Category: Collections
Tax Season Debt Collection Strategies and Why They Matter
For many businesses, the holiday shopping season can make or break their year, constituting almost half of their annual sales. Similarly, the collection industry experiences a significant boost during tax time, with IC System witnessing up to a 30% increase in collections for our clients. This surge is attributed to consumers using their tax refunds
Solving the Unique AR Challenges of For-Profit Colleges
For-profit colleges face unique challenges in managing their accounts receivables, which are crucial to their financial health. This blog details some of the AR challenges of for-profit educational institutions and offers potential debt collection solutions for for-profit colleges looking to improve their recoveries. Unlike traditional colleges, for-profits typically cater to a student population that is
The Disadvantages of Debt Collection, and Its Necessity for Businesses
Debt collection can be a necessary evil for businesses. When customers fail to pay their bills on time, it can significantly impact a business’ cash flow and profitability. Many businesses turn to a third-party accounts receivable management company to resolve the issue. However, there are also some risks associated with debt collection that businesses should
6 Things to Consider When Hiring a Debt Collector
If your business needs help collecting from past-due consumers, you probably have questions about what to look for when hiring a debt collector. But are you asking the right questions? Here are some questions to consider before you hire a debt collector to contact your delinquent accounts. What collection services do they provide? For your
Overcoming Debt Collection Challenges in 2023
The collection industry faces new debt recovery challenges in 2023. Throughout the United States, collection agencies have struggled to provide debt collection services in a financial climate fraught with new regulations and rising inflation. What are these challenges, and how will IC System overcome them? Inflation: Inflation in the U.S. economy has caused the price
Three Innovative Tools to Increase Collection Revenue
As a business in need of collection services, it’s essential to have a partner that offers innovative tools to increase your recoveries. Here are a few collection tools offered by IC System that you may not find at other agencies. Credit Reporting There are few more compelling incentives to pay than credit reporting. Credit-conscious consumers
Better Debt Collection with Data Security and Compliance
When you think about ways to evaluate a potential collection partner, your first thought probably relates to performance or experience, not data security and compliance. But cyber security and operational compliance remain vital when choosing a debt collection company. Ensuring your consumers’ data is protected, and your consumers are treated fairly according to regulatory mandates,
Top Myths About Working with a Collection Partner Dispelled
Businesses of any size might be reluctant to turn to an accounts receivable partner for a host of reasons. Here are three (debunked) myths about working with a third-party debt partner, and details about how working with an agency can boost your revenue. 1. Debt collectors are only for extremely late bills. This is not
How Much Do Collection Agency Fees Typically Cost?
There are thousands of debt collection companies out there with different pricing options. Learning about these different options, including the average cost of most collection agency fees, makes it easier to determine the best service provider for you. Depending on the size and unique needs of your business, typical choices include contingency collections or flat
Small Business Owners: Build Your Accounts Receivable Plan
One of the challenges of being an entrepreneur is having to do it all yourself. For small business owners, accounts receivable can be a bear. You already have to deal with sales, marketing, HR, strategic planning, budgeting, accounting, inventory, and shipping with a small staff—sometimes, all on your own. Adding to the challenge of mastering these
