3 Reasons Why to Call in a Business to Business Debt Collection Agency
Categorised in: Our Blog
There’s nothing more annoying than dealing with delinquencies, but it’s a requirement of the job. You can’t expect to walk away from a payday, especially when you’ve already delivered on your end of the bargain. You deserve to get paid for your products and services.
Bad debt puts an unnecessary strain on your budget. Not only are you out the amount you were supposed to receive, but you’re also wasting time (and money) by chasing down your delinquent customers.
This is no less true when your customers are other businesses, but it does change the playing field a little bit.
As a B2B enterprise, you encounter different challenges to your collections that a professional debt collection agency can handle easily. Here are some reasons to enlist our professional commercial collections services before you tear out your hair in frustration.
1. You’re in a Niche Industry
Some B2B vendors have the pick of the litter when it comes to clients. They’re operating in expansive markets or large industries with an exhaustive pool of customers. Should they have to cut ties with one customer, they can safely do so knowing another will take their place quickly.
You can’t say the same of companies operating in a niche market. If you’re a B2B vendor in a small industry, you don’t have an endless supply of customers.
In a niche industry, word-of-mouth sales might be your lifeblood. Even if you have every right to be frustrated by their overdue account, you can’t afford to make a bad impression. If your customers spread the word, nothing will ruin your future faster than if you’ve earned a reputation for being difficult or unreasonable.
Having Summit A*R at the helm of your commercial debt recovery helps you preserve your reputation without sacrificing your bottom line. We understand how invaluable your customers are, so we never do anything to jeopardize your relationship.
As a collection company with a “P.H.D. Philosophy” (Preserve Human Dignity), we approach each case with kindness and respect. This sensitive commercial debt recovery technique focuses on finding financial solutions that work for everyone involved.
Never do we resort to threats or other aggressive tactics to convince your customers.
These underhanded tricks skirt the law, which goes against our commitment to local, state, and federal regulations. We closely monitor these rules to ensure we abide by the law at every step.
2. You Make High Volume Sales
As a B2B company, your typical purchase volume tends to be a lot higher than other businesses dealing with consumer debt. Depending on your services or products, a single order may be thousands of dollars. Some accounts may even be worth millions.
When so much is riding on an individual account or contract, one small hiccup can leave a lasting impression on your books. Overdue payments can cut off your cash flow from the source, making it difficult to operate as normal.
An experienced business to business debt collection agency such as Summit A*R understands how crucial steady cash flow is to your success. Our commercial collection specialists work hard to recover debt quickly so that you can pay for operating and overhead expenses.
We’ve been helping the cash flow since 1996. Our 24-year experience as a business to business debt collection agency gives us the resources to take on your most stubborn debt successfully — which is how we can boast recovery rates that are nearly twice the industry average.
Over the years, we’ve recovered millions of dollars for businesses from a wide array of industries. We believe in working hard no matter how big (or small) your business may be, and we don’t place quotas or minimums on any contract. You can come to us for help, whether you have just one account in arrears or several.
3. You Come up Against Experienced A/R Managers
A successful debt recovery campaign boils down to negotiation. Being able to discuss bad debt politely without giving up your ground in the bargain can be challenging in the B2B world. Unlike consumer accounts, you won’t be talking with an average citizen; you’ll be speaking with an experienced accounts payable professional.
These trained experts may have handled overdue accounts before, and they know how to contend with the typical approaches to debt recovery. If you aren’t experienced in negotiating, you may lose out to these seasoned professionals.
Here at Summit A*R, our team of business to business collection specialists are veterans of stubborn debt recovery. More still, we have invaluable resources that your in-house collections department does not.
Our consumer debt collection assistance includes additional support in tough situations. As a national business to business collection agency, we can make timely reports to all three credit bureaus. We find that companies are more eager to pay off their debts when they know their delinquent accounts may impact their business credit report.
We also offer accounts receivable consulting to prevent account delinquencies and write-offs from happening in the first place. Our accounts receivable management professionals teach you how to increase cash flow while protecting customer retention.
We Do Business to Business Collections Differently
Here at Summit A*R, we stand out from the competition because of our effective recovery strategies. We never fall back on unethical or aggressive tactics; they simply don’t work as well as our P.H.D. approach to collections, not to mention they go against the law.
Our no-complaint policy highlights our commitment to a compassionate recovery plan. Just check out our A+ rating on the Better Business Bureau (BBB).
Our stellar ratings are all due to our long-term and friendly staff. Each of our debt recovery professionals has 10+ years of experience in the industry. Some of our team includes a licensed private investigator, which allows up to locate any customer who pulls a disappearing act.
Talk to Us to Get the Ball Rolling
If you’re dealing with a challenging account that won’t pay up, stop tearing out your hair in frustration. Get in touch with us here at Summit A*R to streamline your collections strategy. As an impartial third-party, we can put pressure on your commercial customers to get you out of the red and into the black again.
In addition to working on a B2B scale, we also help a variety of clients from a broad spectrum of industries. We have experienced specialists who can help with medical debt, dental debt, consumer debt, and more.
Click here to see what other services we offer or get in touch with one of our representatives today. One of our friendly staff will be happy to share how our commercial collection agency can help you!