Compliance is the set of procedures and policies that guide employees to adhere to the regulations. In a field like debt collection, this is obviously a critical topic. Although compliance sounds straightforward, it consists of several areas that present unique challenges for collections agencies. An effective compliance program is, therefore, invaluable to any debt recovery agency, as it helps identify those challenges and provides solutions to address them, and in doing so, protects the reputation
A stable cash flow is the lifeblood of your business as you need it to pay your expenses, such as your employees and suppliers. Without it, it’s almost impossible to grow as a business. The key to healthy cash flow is an effective collection process. Unfortunately, many small businesses don’t put enough emphasis on this aspect of their operations. However, with the right debt collection strategies, you could not only successfully recover your debts but
Unpaid invoices are bad news for any business, as you need a steady cash flow to stay afloat: you need to have funds to pay your expenses, including suppliers and staff. It is, therefore, imperative for businesses to recover debts after a certain period of time. But when should you send someone to collections? The team at Coast To Coast Financial Solutions advise you to ask yourself the following questions to find out: TABLE OF
Debt collection can be stressful for both the debtor and the debt collector, and it often involves calls and emails that are unpleasant for both parties. However, learning a few best practices can help alleviate stress and make the process smoother. Ultimately, this will lead to successful debt collection! In this article, our debt collection agency has put together tips for successful debt collection by phone and email. Read on to find out how better
The debt collection industry has changed significantly in recent years: the pandemic, new regulations, and evolving customer behavior have all had an impact on the way debt recoveries are handled. But the transformation of the industry doesn’t stop there as we can already see in 2022, new trends are emerging to shape the way collections agencies work. In this article, the experts at Coast to Coast Financial Solutions have compiled the key trends to watch
Although most businesses want quick debt recoveries, debt collection is a delicate process, and as a client, you should work with a debt collection agency that provides a professional service. Especially in light of CFPB’s new debt collection rule or The Debt Collection Licensing Act in California, your debt recovery agency must be up-to-date on the changes in regulations that affect how they can operate. Curious what these regulations entail and what they mean for
If you often encounter overdue accounts or slow payers, it may have a negative impact on the business. Even if you keep a strict credit check on the credit standards of your clients, it may happen to you. That is to say, nonpayment issues are common when it comes to collecting a debt. Pay collection might have become a constant problem for your business. In that case, maybe it is time you should consider hiring
Are you trying to avoid making calls to your client for debt collection? Do you fear an interruption in operational cash flow due to high account receivables? Do you foresee a possible cash flow choke due to delays in debtor payments? These vital questions highlight the significance of early debt collection. However, many businesses fail to utilize effective debt collection tips to ensure a healthy cash flow. Therefore, in such scenarios, it is necessary to
While sending an invoice to your clients is a crucial aspect of being paid, many small businesses and companies are guilty of making some common mistakes that result in delayed payments. In this guide, leading debt collection agency Coast to Coast Financial Solutions is going to highlight these common mistakes so you can prepare an accurate invoice. Also Read: Things to Consider When Dealing with Overdue Invoices for Your Business Most Common Invoicing Mistakes TABLE
Almost 20 years ago, Coast to Coast Financial Solutions Inc. was founded, bringing together 65 years of experience in debt collections by some of the industry’s best professionals. We base our business on the theory that all our clients have unique needs for collections, and cash flow is critical to any business. To that end, we offer customized and seamless strategies to provide each of them maximized recovery. The size of a business doesn’t matter
