Credit, debt, and the responsibility of collections agencies

Small business owners sometimes have a hard time following up their on unpaid invoices. When invoices remain unpaid, a business might suffer. Business owners can allot their time on other tasks instead of following up clients for their late payments by employing the expertise of a debt collections agency.

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Brennan & Clark LLC has been a leader in the industry for more than 30 years. According to the company, as an account matures, the possibilities of it getting paid drops significantly. It may be time for businesses to seek the help of a collections agency when their new client fails to respond to the first invoice letter. Immediate referral to a collections agency can keep potential losses at the lowest cost.

Some clients only pay when they want to. In extreme cases, they don’t pay at all. When payment terms fail, a collections agency can reduce the cost of losses by their quick action. If and when a client denies their responsibility to pay, based on unfounded complaints, business owners better hand over the account to a debt collections agency.

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It would be good for small business owners and freelancers to maintain a signed credit application, document, contract, and order slip with the client’s contact details. This way, if a client refuses to pay, a business can easily transfer the account to a debt collections agency. Working with a debt collections agency requires a business to rely on the agency’s expertise, experience, judgment, and diligence.

Brennan & Clark LLC is a business collections agency offering customized receivables support solutions that enable businesses to eliminate credit losses. For more information, head over to this page.

Best practices that will lead to a stable cash flow

Healthy cash flow is an indicator of business growth. This can also be a reflection of effective management. Small businesses need to stay in the black to maintain smooth operations. Brennan & Clark LLC shares some of the best practices that will ensure stable finances for the business.

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Find ways to save money: Business owners and their staff should never be complacent even if the finances keep coming in. Cutting costs and intentionally finding ways to save money will lead to long-term financial security.

Keep statements updated: Accomplishing invoices and monitoring other financial reports will keep owners and employees aware of where the business stands financially. Aside from ensuring an efficient system, this will also help businesses take into consideration all their expenses.

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Have an efficient collection process: Things might slow down if there are difficulties regarding collecting receivables. This is especially true for businesses that rely on customer payments. Seeking the help of a reliable business collections agency like Brennan & Clark LLC will give owners and their staff peace of mind when it comes to this crucial task. Aside from collecting payables, an agency can also help with setting up an efficient system that will secure the cash flow.

Use business credit line wisely: Using credit can be tricky. However, this can help the business when there's a problem with the cash flow. Getting a line of credit will allow businesses to work on having a good credit standing that can help them with other financing needs.

A business collections firm based in Villa Park, Illinois, Brennan & Clark LLC has been a leader in the industry for over 30 years. For more reads on commercial debt collection, visit this blog.

Proven ways to become debt-free quickly

Incurring debt is both expensive and stressful. Whether you owe money via a personal loan, on a car title, or a credit card, a sizable amount of your monthly income goes toward paying back such debts. Moreover, the interest loans can balloon and make you end up wasting thousands of dollars just to catch up on your payments. Hereunder then are some tips to get you back on even ground financially, courtesy of business collection expert Brennan & Clark LLC.

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Prioritize paying high-interest debts. Commit to paying such loans back aggressively, as doing the opposite and prioritizing the payment of low-interest ones will just end up with you paying more in interest over time. The minor victories you gain from paying small-interest loans will only last for a short period.

Cut down on your spending and devote the extra cash you earn toward debt repayment. You can do this practically by spending less time eating out, conserving gas by carpooling to work instead, canceling cable luxuries (especially if you already have a good internet plan), using coupons, and downgrading expensive cellphone plans that have unlimited data until you’ve repaid your debts.

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Take on extra work, as sideline jobs earning you even just an extra $10o a week will significantly bolster your mission to become debt-free. Do some freelance writing on the side, babysit, or work on weekends at the local retail store. Lastly, talk to your creditor and ask for a lower interest rate. There’s always the possibility that, say, your credit card company, will be more amenable to helping you out if you just bother to explain your circumstances, advises Brennan & Clark LLC.

