or Commercial Debt Collection?

Whether you need help with legal debt collection or commercial debt collection, RSD is here to help you get the money you’re owed. If you’re ready to start collecting, or even if you just need a few questions answered, call (248) 370-8160 or submit a contact form here.

Touchdown with B2B Debt Collection!

How does commercial debt recovery compare to the Super Bowl?

While the commercial B2B debt collection Super Bowl may be a fictional concept, the real-life efforts of debt collection agencies are anything but. Their role is crucial in maintaining a healthy business ecosystem, ensuring that outstanding debts are settled and companies can continue to thrive.

So, here's to the unsung heroes of the financial field – the commercial B2B debt collectors – may your touchdowns be plentiful, your negotiations successful, and your celebrations as grand as any Super Bowl halftime show. After all, in the world of debt collection, every win is a cause for celebration!

Pick the Winning Team of Commercial Debt Recovery!

When it comes to collecting B2B debt, you’ll want to be on the winning team! RSD’s will help you score the winning touchdown. To get started, call (248) 370-8160 or fill out a contact form here. Our team looks forward to securing your victory!

Prepare for the Super Debt Bowl

Calling all football fans! You may be ready for the Super Bowl, but are you ready for the Super Bowl of commercial debt recovery?

In the thrilling world of commercial B2B debt collection, where every outstanding invoice is a potential touchdown, the Super Bowl takes on a whole new meaning. Forget the touchdowns on the football field; we're talking about collecting debts with style, finesse, and maybe a little end zone dance. Welcome to the Super Debt Bowl LVIII, where the stakes are high, the debts are higher, and the collection agencies are ready for their moment in the spotlight.

Picture this: the crowd roars as the commercial debt collection industry gears up for its own version of the Super Bowl. Teams of skilled debt collectors suit up, armed with negotiation tactics, persuasive communication skills, and the determination to bring home the championship trophy – or, in this case, a fat check to clear some unpaid invoices.

The halftime show might not feature pop stars, but it sure has some chart-topping debt collection hits. With catchy slogans like "Collections Blitz" and "Debt Intercept," these agencies know how to make a lasting impression. Forget the jumbotron; the screens display outstanding balances, interest rates, and the progress of each team in real-time.

As the clock winds down and the final whistle blows, victorious debt collectors raise their arms in triumph. The Super Debt Bowl LVIII champions are crowned, and the confetti falls – not in team colors, but in shades of green representing the hard-earned cash recovered during the game.

Get Your Commercial Debt Recovery Game On!

When it comes to collecting B2B debt, you’ll want to be on the winning team! RSD’s will help you score the winning touchdown. To get started, call (248) 370-8160 or fill out a contact form here. Our team looks forward to securing your victory!

Three Ways to Prepare Your Company for the New Year

Having trouble collecting on debt owed from 2023?

Here are three ways you can prepare your company for the 2024 fiscal year:

• Establish an Effective Billing System: An effective billing system can save you from collection stress in the new fiscal year. Have the customer fill out a credit application, keep track of all purchase orders, send invoices promptly, keep copies of documents, and send a statement of their account if they haven’t paid. 
• Improve Your Cash Flow: Staggering payment terms, using milestone or upfront payments, offering discounts for early payments, and acting against nonpayment immediately can all improve your cash flow.
• Partner With a Debt Collector: Debt collectors can locate debtors, are up-to-date on collection laws and regulations, and have the technology and processes to recover debt quickly. When you leave debt collection services to the experts, you can focus on what your business does best.

Get More Tips on Business Debt Collection

Need a little help getting started on these steps?

Ross, Stuart, & Dawson can help! Save time, money, and eliminate stress by using RSD’s business debt collection services. 

Don’t risk losing any more money to debtors. Fill out our contact form or call (248) 370-8160 to set your company up for success!