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.

How to Deal with Debtors That Won’t Pay

 Do you have difficult debtors?

Are they using any reason not to pay you?

At Ross, Stuart & Dawson, we’ve seen it all. That’s why we’ve compiled some little steps you can take to make customers take you more seriously and potentially comply with your demands. One of the biggest factors is your approach. The correct approach can make the difference between getting paid and going to court.

Here’s how to deal with debtors who won’t pay:

Won’t Pay ‒ Debtors who won’t pay often create problems that they believe justify nonpayment. The problem could be real, but is usually invented by the debtor. Examples include: the products or services weren’t satisfactory, there was a breach of the contract, someone oversold them, etc. The best thing you can do is patiently listen. If their problem is actually valid, offer to fix it to their complete satisfaction if they pay in full. If it isn’t valid, politely tell them why. If they are still being difficult, offer a settlement for less than the full balance as an inducement to save money and resolve the issue without further action. If you go with a settlement, be smart when negotiating. Always start higher than the bottom line and never accept the first offer.

For more collection approaches, visit our website!

Take Advice from the Trusted Debt Collectors in Michigan

If you’ve done all of the above, and still need help, Ross, Stuart & Dawson can assist you! Certified by the Commercial Law League of America and endorsed by the International Association of Commercial Collectors, Ross, Stuart & Dawson has the know-how to get you the money you deserve.

Our kind, professional-approach is empathetic yet firm and manufactured for success! For a trusted commercial debt collector in Michigan, call RSD today at 888-701-8181 or contact us via our website to start taking care of your delinquent accounts. 

Unpaid Debts Can Get in the Way of Running Your Business

A company's Accounts Receivables are usually its second, if not its first, most important asset on the balance sheet. It’s not just a number – it reflects the resources a company harnesses to manufacture, ship, and sell its products — all on a promise it will be paid at some point in the near future. An experienced debt collection agency will make the difference and get more of these promises turned into payments.

Learn how the MFDCPA governs what debt collectors can and cannot do here.

Michigan-Based Debt Collectors Can Help Your Business

When you hire a collection agency like Ross, Stuart and Dawson, we’ll implement a strategy that works best for your unique case. An analysis and investigation of the facts will help determine the options. 

Business owners should be spending time doing what they are good at, not chasing down debts. Contact our experienced debt collectors today at (248) 370-8160 to get started. Let the experts worry about your collections, so you have more time to focus on growing your business!

The Fair Debt Collection Practices Act Governs Even the Most Expert Debt Collectors

 

Here’s some of what you need to know about the Michigan Fair Debt Collection Practices Act 339.915 Licensee Sec. 915:

A licensee shall not commit 1 or more of the following acts:

1. (a) Communicating with a debtor in a misleading or deceptive manner, such as using the stationery of an attorney or the stationery of a credit bureau unless it is disclosed that it is the collection department of the credit bureau.

(b) Using forms or instruments which simulate the appearance of judicial process.

Read more of the MFDCA here!

Your Case Gets Personal Attention from Our Expert Debt Collectors 

What’s most important to you is also important to us! Every one of our cases gets dedicated, personal attention, whether your claim is big or small.

Business owners should be spending time doing what they are good at, not chasing down debts. Contact our experienced debt collectors today at (248) 370-8160 to get started. Let the experts worry about your collections, so you have more time to focus on growing your business!