In today’s challenging economic environment, businesses of all sizes grapple with cash flow disruptions. Collecting payments within agreed-upon terms becomes increasingly difficult, especially from commercial clients. To maximize your collection efforts and stabilize cash flow, it’s critical to reassess your collection strategy—including partnering with a third-party collection agency like Leib Solutions. Timely referrals to a… Read more »
Machine Learning in Credit & Collection Scoring
Managing receivables is a crucial aspect of B2B financial management. Late or unpaid invoices and bad debts can significantly impact cash flow, causing businesses to struggle to meet their financial obligations. Companies rely on various tools, including payment and credit scoring, to prioritize their B2B collection activities to stay on top of outstanding payments. Payment… Read more »
Comparing Commercial vs Consumer Collection Agencies
In the course of running any business, the reality of past-due receivables and bad debts is often unavoidable. When this happens, enlisting the services of a collection agency becomes a critical step to safeguard your financial health. But with different types of agencies out there, how do you ensure you’re choosing the right partner to… Read more »
Statute of Limitations
Statute of Limitations by State For Commercial Collections The Statute of Limitations for lawsuits varies by state, and runs anywhere from 3 to 15 years, after which the debt is “time-barred,” and you cannot sue. You should use every legal means at your disposal, of course, but if you wait too long and rely on… Read more »
Things to Consider When Hiring a Collection Agency
Every company needs a collection agency, since there will always be customers that default or who will not pay under the normal terms. Here are some ideas for your consideration when choosing an agency. If you are B2B you must select a “commercial” bad debt collection specialist, as they have experience dealing with corporate debt… Read more »
