When to Reach Out to a Debt Collector

Do you know when it’s time to reach out to a debt collector for help?

For people who haven’t enlisted the help of a debt collector before, beginning the process can seem intimidating. The process isn’t exactly common knowledge, which makes it even scarier. In reality, filing for collection is actually very easy and painless! Here is a brief breakdown of beginning the process.

The age of a delinquent account is one of the biggest factors in determining whether or not a debt gets paid. The older the debt, the harder it is to collect. A rule of thumb to remember is that after three months, the probability is that you will only collect $0.73 of each dollar delinquent… after six months, only about $0.54 of every dollar... and after one year, the best expectation is that only about $0.26 of every delinquent dollar will be collected. The best time to enlist the services of a commercial debt collection agency is 60-90 days of the invoice due date. Incorporating this strategy will help ensure maximum recoveries with the least cost to your company.

Learn More About Business Debt Collection with the Experts!

The expert business debt collectors at RSD are here to demystify the debt collection process and give you the courage to pursue money owed! With an agency certified by the Commercial Law League of America and endorsed by the International Association of Commercial Collectors, you are guaranteed competence and peace of mind. If you’re ready to place a claim, or just have additional questions, call (248) 370-8160 or submit a contact form here.

Beginning the Debt Collection Process

How does the debt collection process start? 

The best time to enlist the services of a commercial debt collection agency is 60-90 days of the invoice due date. Incorporating this strategy will help ensure maximum recoveries with the least cost to your company.

To get started:

• Review your aging report to determine which accounts are getting close to 60-90 days past-due with no communication
• Gather your supporting documents which substantiate the balance owed (Signed agreements, terms and conditions, invoices, statement of account, proof of delivery, etc.)
• Complete an RSD Claim Placement Form
• Email the claim to claims@rsdcollects.com or upload your claims securely on our client web portal
• RSD will do the rest!

Learn More About Business Debt Collection with the Experts!

The expert business debt collectors at RSD are here to demystify the debt collection process and give you the courage to pursue money owed! With an agency certified by the Commercial Law League of America and endorsed by the International Association of Commercial Collectors, you are guaranteed competence and peace of mind. If you’re ready to place a claim, or just have additional questions, call (248) 370-8160 or submit a contact form here.

Myths About Debt Collectors - Part 2

Have you heard only bad things about debt collectors?

If you’ve only heard that collectors are heartless sharks, then you haven’t heard about debt collectors who are good at their job. There may be heartless collectors out there, but on the whole, people in the collection business are nothing like the cold rumors you may have seen online. 

In our last blog, we talked about two myths about debt collectors. Here are two more myths and why they’re incorrect:

Debt Collectors Resort to Threats and Harassment

Ethical debt collectors operate within the bounds of the law and professional standards, which strictly prohibit threats, harassment, or abusive behavior towards debtors. Maintaining a respectful and professional demeanor is not only required by regulations like the Fair Debt Collection Practices Act (FDCPA) but also crucial for good communication and resolving debts amicably.

Debt Collectors Have Unlimited Power to Collect Debts

While collectors have a duty to pursue debts owed to creditors, their authority is not limitless. Debt collectors must operate within the confines of the law. This includes respecting debtors' rights, such as the right to dispute debts, request validation, or seek assistance from consumer protection agencies.

Have Questions about Credit Collection Services?

Don’t be afraid to talk to a debt collector!

If you have questions about any credit collection services, our B2B collection experts are more than happy to chat. To get in touch, call (248) 370-8160 or submit a contact form here.

Myths About Debt Collectors - Part 1

What comes to mind when you think of a debt collector?

It’s possible that you’ve only heard bad things about debt collectors. Here’s why you should change the way you think about people in collections:

Debt Collectors Enjoy Making People's Lives Difficult

Contrary to popular belief, debt collectors are not motivated by a desire to make people's lives difficult. The primary goal is to recover outstanding debts for clients while adhering to legal and ethical guidelines. They understand that financial difficulties can arise for various reasons, and our aim is to work with debtors to find mutually beneficial solutions whenever possible.

Debt Collectors Are Unsympathetic

While debt collectors must follow certain procedures and regulations, it doesn't mean they lack empathy. Good debt collectors recognize that each debtor's situation is unique and are often willing to explore alternative payment arrangements that take this into account. The ultimate objective is to find a resolution that satisfies both the creditor and the debtor.

Have Questions about Credit Collection Services?

Don’t be afraid to talk to a debt collector!

If you have questions about any credit collection services, our B2B collection experts are more than happy to chat. To get in touch, 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!

Prepare for the New Fiscal Year

Is your business ready for 2024?

