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Consulting Services

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More Important Than Ever

Collection Consulting Services

Whether your business sells products or provides services, you should be paid in a timely manner. In today’s economic climate, it’s more important than ever that your company has effective collection policies in place. It can make the difference between being paid and not being paid.

Southwest Recovery Services offers collection consulting services that can enhance your company’s cash flow by pinpointing bottlenecks in your current collections practices and providing customized techniques and resources to streamline your accounts receivable process.

If you’re ready to improve your bottom line while maintaining positive client relationships, you need debt collection solutions tailored to your business. You need the debt collection consultants at Southwest Recovery.

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What Are Collection Consulting Services?

Collections are the lifeblood of your business. The longer accounts remain unpaid, the less collectible they become. If you don’t have a steady cash flow from customer payments, a kink in your revenue may be in the works. 

Collection consulting services from a trusted agency like Southwest Recovery are seamless solutions designed to improve your debt collection process without harming your public image. 

We offer valuable insights into your company’s financial health, pinpointing what’s weighing down your billing and collections process. These discussions then become actionable steps you can use to recover unpaid debts from delinquent customers or clients.

 

Benefits of Hiring a Debt Collection Consultant

If your profits are down or you’re struggling with cash flow problems, the culprit may be outstanding invoices. Slow-pay or non-pay accounts can impact your financial stability, affecting your business’s overall profitability. The debt collection consultants at Southwest Recovery Services provide creative solutions to your most common financial problems. 

Our nationally recognized agency can help you actively manage outstanding debt to put your company back in a healthy financial position. Here are just a few benefits of choosing Southwest Recovery as your debt collection guide:

  • Catching up and cleaning up overdue debt
  • Early resolution of account issues
  • Reconciled billing issues
  • Accurate billing procedures
  • Consistent invoice follow-ups
  • Legal compliance with debt collection practices 
  • Reduced risk of credit loss
  • Sustained customer goodwill

 

Our Comprehensive Debt Collection Consulting Services

At Southwest Recovery Services, we take a client-focused approach to debt collection. Our goal is to give you key strategies to manage your accounts receivable effectively, including tools, tips and techniques to streamline your internal processes. Our consumer debt collection consultation services include the following areas of expertise.

 

Evaluation and Optimization 

Our first step is to evaluate your current debt collection process to help you develop a plan of action. To do this, we collect and analyze relevant data to identify bottlenecks and areas for improvement. This data is crucial, as it allows us to make tailored recommendations optimized for your business. 

During the evaluation and optimization phase, we will:

  • Gather historical data, including the number, total balance and age of past-due receivables
  • Review your in-house collection process to understand how debts are currently being pursued
  • Evaluate communication and follow-up methods
  • Identify slow-pay or non-pay accounts to understand why you’re not getting paid

 

Training and Staff Education

At your request, we can provide training sessions to educate your in-house team on best practices for debt collection. These customized education opportunities ensure your employees employ consistent collection techniques, including:

  • Optimized billing procedures
  • Maintenance accurate records
  • Collection communication, including letters and call scripts
  • Timely follow-ups 

 

Strategic Debt Recovery Planning

Once we identify problem accounts and understand why you are not getting paid, we can provide you with practical and creative solutions to recover outstanding debts — all while maintaining good customer relationships. Debt recovery strategies may include:

  • Re-structuring internal collections policies: We can help your company create documents that clearly define your credit policies, including payment schedules and penalties for late or non-payment.
  • Prompt and accurate invoicing: We can recommend a functional invoicing and billing system so that customers and employees see when an account is in default. 
  • Customer communication and follow-up: We can suggest ways to enhance your communication with non-paying customers, including follow-up techniques to facilitate timely payments. 
  • Credit monitoring and reporting: If an account holder is unwilling to resolve their past-due account, we offer a free credit reporting service that reports the debt to the appropriate credit bureau.

 

Compliance and Regulatory Guidance

While pursuing outstanding debts, Southwest Recovery wants to help you operate in an ethical and professional manner. Our consultation services include guidance on all state and federal laws and regulations that govern the debt collection process, ensuring your actions comply with guidelines such as the Fair Debt Collection Practices Act (FDCPA).

Reducing Slow-Pay or Non-Pay Accounts

Help Your Organization Increase Its Cash Flow

One of the unforeseen reasons for a slow-pay or worse yet an account that doesn’t pay at all may be due to the business having not defined to its customers (and employees) the company’s credit policies. Confusion can lead to inaction which means you are at risk of not being paid in a timely fashion, or not paid at all.

Make sure payment schedules, payment dates, penalties for late or non-payment are clearly stated in your contract or agreement, and if applicable make sure it is signed.

Make sure that each employee understands the importance of consistent collection of your accounts. Most companies depend on the timely payment of accounts receivables to survive.

Make sure your employees are able to explain your policies to the customer during the purchase process.

Make sure you have and maintain dependable invoicing and billing systems. Many times, the only reason a customer hasn’t paid is that they never received a bill.

Research reveals that the longer you wait to contact a delinquent account, the less likely you are to collect it all.

Try to contact past due accounts within 10 days, and on a weekly basis thereafter.

Remember: If you aren’t being paid, it’s likely that some other company is. Make sure that the “some other company” is you by calling and following up often.

Be ready to adjust to the situation. Acting quickly and determining that a new payment plan may be wise is better done sooner than later. Be prepared to be flexible and you may keep an account from being non-pay. Slow-pay is better than no-pay at all.

The collectability of an unpaid account drops by 80% after 90 days of in-house collection efforts. If your customer hasn’t paid or responded after 60 days, you should start the process to outsource the account to a third party. They are often able to motivate the customer to pay in ways that you can’t.

Choose Southwest Recovery Services for Consumer Debt Collection Consulting

Ready to achieve your financial goals and overcome the challenges of past-due receivables? Southwest Recovery serves businesses of every size in every sector, from commercial start-ups to industry-leading health care organizations. Our comprehensive debt collection consulting services provide you with tangible solutions so that you can excel at your core competencies.

When you choose us as your collection consulting agency, you can count on:

  • Expertise: Each industry has its nuances, rules and regulations. Our experienced team ensures a successful, courteous and compliant collection approach.
  • Technology: We invest in state-of-the-art technologies to evaluate and optimize your debt collection processes.
  • Professionalism: We resolve debt with courtesy and respect, providing excellent results and maintaining good customer relationships. 
  • Contingency-based payment: We do not get paid unless you do. 

 

Find Debt Collection Consultants Near You

If you need a debt collection consultation, turn to the experienced team at Southwest Recovery Services. From our 11 strategically positioned locations, we serve businesses nationwide. Contact us to request a quote for professional debt collection consulting services.

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Southwest Recovery Services is a national collection agency with offices in Texas, Oklahoma, Missouri, Ohio, Florida and Georgia.

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