How to Collect From Slow-Paying Customers

Posted by Ryan Howard on Nov 15, 2017 3:49:14 PM

There could be any number of legitimate reasons your customers aren't paying their bills on time. They may not have received the bill. They could be dealing with an overwhelming amount of debt and shame. Or they may be in the habit of paying after the due date. In any of these cases, your business accounting is affected when your customers don't pay in a timely manner. You can make a few changes to prompt your customers to pay on time.

Use these best practices to collect what's owed to your business from slow-paying customers.

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Topics: Rent Collection, Money Management, Small Business, Accounts Receivable

4 Reasons to Stay on top of Accounts Receivable

Posted by Ryan Howard on Nov 14, 2017 1:08:10 PM

 

When starting and growing a business, it's easy to get caught up in activities such as research, development, sales, customer service, and more. Cash management may be overlooked unless you start to feel it where it hurts. A steady and dependable cash flow keeps the lights on and contributes to more investment in your business. Managing recurring revenue streams or accounts receivable must be made a priority.

Here are 4 important reasons to stay on top of your accounts receivable.

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Topics: Small Business, Accounts Receivable

Health Insurance or Not: How to Collect Patient Payments

Posted by Ryan Howard on Nov 9, 2017 12:08:25 PM

A 2017 TransUnion Healthcare analysis revealed that 68% of patients with $500 or less in medical bills did not pay the full balance in 2016. This trend is expected to rise to 95% by the year 2020. As a healthcare provider, patient care and treatment is the primary reason for doing what you do. Unfortunately, many patients will not seek treatment or continue care if they are unable to pay their bills. 

With higher health insurance deductibles and patient responsibility affecting payments and treatment, how can healthcare providers collect payments and continue to provide quality care?

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Topics: Customer service, Healthcare Collections

Zombie Debt

Posted by Ryan Howard on Oct 27, 2017 7:50:00 AM

Zombies may have a frightening connotation but for many American consumers, zombie debt is downright terrifying. Haunting individuals who are doing their best to pay their bills on time and rebuild their credit score, zombie debt eats at the brains of those who want to put to rest long overdue debts that they thought were resolved.

What is "zombie debt" and Is It a legitimate collections practice?

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Topics: Debt Collection, FDCPA

B2B Collections: Best Practices

Posted by Ryan Howard on Oct 26, 2017 1:50:00 PM

Business-to-business (B2B) relationships and collections are more complex than business-to-consumer (B2C) relationships and collections. In a B2C environment, there could be thousands of consumers working with or purchasing from the business. Commercial relationships go much deeper than that, where the business itself works with fewer customers, the sales cycle is much longer and results in larger invoice amounts. An unpaid B2B invoice could pose more of a challenge to a business' cash flow than an unpaid invoice from a consumer. 

There are Collections differences between B2B and B2C. Understanding these will Highlight b2B Collections Best Practices.

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Topics: B2B Collections

When To Invest in Property Management Software

Posted by Ryan Howard on Oct 20, 2017 1:42:44 PM

Property managers and landlords are continually barraged with things to do. From filling properties with quality tenants, to managing those tenants and properties, to collecting from late-paying tenants, there has to be a way to manage ALL THE THINGS. Property management software is literally designed to make a property manager's life easier. As with any technology, the benefits must outweigh the costs. Is it time to invest in a software program to manage your properties?

What are a property manager's clues that it's time to invest in software?

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Topics: Property Management, Rent Collection, Student Housing

Collect more with consumer-friendly payment options

Posted by Ryan Howard on Oct 13, 2017 10:35:37 PM

Collecting payments on time from your customers is definitely good for business. While this statement seems obvious, there are far too many businesses that don't make the process easy or consumer-friendly. With e-commerce, you may find customers leaving their online shopping carts without paying. Healthcare customers may fall behind on payments. Tenants may consistently pay rent late. 

It is possible to collect more with the use of modern technology and flexible payment options. Here's how.

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Topics: Debt Collection, Rent Collection, Medical debt, Customer service

Requirements for Reporting Delinquent Accounts to Credit Bureaus

Posted by Ryan Howard on Oct 6, 2017 10:12:54 PM

One of the questions most asked of BYL Collections during onboarding of new accounts is regarding credit bureau reporting. Obviously, our credit and collections clients understand how credit bureau reporting may actually prompt a call or payment from a customer. When we take on the responsibility of recovery of an account, we also plan to report the bad debt to the credit bureaus. To facilitate that reporting, however, our clients must have supplied us with the information that the credit bureaus require. 

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Topics: Debt Collection, Credit

Disaster Recovery for Small Business Accounting

Posted by Ryan Howard on Sep 29, 2017 2:40:42 PM

With the recent hurricanes and wildfires, CNBC reported from FEMA that 40% of small businesses never reopen after a disaster. In fact, a CNBC and SurveyMonkey survey found that most small businesses owners do not consider the environment as a factor to the future of their business. The unfortunate truth is that some of these natural disasters aren't predictable so it's no surprise that entrepreneurs aren't thinking about them. While there are plenty of disaster recovery technology solutions to keep your business open, our focus will be on the safety of your accounting records.

Here are steps to keep your accounting records safe during natural or unplanned disasters.

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Topics: Small Business

Customer Service is Important to Debt Collections

Posted by Ryan Howard on Sep 25, 2017 11:05:08 AM

The typical American consumer may not associate the terms "customer service" and "debt collection". In actuality, the better a debt collection agency is at customer service, the more successful they will be. With a change in mindset, and a lot of patience, a debt collector's call can actually be helpful and pleasant. After all, the goal is to assist the customer.

Debt collection and customer service go hand-in-hand. 

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Topics: Debt Collection, Customer service