Those accounts receivable and debt collection issues are not going to resolve themselves when ignored. Instead they will continue to grow, compound, and decrease in value resulting in unnecessary losses of what should have been your hard earned profit. I've handled cash flow process improvement and accounts receivable collections for dozens of industries and enjoy sharing my experience with quality business and creative people. In my 17 years I have recovered tens of millions of dollars for my clients with NO ill effects whatsoever.
I offer a free confidential online consultation form to allow me to reach those who can benefit from my expertise. There is no sales funnel or obligation. Once I receive your completed form I will assess the situation and offer my best advice whether it involves my services or not. I offer this as a way to build new relationships, show transparency and build trust so that I can attract clients who will need and benefit from what I offer.I add value to your company and work efficiently so that there is no risk whatsoever in having me involved with your business. You do however run the risk of having quite a bit more time and money on your hands and experiencing less headaches.I look forward to hearing how I can help your small business.
A perfect collection agency for small business? Yes please!
When it comes to accounts receivable problems and collection issues no one feels the pain like small businesses do. While SBA.gov defines small businesses as those having less than $21.5 million dollars in annual receipts many of the small businesses that contact us for collection services are single person businesses that are simply striving to provide a single family's income. In fact approximately 70% of small businesses are owned and operated by a single person. These operations count on positive cash flow simply to survive. They aren't backed by millions of dollars. Only a third of them even use (or have access to) business credit. Every dollar counts and you don't have the time, expertise, or resources to handle time consuming collections yourself. Don't get mad, frustrated, or let your business fall apart while you chase after non-payers. You can win at this game.
"Only 50% of businesses survive the first 5 years and in 2009 a small business went bankrupt every 8 minutes."
If your a small business and you want to stay in business or you are a freelancer and you don't want to prep your resume and return to a 9-5 you had better pay close attention to protecting yourself from losses.
Too often small businesses...
1.) don't do enough before the sale/engagement to qualify customers.
2.) don't have a contract stating the terms, or use a poorly worded agreement that lacks crucial clauses to protect themselves effectively.
3.) don't invoice properly and don't follow up quickly or often enough when invoices go cold.
4.) lack quality contact information and are unable to locate the debtor.
5.) write off losses simply because someone doesn't pay as they are supposed to.
6.) waste time or company resources by chasing payments ineffectively.
7.) feel as though somehow they themselves have done something wrong.
8.) accept excuse after excuse until the owing party finally ceases communication.
9.) waste time and money in small claims court only to realize they still won't get paid.
10.) fail to get help from a professional early on in order to maximize debt recovery and focus their time on new/paying customers!
When your small business lacks the time and expertise to stay on top of your account receivable management and collections you need help. Cambridge Receivable Solutions specializes in helping businesses like yours be able to minimize your losses in a cost effective way. We share our extensive experience, tools, professionalism, and persistence with your business so you can maximize your profit risk free.Here is a DETAILED MENU of the services we provide for all small business, professional services, and creative freelancer clients. Don't hesitate to e-mail or give me a good old fashioned phone call to discuss your past due invoices. I have an open door policy and love talking to people about my area of expertise which is getting the good guys paid!! I'll do what I can for you regardless of it you need us this time or not.Have a look at our services page for more info.Contact the Author:
President & Principal Consultant
Cambridge Receivable Solutions, LLC
New Clients: 636-487-0986
Toll Free: 1-888-908-3905
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Cambridge Receivable Solutions Pre-Collect Letter Service
Cambridge Receivable Solutions knows how to help organizations increase cash flow by leaps and bounds in a wide variety of industries. Today I want to talk about our Pre-Collection letter service which is available for purchase HERE.
I designed the pre-collect letter based on seeing the need for such a function within our diverse client base. Rather than stick to a particular menu of services, we are always looking to identify common business cash flow problems and create cost effective solutions to fix them.
Our pre-collect letter is just another tool in a wide array of cash flow maximization solutions that we offer. On accounts that have become past due approaching 90 days, you obviously begin to wonder if you will ever get paid. This is a point where you may have heard every possible excuse for non payment, and had several broken promises to pay. Even if you have had no contact since invoicing, this is when you should take some proactive steps. Be honest with yourself, did you want to wait 90+ days to get paid? Do you want non payment to your business to be someone elses cash advance?
What you need to know is IF this account needs to go to collections. Normally you can't do that without actually "placing it for collections" and paying a percentage of the recovery to an agency. This means you don't get the third party involvement effect without paying contingency on all collections. While that's a no-brainer for "most accounts" over 90-120 days there are some exceptions; such as smaller balances, single accounts, or if it's a rare occasion that you get a past due invoice at all.
Here is how our pre-collect letter works. It's fast, it's simple, and it's cost effective.
1.) You have an account (or accounts) that are approximately 60-90 + days past due. You aren't sure that you want to place it in collections, but you also don't want to wait too long. Your in house efforts are not getting results.
***This is when you need a CRS pre-collect letter***
2.) We have a quick conversation with you to gather the necessary information about the past due invoice/s in question.
3.) We mail them a letter on our letterhead explaining that the account has reached X days past due. As a courtesy we are giving them X (you decide) days to pay the balance, OR we (CRS) will be activating it for collections. We instruct them to pay by your desired method, or payment address.
The one time cost of this letter is $50.00 Purchase and submit HERE
If the "third party involvement effect" works you will receive your money by the deadline. This will surely get the attention of anyone with the means and intentions of paying you for your goods and services. Our letters cost 65% or more less than an attorney would charge to write a letter, we take less of your time, it's far less intrusive, and it's more effective because we specialize in getting these accounts paid. We can also be there to further assist you if it doesn't pay since you won't be going to court on these size invoices.
If the payment does not come in in time, you choose what to do with it from there. Smart money would tell you that they ignored you, they ignored the courtesy of a pre-collect notice, and you are now on "their time". At this time we would recommend that you activate the account for our collection service. This is done on a no fee if no recovery basis. We then attempt to expedite your getting paid. Once we have earned $100 or more in fee, we will credit you back the cost of the pre-collect letter.
If you have listened carefully to our previous blogs, you will also have a signed "Terms of Service" allowing the addition of interest, collection costs and legal fees which we will calculate and pursue.
This letter is offered on balances of $3,000.00 and under. If your balance is higher please contact us immediately to discuss the proper steps to recover larger amounts. Now dust off those old invoices and let's turn them back into cash!!! Purchase and submit your letter/s HERE today.
Call our Client Services Department: 636-487-0986
Toll Free 1-888-908-3905 Ext. 102
Thanks for your time!Jason Lindsey
President & Principal ConsultantCambridge Receivable Solutions, LLC
Toll Free: 1-888-908-3905 Ext.firstname.lastname@example.org