Your Business at its Best

With Tucker Albin's Commercial Debt Collection Business Resources.

From professional affiliations that underscore our ability to serve you to practical advice and strategies for more effective debt collection and accounts receivable management, Tucker Albin offers you the best resources so you can be the best at what you do.

Smart Practices

If you could easily save yourself money, collect more debt faster, and make commercial debt collection activity easier, you'd do it, wouldn't you? Yet most companies rely more on luck and hope than proven procedures for managing and recouping delinquent accounts. Consider implementing these four simple steps for more cost-effective and efficient accounts receivable management.

1. Create clear, written policies and procedures. These policies and procedures should target details: Who does what, when. What are the specific dates that trigger specific actions, like payment reminders? What are the steps your staff should take to handle late payment or delinquency, in order? Finally, make sure your customers are aware of your policies.

2. Require precision. In other words, all policies, procedures and actions should reference specific dates, amounts, actions to be taken and commitments to those actions. Generalities give your slow-to-pay customers (and even employees) too much wiggle room. Follow up on any conversation in writing.

3. Prioritize personal contact, always with a professional demeanor. Telephone and in-person contact is always more effective than online and paper reminders, which is why debt collectors are so well known for their phone calls. The key is to remain respectful, calm and professional, no matter what. This can be very challenging. In fact, it's one of the principal reasons many business owners outsource collections. It's hard to cultivate a mutually beneficial solution and preserve/improve customer relations when you are emotionally invested in the transaction. You also don't want to run afoul of legislation – the other major reason why business owners typically outsource this task.

4. Document every communication and transaction. It's also useful to review this history before any contact. Perhaps it's unsurprising that debtors will sometimes resort to fiction in their explanations, excuses or accusations, so having the facts at your fingertips can make a huge difference. Plus, if the debt collection activity ever moves into the legal system, crystal-clear records can smooth the road significantly.

Collection Agency Software and Debt Collection Software

Collection agency software - Debt collection software  State-of-the-art debt recovery and sales force automation software for both commercial and consumer debt collection agencies.