Small Business Debt Collection
Small businesses can have special challenges in collecting their receivables. They often cannot afford a dedicated accounts receivable department so they either lose out on bad debts and slow collections. Outsourcing is a way to overcome this. Another way to to more quickly -before they become uncollectible – assign debts to a professional collection agency, such a Leib Solutions.
When a receivable becomes past due, on average it loses 1% or more of its value every week that it remains unpaid. Assuming a 5% profit margin, you need $100,000 in new sales to compensate for a $5,000 bad debt write-off. For small businesses, recovering these debts is significant, and doing so in a cost-effective manner is essential.
Recognizing this, Leib has developed specific, proactive, and fast-acting debt collection processes to assure that small businesses are not penalized with poor cash flow and write-offs.
Fast action on the part of your small business is one of the keys to a successful debt collection and the avoidance of bad debt. You need to be aggressive as well when it comes to placing accounts for collection, because if you wait too long, you could lose what you are owed. Luckily, our team of industry-leading collectors acts fast to recover your money and perform both immediate recovery services and more complex collection solutions for your more serious debts.
First-Party Small Business Debt Recovery
We can perform First-Party Collections, where we use a customer service approach, under your name, starting on Day 1 or Day 30 past due. This is a good option for small businesses who need to follow up on their receivables while maintaining a positive relationship with the other party. Acting as an extension of your organization, our team can help manage your collections while protecting the image and integrity of your company.
Third-Party Small Business Debt Collections
When it’s more serious, and you are fed up chasing an uncooperative customer and want to move fast to avoid a write-off, Leib can act as your Third-Party Collection Agency. These collections are a more aggressive, yet professional and polite effort to get your money before it is lost. Using an innovative and proven process designed to be adaptable to each client’s unique needs, we can help to deliver cost-effective results for even your most challenging small business debt collections.
Contact Our Small Business Collections Team Today
Whichever route you choose for your small business debt collections, when you work with Leib, you will always receive our best professional services. Our team of highly-skilled agents treats each client as if they are our only client, no matter their size, budget, or demands. And, as a small business, you can expect the same level of care and attention as our largest partners. Whether you’re a maintenance company or a law firm in need of a reliable Legal Collections Agency, Lieb can help your business.
All you need to do to start collecting your debts is to email the debtor information to our team at Leib Solutions along with copies of the statement of account, or, fill out this placement form, and we’ll start assessing your case immediately.
At Leib, we want to help your business recover the money you are owed while maintaining the positive image you’ve worked so hard to build. Contact our team today so we can begin recovering your small business debts.