Brennan & Clark LLCis a business collection agency that has been operating since 1980. A member of the Commercial Collection Agencies of America , the firm offers unparalleled service as well as the most comprehensive guarantee in the industry. For related posts, visit this blog.

A lot of companies struggle with clients who are often late when it comes to making payments. This financial conundrum can effectively ruin a company’s cash flow and cripple operations. Still, it may be hard to believe that some companies find it hard to pay within the date marked on contracts. According to professional debt collectors at Brennan & Clark LLC, there are several reasons why clients fail to make their payments on time.

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One of the biggest reasons why clients become delinquent on their debt is because of multiple debts and prioritization. If a company is currently paying off multiple debts, it could prioritize bigger debts rather than take on all of them at the same time. It’s a well-known repayment strategy that is effective when it comes to eliminating debt. However, if your company is at the end of the pecking order, it might take a while before they get to pay off their debt to your company.

Another reason why clients turn delinquent is the structure of their finance department. Multinational companies, as well as other large corporations, are known for finance and accounting departments having their own processes. This could mean that the payment for your services is still being fulfilled by a department separate from the one you were in contract with.

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The third reason why clients can’t pay on time falls on the company that owes money not having flexible payment options. Some companies only accept checks or bank transfers. According to expert collectors at Brennan & Clark LLC, some clients are more than willing to make cash payments or go through other means of credit transfer just to settle their bill.

Brennan & Clark LLC is a business collections firm with over 30 years of experience. Based in Villa Park, Illinois, the agency was founded in 1980. It maintains membership in the Commercial Collection Agency Association, the National Security of Premium Insurance Auditors, the Insurance Accounting and Systems Association, and the International Association of Commercial Collectors. To know more about the company, visit this website.

What it means when collection agencies are calling your company

Not all companies have the same in terms of financial stability. Many companies are backed by shareholders which can easily funnel resources into the company when needed. Then there are those companies who have a hard time keeping up with expenses.

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Companies with financial struggles could possibly miss making payments to their suppliers, or companies whom they have hired to render services. According to collection experts at Brennan & Clark LLC, companies who are 90 days delinquent on their payments can be subject to collection calls from third party collection agencies. When your company starts receiving these calls, it can mean any of these multiple situations.

Firstly, the company your establishment owes credit to is serious regarding collecting the debt. If they are willing to hire a third party debt collection agency, they are also willing to pursue legal action as well.

Secondly, accredited third party collection agencies often have connections to credit bureaus and can report your company’s tardiness. This can affect your company’s line of credit by giving it a bad score, limiting chances of future loans from creditors.

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If the collection call your company receives is from a personnel of the company to whom you owe money, you run the risk of aggravating the situation and possibly losing a trusted supplier. Tension tends to mount when dealing with financials. It is possible that the company you owe money to is in dire need of the payment due to their financial situation as well.

According to professional debt collectors from Brennan & Clark LLC, avoiding collection calls is the last thing you would want to do. Collection agencies have years of experience in dealing with these types of situations. They can also help design payment plans which can benefit both parties.

Brennan & Clark LLC is a business collections firm with over 30 years of experience. Based in Villa Park, Illinois, the agency was founded in 1980. For more insightful reads on debt collection, visit this website.

Basic collections: Improving the stats on accounts receivables

Brennan & Clark LLC has been helping businesses collect loans for almost 40 years. Aside from the high quality service, the company has also taken to the internet to help educate and inform not just its clientele but everyone else on the

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many aspects of debt collection.

In this article, Brennan & Clark LLC wishes to share a few tips on improving the accounts receivables of a company through tried and tested methods.

Adherence to policies

Credit policies are established by certain departments of companies. These policies are often tailored to the clients they serve. The better the credit standing of company, the more flexible their terms of debt payment, and vice-versa. That’s the easy part. Brennan & Clark LLC believes that the key here is for companies to stick to their credit policies, and avoid straying from them (ex. letting deadlines slip by without penalties). Through adherence to policies, businesses will know that the company is worth doing business with.