Here are two simple steps you can take to help set yourself up for a successful fiscal year:

1. Educate Yourself: Educate and train yourself to further your understanding of commercial debt collection. When you educate yourself, you’ll be in the know on accounting and finance fundamentals, industry trends, and developments. As a creditor, knowledge can save you time and money!
2. Review Your Customers: If you’re concerned about customer loyalty, you must set tight controls. Put new customers on a watch list so you can detect a slowdown in payments. Be ready to turn off credit or pause your services until you receive payment.

Start the New Year by Collecting Business Debt

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!

When to Turn to a Debt Collection Agency

Feeling anxious about getting the money you’re owed before the new year?

Once a debt reaches 90-120 days past due, it’s more important than ever to enlist the help of a debt collection agency. By 120 days, the collection rate has gone down to nearly half of what it should be. As you’re squaring away the books to have a clean financial start to the new year, make sure to catalog the age of any debt you’re owed, and don’t wait to reach out to a debt collection company to get the money you’re owed in the most efficient way possible.

Greet the New Year with a Debt Collection Agency

You should enjoy the holidays without the stress of chasing down debt. The expert debt collectors at RSD specialize in using an efficient but friendly approach. To get started, call (248) 370-8160 or submit a contact form here. 

How the Age of Debt Affects Collection Rates

Still waiting on payments for debts owed from earlier in 2023?

Everyone wants a clean slate at the beginning of 2024! That’s why the end of the year is an important time to clean up delinquent accounts. As we’ve mentioned in previous blogs, the best time to contact a debt collection agency to get maximum recovery is 60-90 days within the invoice due date. The older a debt is, the harder it is to get the full return. Here’s the general breakdown of how the age of the debt affects the collection rate:

• At Due Date: 94.9% collection rate
• After 30 Days: 89.9%
• 60 Days: 81.3%
• 90 Days: 69.6%
• 6 Months: 52.1%
• 9 Months: 39.1%
• 1 Year: 22.8%
• 2 Years: 9.3%

Let a Debt Collection Agency Recover Old Debt

You should enjoy the holidays without the stress of chasing down debt. The expert debt collectors at RSD specialize in using an efficient but friendly approach. To get started, call (248) 370-8160 or submit a contact form here.

What are the Effects of Debt on a Business?

Are you familiar with your business’s credit score?

One of the big differences between a personal credit score and a business credit score is that anyone can access your business credit score. Debt appears on your business credit report, and depending on the situation, it can stay there for upwards of ten years. Other companies may want to access your business credit report, especially ones that are considering working with your business. If they see a history of debt, it could cost your company a contract.

Of course, banks can also see your business credit report, and having debt will make banks and other lenders less likely to work with your business.

Bottom line is that debt drops your business credit score, and a low business credit score indicates to lenders and other companies that your business might not be safe to work with. This directly affects the prosperity of your business.

Handle B2B Debt with a Commercial Collection Agency

RSD is a commercial collection agency that’s been helping businesses like yours kindly collect debt for over 48 years. If you are struggling with B2B nonpayment or payment disputes, give us a call at (248) 370-8160 or fill out a claim form here.

How Does a Company Go into Debt?

Do you know how debt can affect your business?

Just like your personal credit card, your business’s credit card has a credit score. This credit score is hugely important to the success of your business. Also just like your personal credit score, debt will drastically lower your business’s credit score.

There are many ways a company can go into debt, but the two major ways are 1) not paying credit charges on time, and 2) maxing out the company credit card. Synovus.com says that “credit bureaus favor businesses that keep their utilization ration under 30%, so avoid charging more than that percentage of your card’s credit limit.” Even if you can’t stay under 30%, the important thing is not maxing out your limit.

Reach Out to a Commercial Collection Agency

RSD is a commercial collection agency that’s been helping businesses like yours kindly collect debt for over 48 years. If you are struggling with B2B nonpayment or payment disputes, give us a call at (248) 370-8160 or fill out a claim form here.

Why Use RSD as Your Commercial Collector?

There are only 26 CLLA certified agencies worldwide, and RSD is one of them! CLLA certified agencies must pass a rigorous examination to ensure they adhere to regulations, collection laws, and customer service. 

According to the CLLA, certified agencies provide:

• Maximum dollar recovery
• Prompt collection of debt
• Agency stability
• Reputable collection practices
• Separate trust accounts
• Adherence to rigorous Code of Ethics
• Mandatory Surety Bond protection

Learn which locations RSD can service on our website!

National and International Commercial Debt Collection

Is your debtor located outside the country?

RSD is a member of the International Association of Commercial Collection (IACC) and through this network of international collection experts, RSD can help you manage the commercial debt collection process in virtually any country in which you do business.

