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Management Insights
   
Keep your Business Prepared for the Unstable Economy
By Bob Stein, Saturn Systems

With the unstable economy we face today, it is important for businesses to have a means of collecting past due accounts and delinquencies.

With the unstable economy we face today, it is important for businesses to have a means of collecting past due accounts and delinquencies. You might have internal collectors within your corporation that handle debt collection. An alternative to this approach is hiring an experienced and knowledgeable collection agency to collection on moneys owed.

There are plenty of options and benefits for hiring a collection agency. There are agencies available online that make the process simple and convenient. Your company can choose the services you need, upload the past due account information, and leave the hard work up to the collection agency.

Collection agencies know how to handle your slow paying and bad debt accounts.
They benefit you and your business by using their expertise from the industry. They know how to word effective collection letters to gain a valuable return on past due account. They also know when to send the letters and when to take the case to the next level. If sending letters offers no response, collection agencies will move to other methods of collecting for you business. If the other methods do not work, the collection agency will bring the case to the final stage and get an attorney involved for possible legal actions. They take the time out of the process for you and your business.

They also take the headache away from tracking on all of the past due accounts. As mentioned above, online collection agencies give you the capability of handling everything with a click of your mouse. You can submit accounts electronically. You can report any payments through the online site. And, best of all, you can report out on past due accounts that your business currently and previously have.

The benefits are clear but before hiring a collection agency, make sure you know what you are looking for. Compare services amongst agencies to see what they have to offer. There are a variety of ways that a collection agency prices their services. Some include a "bulk" option to include all services available for every collections account. They might have a set fee or take a percentage of the returned debt. Another method is to offer separate services on a case by case basis. One case could only need demand letters sent in order for the account to be collected while another case might move all the way through the process and require legal services. This case-by-case method allows your business to save money and only pay for services needed.

It is vital for your business to be prepared in an ever-changing economy. A collection agency can be a step in the right direction for keeping your past due accounts down to a minimum. They save your business time and money and are experienced in recovering debt.

Bob Stein is the owner of Saturn Systems and a respected "Collection Guru". Bob has extensive experience in collection services and can provide insight in to effective ways to collect delinquent accounts. Visit www.Saturn-Systems.com for more information.

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