Constant communication

Constant communication is always a significant factor between two companies who are engaged in a credit deal, Brennan & Clark LLC explains. Unfortunately, many businesses that have lent money to other businesses tend to forget this fact and just go straight to asking for payment on due dates.

Between due dates, businesses that are owed accounts receivables should send emails on reminders or updates on accounts, or even just to share information on business industries. This communication fosters goodwill, and improved accounts receivables stats.

A leader in the industry, Brennan & Clark LLC is a business collections agency based in Villa Park, Illinois, and was founded in 1980. Visit this page for more information about the company.

Sound accounting advice for startups

Any owner of a startup understands his or her personal liability for the business. But even with so many operating details demanding attention, one of the most important considerations is financial health, advises business collections professional Brennan & Clark LLC.

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With the following tips, an entrepreneur can develop smart accounting tactics to better navigate a small business’ initial stages.

Firstly, don’t be afraid to use an accounting software. You’ve to have a good idea of where you stand financially, at all times. And the best way to ensure such is by using a certified accounting software. We suggest going for a cloud-based one, so you can access your financial information even while in transit or remotely.

Go for payment incentives. You can mark up your goods and services, giving solid discounts to clients who pay early or opt for subscription plans. Remember that people will be more willing to spend if they feel that they are getting more for their money. Moreover, incentives and rewards boost consumer loyalty.

It would be wise to let someone else handle your finances. Hire an accounting firm or a contract money manager and pass on to them the money management duties. They will not only have the needed experience in handling finances but can offer likewise offer you advice on saving and warn you of potential financial hurdles. This will free up precious time which you should use to focus on the core business and growth your startup.

Finally, keep in mind that borrowing money is not necessarily a sign of weakness, Brennan & Clark adds. Consider financing options and avoid possible startup burnout as you try to raise too much too fast. Many startups forego key growth opportunities because they are too caught up in raising the money first. You don’t have to rely solely on incoming cash; there are smart financing choices out there, from crowdfunding to bank loans.

Brennan & Clark is a business collections agency that provides customized receivables support solutions that help businesses eliminate credit losses. The firm is a founding member of Commercial Collection Agencies of America. Visit this blog for related posts.

Common business collection mistakes to avoid

Commercial debt collection can be a tricky business. If creditors practice too much leniency, the debtor might not find the urgency to fulfill their financial obligations. Being too strict or aggressive can lead to loss of business clients or partners, or worse, litigation. Brennan & Clark LLC has had forty years of experience managing business collections, and is wary of certain mistakes that could ruin the chances of debt recovery.

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 Some of these mistakes are the following:

· Making false statements and threats: In debt collection, maintaining honesty is imperative. The creditors should avoid lying about the amount owed by the debtor, misrepresenting deadlines to purposely add more fees and interests, and pretending to be a lawyer or a government representative with the intent to intimidate. Making false threats on confiscation of property as collateral or about having the debtor arrested or imprisoned is also an offense.

· Ignorance of regulations: Depending on the state, several rules and regulations stipulate legitimate debt collection attempts. For example, there are statutes of limitations, or the length of time allowed to collect receivables.

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· Failure to consider the cost of debt recovery: Before starting a debt collection process, especially if it involves hiring a debt collection agency like Brennan & Clark LLC, an initial assessment of its expected costs to the company should be accomplished. If the expenses that would be incurred are significantly higher than the amount owed, taking another course of action would be wiser.

Brennan & Clark LLC provides its expertise to help businesses achieve well-defined goals for their collection process, evaluating all internal procedure, implementing improvements, and guaranteeing better results on collection. Subscribe to this blog for more articles about the industry.

How to politely remind clients of their unpaid bills

Businesses have to know how to properly collect debt from their clients. Communications can be a tricky subject, especially for those who aren’t the best when it comes to words and verbal communication. And with a topic as sensitive as debt or credit, caution must be taken so as not to damage the relationship between client and creditor or supplier.

