NonPerforming Debt Collection

NonPerforming Debt Collection

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Security Financial Solutions, LLC is the debt collection agency for all your non performing account recovery needs.

Licensed to work in all 50 states, SFS combines a wide range of  debt recovery services with a client-centered approach. The approach we use to recover uncollected debt depends on you. If you hope to have the past due account continue to be your customer, we will work the account accordingly. We will employ other collection methods if you no longer want to have a relationship with the account

SFS is a full service bad debt recovery agency that provides the “no risk” solution to your nationwide debt collection problems. We offer “no collection – no fee” collections.

Specializing in debt recovery, SFS offers nationwide debt collection, which can help you eliminate or at the very least, reduce your debt accounts.

We provide a number of different debt recovery services to our clients, including the ability to help in the collection of current debt as well as severely past due debt.

Tips on How to Reduce Bad Debt

Every business runs into issues with their accounts receivable. It doesn’t matter what type of business you run or how well your accounts receivable department runs, there will always be slow paying and nonpaying customers. It’s just part of the game. However there are several ways to reduce unpaid debt and accounts outstanding.

The first way to improve your accounts receivable management is to have a clear billing policy that everyone in the office follows. Employees should be properly trained and understand the billing process and all of the steps that need to be taken. Some points that should be included in the billing process include payment terms, when and how often statements go out, collection process and follow up procedure.

Another good billing practice is to send out statements regularly and invoice properly. One of the main reasons why a client’s account goes outstanding is because they never received a bill. It doesn’t matter whether you send out invoices weekly, bi-weekly or monthly just make sure the process is consistent. The payment terms should be outlined on the invoice or statement so that clients know exactly when payment is due. Additionally if you plan on charging any late fees or interest fees you should have that clearly stated on the invoice. If clients know they will be charged additional fees for late payments, they are more likely to make payments on time.

When following up with clients and requesting payment keep a log of all contact made with the debtor. This will be useful if you hire a collection agency or take legal action. Handling accounts receivable can be frustrating. However, businesses that utilize these billing practices will minimize their past-due accounts and days outstanding.