Contact RSD today to begin collecting!

The Future of Commercial Debt Collection

Do you wish debt collection was easier?

How can new technology be applied to commercial debt collection?

Let’s explore some of the exciting developments that are reshaping the industry.

Personalization and a Customer-Centric Approach 

In the future, successful debt collection agencies will adopt a customer-centric approach, recognizing the importance of maintaining positive relationships with debtors. Rather than employing aggressive tactics, the emphasis will be on empathy, education and collaboration. Debtors will benefit from personalized repayment plans, financial counseling and proactive communication. By nurturing relationships and building trust, agencies and law firms can increase the likelihood of recovering debts while preserving their reputation.

Learn more technological advancements in debt collection on our website!

Commercial Debt Collection with RSD

At Ross, Stuart & Dawson, we’ve been in the commercial debt collection business since 1975. We’ve undergone many technological revolutions and have embraced them. That’s why we continue to adapt to changing technology and give you the best experience possible.

File a paperless claim on our website, log into our online portal to view your claim’s progress in real time, or pay with our online payment portal. RSD makes debt collection easy! Call us today at 888-701-8181 or contact us to get started.

How will Automation and Artificial Intelligence Affect Debt Collection?

Traditionally, B2B debt collection has been a labor-intensive and time-consuming process, often flawed by inefficiencies and compliance challenges. With the rapid advancement of technology and the emergence of new tools and strategies, the future of commercial debt collection looks promising. 

Tomorrow’s high-tech agency will utilize Robotic Process Automation (RPA) to tackle the repetitive stuff, like sending payment reminders, firing off collection letters and handling payments. AI-powered chatbots and virtual assistants can deal with client inquiries, freeing up the remaining human agents to handle trickier, more complex cases that require a higher level of negotiations to strike deals. Smart machine learning algorithms can even study patterns in customer behavior and provide insights for super-targeted collections strategies.

Learn how other technological advancements can impact commercial collections.

Commercial Debt Collection with RSD

At Ross, Stuart & Dawson, we’ve been in the commercial debt collection business since 1975. We’ve undergone many technological revolutions and have embraced them. That’s why we continue to adapt to changing technology and give you the best experience possible.

File a paperless claim on our website, log into our online portal to view your claim’s progress in real time, or pay with our online payment portal. RSD makes debt collection easy! Call us today at 888-701-8181 or contact us to get started.

Dispelling Common Debt Collector Misconceptions

Could your business benefit from partnering with a debt collector?

Are you nervous that they won’t meet your expectations?

There are many misconceptions about debt collectors. You may have heard that:

Collectors Use Unethical Tactics – Ethical collection should be the only choice for debt collectors. RSD is certified by the Commercial Law League of America (CLLA), which only certifies agencies that adhere to strict collection regulations and ethics. Only 26 collection agencies nationwide are certified by the CLLA!

Collection Agencies are Hard to Work With – Total client satisfaction is everything! You need to be busy with your business, not collecting debt. RSD will take over the process completely so you can get back to work. Filing a claim is easy, and you can upload any necessary documents quickly into RSD’s secure online portal!

The Collection Process Will Be Long – Once you file a claim, RSD will work fast to get you the money you deserve! You can see up to the minute updates on your claim in your online portal.

Learn more misconceptions about debt collectors on our website!

Commercial Debt Collection Services

Commercial debt collection with RSD is prompt, kind, and communicative!

Don’t wait any longer! The more delinquent an account becomes, the probability of collecting decreases. 

Contact RSD today to start your commercial debt collection!  

Misconceptions about Debt Collectors

Does your business need help from a debt collector?

Are you worried a debt collector will be hard to work with?

There are many misconceptions about debt collectors that lead people to have poor opinions of them. You may be surprised how helpful and worthwhile working with a debt collector can be!

Common misconceptions include:

Collectors Are Too Aggressive – You want a collector to treat your customers with kindness and respect. You can expect highly professional communication between RSD and your debtor to maintain your working relationship.

Collectors Don’t Care About You, Only Money – You need a debt collector who will take the time to learn the fine details of your company to collect as effectively as possible. You may also need help increasing your cash flow, strengthening your credit risk management system, and decreasing your likeliness of nonpayment. RSD can help with all these! RSD collects on a contingency basis, so if you don’t get the money you deserve, there’s no fee.

Learn more common misconceptions on our website!

Commercial Debt Collection Services

Commercial debt collection with RSD is prompt, kind, and communicative!

Don’t wait any longer! The more delinquent an account becomes, the probability of collecting decreases. 

Contact RSD today to start your commercial debt collection!