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Guides & Articles on Collection Agencies
Bounced Checks Key Terms
Check out common bounced check key terms
As a business owner, you never want to submit a bounced check nor do you ever wish to receive one. But how do you realize what the risks are when it comes to bounced checks? By becoming knowledgeable with certain bounced checks key terms, you can be one step ahead of the game. Although certain federal, state and local rules may affect the specifics when it comes to bounced checks,...
Bounced Checks Laws and Regulations
Learn about and comply with bounced check laws and regulations
Federal, state, and local rules may apply to bounced checks. As a bank or other financial institution, it's in your best interest to learn all you can about these laws so that you provide complete compliance. Doing this will help prevent a regulatory review and thwart possible litigation from clients.Banks can generally set their own rules through their own board of directors...
Bounced Checks
Recoup your losses from bounced checks with smart planning and policies
Bad checks are a problem for most businesses. Because small businesses rely on maintaining certain levels of cash flow, collecting on bad checks is especially crucial for them. Although check writing has decreased due to the use of debit cards, bad checks from customers are still an issue.The best business plan is to take steps to avoid, or limit, bounced checks. But, because your...
Collection Agencies Key Terms
Understanding the debt-collection process and the restrictions put on collection agencies
As a business owner providing goods or services, you may occasionally run into a client who refuses to pay an outstanding bill. While you can attempt to collect this debt on your own, collection agencies have more resources available to them and can often be more successful. As you consider hiring a collection agency to collect debts owed to your business, it's important to...
Collection Letters Key Terms
Some key terms for collection letters
When it's time to get serious about getting payments a company needs to stay afloat, collections letters are a critical part of the process. These letters can inform those who owe about what is going with their debts, without a lot of in-house time and labor. Collection letters are often used in conjunction with other strategies. Knowing about some of the key terms around...
Collection Letters Laws and Regulations
Avoid lawsuits by learning about collection letters laws and regulations
Businesses are required to adhere to all federal and state collection letters laws and regulations. It’s nearly impossible to own a business and never have to collect an overdue debt because some customers and clients will just simply not pay their debts. While debt collection is a necessary task to ensure the profitability of your company, there are laws that regulate just...
Collection Letters for Beginners
How to use collection letters to obtain money owed to your business
It's an unfortunate fact in the business world that some people fail to pay their bills in a timely manner, which necessitates a short course in writing collection letters for beginners. In some cases, sending them is the only chance you have of receiving the money you're owed.Since it is possible that clients have neglected to pay their bills because of accidental...
Collection Letters
Design and use effective collection letters to increase your company's profits
Companies, just like individuals, rely on the money they are owed to keep production going, and when owed money, businesses can use collection letters to help get that money. Collection letters information is fairly basic and straightforward, stating that the client needs to pay you and keep his or her account current. If you cannot properly implement this information in a letter,...
Collection Services Software
Learn how to collect a business debt using collection services software
If you own a debt collections business, look into software for collection services. For some, the business of debt collection might conjure negative connotations. For most businesses large and small, the process of debt collection becomes a necessary company lifeline.With the advent of the business and office software industry, debt collection services software has become an...
Commercial Collection Services
Finding commercial collection services for your business
Business collection services are the reality of many businesses. These commercial collection services specialize in collecting debt from business to business companies. For most businesses, hiring a commercial collection service to recover a debt is a last resort. Hiring a commercial collection agency is a good business move because these business collection services providers are...
Credit Card Chargebacks Laws and Regulations
Protect your business by understanding credit card chargebacks and how to obtain them
Credit card charge backs are intended to protect consumers; Federal Reserve Regulation Z offers reversal rights to credit card holders in the United States of America. Credit card charge backs allow individuals to get their money back when they pay for a service and are ultimately not given the service for which they had already paid. These are considered to be the last...
Credit Card Chargebacks
Why chargebacks happen and how you can prevent them
There are a myriad of reasons why consumers ask for credit card chargebacks (sometimes called "charge backs"). Some of these reasons are legitimate; for example, a person may detect a credit charge error. Or perhaps a customer dissatisfied with a product or service they've paid for may ask for chargeback services. However, a good number of return credit card...
