Do you own a business? Do you always get paid for the quality products and services you provide? Is the A/R department in your company primarily focused on the collection of past due receivables? Are you satisfied with the level of service and performance your current agency is providing?
Every thriving business, regardless of size, has a core competency, a specific focus that allows the business to be a competitive, growing, profitable enterprise. Generally speaking the collection of past due receivables is not on the list of core competencies for business owners not in the collection industry – as it represents a small fraction of the total time and effort put into their business to make it a success. In addition, every market and industry has a unique, specific set of ever changing rules and regulations that govern the strategies and tactics a business owner may deploy in order to enjoy success in their chosen field. The professional collection industry is no different – third party agents spend 100% of their time collecting on past due receivables – their skills, strategies and tactics are well practiced, professional; the most effective and efficient way to get paid for what would otherwise end up as bad debt. It is estimated that the collection industry as a whole returns $55 to $60 billion dollars annually back to its clients.
The recovery of outstanding, aging receivables should always be on the top of the list for any business owner serious about staying in business for the long run; regardless of the industry or market they serve, or what month the calendar happens to in. As a rule, there is a direct relationship between the age of an invoice and the overall collectability of the invoice – the older the date of service, the less likely it is that you will ever see your account receivables made whole. Additionally, your larger repeat clients have the leverage of dragging their feet on paying your invoices and as a matter of policy may push payments out to 60-90 days. Having a tight, deliberate collections process brings potential bad debt to light early and often, giving business owners the best opportunity to get paid for the professional, quality goods and services they provide to their clients and communities.
If you are in the market for a new agency partnership, please consider that size and location are key ingredients in producing the results that you are looking for in an a service provider. Find a local agency that mirrors the approximate size and scope of your business enterprise. An agency with 500 collectors may have the references, capabilities and experience that a business owner is looking for, but your individual accounts will certainly get lost in the enormity of their portfolio and the service and performance you receive will most likely be commensurate to the number of accounts and total dollars you place with the agency on a monthly basis. If you are manually placing less than 100 accounts per month find a local mid-sized agency with solid client references and similar industry experience.
National Account Systems of Omaha is a mid-major Nebraska based collection agency with all of the capabilities and experience of large national players in the industry. We have developed a deep, comprehensive, robust local data-base proven to serve hundreds of clients in the Nebraska market. We are here to serve you and your team as the last line of defense to recoup on your delinquent invoices. At NAS we take a professional yet unapologetic approach to the idea that our clients deserve to be compensated for quality services rendered and individuals or companies taking advantage of their good faith is not an acceptable course of action.
By National Account Systems of Omaha