Oil and Gas Collections Solutions

Oil and Gas Industry Collections

Oilfield service companies can experience cash flow problems due to the high expenses needed to continue operations. In most cases, oil and gas businesses rely on timely payments to reduce delays in equipment, personnel and other necessary items to run the business. Late payments can cause chaos with the cash flow, leading many companies to halt operations — an inefficient long-term solution for energy loans.

Southwest Recovery Services, LLC can help with debt collections for oil companies. Together, we can recover late payments and ensure on-time payments, streamlining your efficiency efforts.

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Debt Collection in the Oil and Gas Industry

As with any industry, the oil and gas industry relies on timely payments for its services to function. However, tracking down late-paying customers can be time-consuming and frustrating for your administrative team. Instead, debt collection services can handle every aspect of the process for you, including communication, documentation and legal action if necessary.

Choosing a professional debt collection service can help you:

Maximize cash flow: Timely debt collection maintains a healthy cash flow to cover your company expenses and continue gaining revenue on your services. A professional service uses proactive strategies that fit your company’s exact needs.
Improve financial health: With better cash flow, you can feel comfortable with your financial health. Improved financial health reduces financial stressors and allows you to reach your long-term goals.
Save time and resources: If your debt collection process is inefficient, you will lose money. A debt collection service can create unique strategies that save you time and resources so you can make the most of each payment.
Maintain industry compliance: Professional debt collection companies have ample knowledge of the industry, ensuring your processes stay within appropriate regulatory compliance policies. These companies will also uphold your values to ensure the collection process stays professional and ethical.

Industry-Specific Challenges

The oil and gas industry is a mix of large corporations and small self-employed individuals. As jobs constantly shift, invoices get overlooked, lost or shoved to the side to be paid later. Most oil and gas companies have some internal processes that successfully recover most of the outstanding receivables, but it can be challenging to recover everything. As a result, companies can lose hundreds, thousands or millions of dollars.

Due to volatile market conditions, oil and gas companies can find themselves in these situations. Oil and gas often require bigger price moves to balance their supply and demand markets. Delayed or nonexistent payments can skew their ability to keep up with market demands.

Southwest Recovery Services Solutions

As a recognized leader in receivables management for over 20 years, we understand the volatility and uncertainty of the oil and gas industry. Southwest Recovery Services provides strong recovery results on accounts that become 90 days past due or beyond. Our extensive experience in the energy sector allows for cost-effective and maximum recoveries. We possess the ability to work through difficult and disputed accounts. Issues with purchase orders and invoices are a huge reason for non-payment, and our teams know how to work through these accounts successfully.

What we can provide:

Local services in Midland, Texas
Prompt recoveries by an experienced team of oil and gas experts
Excellent communication between your office and ours
Pre-legal review and assessment with recommendations
Legal action, if deemed appropriate
Mediation and arbitration

Comprehensive Debt Collection Services

Southwest Recovery Services, LLC’s oil and gas commercial collections are tailored to your company’s needs. Our comprehensive debt collection services cover both first-party and third-party collections. Here is a quick look into our processes:

First-party collections: When a client owes you money, you are considered the first party. We step into this role and communicate directly with your clients. After a service, they will pay us their due amount, and we transfer the money to you.
Third-party collections: We also handle outstanding debt collection, specifically in delinquency. We have the resources and knowledge available to seek respectable legal proceedings if necessary.

How to Find Oil and Gas Debt Collectors

When it comes to finding an oil and gas debt collection service, you want one you can trust. Debt collection handles the bulk of your revenue, and you deserve to keep what’s rightfully yours. Here are some key factors to consider when selecting a trusted collection agency:

Experience: Ensure the company has experience in the oil and gas industry. Background knowledge helps create realistic payment deadlines and efficient processes overall.
Reputation: With experience comes quality reputations, looking at how they interact with your company and clients. Your debt collection service should have a good reputation so they can better protect yours.
Communication: Because the debt collection agency directly contacts your clients for payment, you want to choose someone with clear and effective strategies. They must also know your payment process so they can explain and answer questions when needed.
Compliance: Your collection agency should be licensed and compliant with industry regulations. It should maintain a professional and ethical approach to handling all unique situations involved in debt recovery.

Southwest Recovery Services, LLC’s Expertise

Southwest Recovery Services, LLC is an expert in debt recovery services, leading the way in all the factors above and more. We have over 20 years of experience in debt recovery, consulting, revenue cycle management and accounts receivable management. Our proven track record in the oil and gas sector has given us a quality reputation in the industry.

We offer professional and ethical industry knowledge and specialized services that comply with your industry regulations. We operate and adhere to your company’s state and federal laws, including the Fair Debt Collections Practices Act (FDCPA), the Consumer Financial Protection Bureau (CFPB), the Fair Credit Reporting Act (FCRA) and the Health Insurance Portability and Accountability Act (HIPAA).

HAVE A QUESTION?

Reach Out to Southwest Recovery Services, LLC Today

At Southwest Recovery Services, LLC, we provide oil and gas company collection services that fit your exact needs. If you want to learn more, email us with your questions at [email protected]. You can also contact us online.

We look forward to hearing from you.

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Oil and Gas Collections