Industries Impacted by Economic Downturn Count on Collection Agency to Recover Funds
Today’s uncertain economic climate has forced both service providers and their clients into sometimes difficult and awkward conversations about payments. Many companies provided services to their customers with the expectation of being paid in a timely manner, but the advent of COVID-19 changed everything. Customers who would have otherwise paid the service provider promptly were often unable to do so. As businesses all over the world were forced to shut their doors, the economy came to a screeching halt. While it is a complicated and unfortunate situation, this is specifically why more business owners are turning to a commercial collection agency for help. Read on to find out how a small business collection agency can help your firm recover funds.
According to CaliforniaHerald.com, global HVAC contractors, for example are “seeking the services” of a commercial collection agency to “recover their funds from clients.” This route is often the last viable option to collect, as debtors who can’t pay will often employ a number of unsubstantiated reasons why. Whether they claim that the “check is in the mail” or start to dispute the amount they were billed for, the funds your company deserves remain unpaid. The article adds that an effective collection agency “approaches a debtor by following all the debt collection laws and its staff is well trained to handle every excuse of customers to recover funds them with ease.”
The ongoing economic pain being felt across the globe is not limited to one specific industry. According to a recent article from National Public Radio , a shuttle bus company serving the Boston, MA area is another example of dried-up cash flow. According to the article, the company is “going into debt for roughly anywhere between $300,000 or $400,000 every month” because payments are being deferred – but not waived. A company like HF Holdings, Inc. is well positioned to collect on your business’ unpaid receivables whether they became delinquent before or after COVID-19.
By bringing a small business collection agency into the fold, business owners greatly increase the likelihood of successful debt recovery. This is accomplished, in part, through the tireless efforts of business-to-business collectors who have the experience and necessary skillset to ensure the debts owed to your business are recovered.