Credit Card Chargebacks
Chargebacks are annoying and expensive. Here's how to avoid them.
If you accept credit cards, there's a chance customers will dispute charges that appear on their bill. When that happens, the credit card issuer will take back any payment made to you while the investigation is underway. If the credit card company decides against you, the amount will be permanently charged back. Customers commonly dispute charges when they have been victims...
Finding and Using a Collection Agency
How to call in the collection cavalry before it's too late
The term "delinquent account" is not something small business owners want to hear. It conjures images of cash shortage and an often difficult process of finding and working with a collection agency. You may be tempted to stretch terms and extend deadlines before deciding on a formal collection effort. But recognize that the longer you wait, the less likely you are to collect your...
Handling Bounced Checks
Reduce your exposure and improve collections
Bum checks are the bane of many a small business. For local businesses especially, accepting checks is a service to customers that is hard to eliminate. But any business that accepts checks will ultimately be faced with some that bounce – returned for insufficient funds – and have procedures to deal with returned checks is imperative. These are the steps you will want...
Making the Most of Collection Agencies
Collect your debts by making the most of collection agencies
Collection services offer a slew of opportunities for increasing your revenues by collecting lingering debts. In addition to finding clients who’ve moved and collection on delinquent accounts, medical collection agencies can take your bad debts off your books completely by purchasing the debts at a reduced rate. Outside debt collection services provide services that can be...
Skip Tracing Collections Basics
Determine the best skip tracing collections methods for your business
When a debtor goes missing, you may have to implement a skip collection program to find the debtor and collect the money owed to you. There are many techniques used for this purpose. Some of these techniques are legal and others are unethical and very questionable.In order to maintain a good reputation while still collecting the money owed to your business, you have to use legal...
Skip Tracing Collections Education and Training
Obtain skip tracing collections education and training to learn how to successfully find debtors
Skip tracing collections education and training provides the necessary resources to help businesses collect debts. Locating the debtor is the first step in collecting on a delinquent account. A debtor may relocate or obtain new contact information, leaving creditors with no way of contacting the individual to collect on the debt. By accessing skip tracing collections education and...
Skip Tracing Collections Key Terms
Understand the lingo used in skip tracing
Skip tracing finds people who have defaulted on their obligations. Companies who have customers who owe months of back payments may hire a skip-tracing collection agency to pursue the debtors and collect the debt. The agency will cost money, so if you use one, you will only recover a portion of the money you are owed. Many companies consider it worthwhile because without the ...
Skip Tracing Collections
Building a skip tracing and collections service
Establishing a successful business skip trace services department for your collection agency can take your business to the next level. Skip tracing and collections are essentially like two sides of the same coin, working creating a team effort. Skip tracing is a bit different from collections, requiring a different approach, skills and resources to create a successful department....
Wage Garnishments Education and Training
Learn about the process of a federal wage garnishment
IRS wage garnishment is a process of collecting debt from a person's weekly wages. Garnishment of wages works by taking a portion of a person's net income from each paycheck until the debt is paid off. Laws and regulations limit the amount of money that may be garnished per paycheck. Employees are also protected against being discharged due to a federal wage garnishment on...
Wage Garnishments Key Terms
Familiarize yourself with wage garnishments key terms
Wage garnishments are used to receive payment for debt, taxes or court-ordered fees. The most common wage garnishment is child support. Most payroll personnel have to deal with some form of wage garnishment. There are different types of wage garnishment, and each type has specific regulations the employer needs to follow. Understanding the terminology and regulations concerning...
Wage Garnishments
Manage wage garnishments with updated information and professional resources
Typically, the wage garnishment process begins when someone owes taxes to the IRS. Wage garnishments are also commonly set up through a court order after two parties settle alimony or child support cases. Wage garnishments ensure that the party owed money gets his or her due in a timely manner, but for the person whose wages are garnished, it can mean a very small pay check....
Working with Collection Agencies
Increase revenue by working with collection agencies
Collection services can help you step up your delinquent collections as well as handle all your credit accounts. You should take advantage of the expertise developed by collection companies. Debt collection agencies can get you the most response by utilizing the automatic calling technology and personal collection techniques they’ve perfected. Medical collection agencies...