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According to the experts at Brennan & Clark LLC, a debt collection agency, one has to be gentle yet stern when it comes to collection calls. If your client is running delinquent, here are polite ways to remind them of their unpaid bills.

The best way out of this situation is to not be there in the first place. If the credit to be paid is rather large, you could send an email a week before the due date to remind the company of their bill. Here, you can also include their various payment options. The more options your company has when it comes to accepting payments, the easier it would be for clients to repay their debt.

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On the due date, inform your client that the payment has to be made that day. To help them in this situation, it’s always better to add all the details necessary to the message. This includes the invoice number and the date it was sent, the total amount, as well as payment options. You should also end the message with a note soliciting clarifications or further questions.

After the due date has passed and no payments have been received, continue sending collection notices. According to Brennan & Clark LLC, your tone needs to be firm during this stage. You should also attach a copy of the invoice, as it is possible for the invoice to be accidentally lost or deleted, especially if it is a digital one.

A business collections firm based in Villa Park, Illinois,Brennan & Clark LLC has been a leader in the industry for over 30 years. For more reads on commercial debt collection, visit this website.

Overcoming (and recovering from) a low credit rating

Keep in mind that there are no quick fixes to a history of bad credit. What’s important when rebuilding your credit is having the patience to work on it, because it entails hard work and discipline, says business collections agency Brennan & Clark LLC.

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Don’t be fooled by companies that make promises that they can make you start all over and completely do away with past debts. This simply isn’t true. If anything, such businesses are illegal. These fraudulent services often tell people that bad credit history will severely impact new credits, but there are sound (and legal) ways to recover and rebuild your credit file.

You’ve to first acquire a copy of your credit report, which you can easily do online. Assuming that the debt is overwhelming, it’s advisable to seek out a credit counselor who can help you develop a sound debt repayment plan, which begins with scheduled payments. Just remember that while this counseling move doesn’t reflect on your credit report, it is the necessary first step toward attaining full recovery.

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You can, of course, opt to rebuild on your own and treat your credit strategy the way you would approach your budget. But it still is more advisable to go for an official debt repayment plan via debt counseling as this will affect your credit status if creditors report that your account in currently undergoing rehabilitation via a repayment plan.

Assuming you are keen on rebuilding bad credit by yourself, gain credit by looking for local businesses, credit unions, and banks with lower credit standards as these can help establish that you are now paying your bills on time, adds Brennan & Clark. But make sure that these grantors report to top U.S. credit bureaus so that the history is tracked and reported properly.

Brennan & Clark LLC is a business collections firm that has been in operation for over 30 years. The agency is a member of the Commercial Collection Agency of the Commercial Law League. Visit this blog for similar tips and insights on money management.

Eight ways to get clients pay accounts on time

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It’s incredibly important for a business, regardless of its size, to keep track of cash flow. If according to sales the business is doing very well, yet cash flow does not reflect this, then the disparity could be related to invoice problems.

Outstanding debt by clients needs to be paid to keep the business running. To make this possible, make invoicing a priority. Businesses should send invoices to their clients at the soonest time to get paid at the earliest date.

Avoid leaving out specific details in the invoice. Having been in business for over thirty years, Brennan & Clark LLC recommends businesses to ask their consumers what they expect to be on their invoices.

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In all transactions, be courteous. Saying “thank you” reflects a business’ gratitude and appreciation toward the customer. According to business experts, politeness should be reflected in invoicing. Structure repeated billing, preferably on a monthly basis, to remind clients of their balance. Offer online payment options, making it as easy as possible for the customers to pay their bills.

Develop payment terms including late fees. Setting this up from the beginning lets the client know what they are in for. Brennan & Clark LLC suggests businesses to design payment plans adjusted to the capabilities of their customer base.

Monitor invoices and customers to get a good view of the payments received. Request for upfront payments, then proceed to ask for smaller payments, instead of demanding a lump sum. Not only will this keep the cash flowing throughout the fulfillment of the project, it also allows customers to make smaller payments on time.

Brennan & Clark LLC is a collections agency based in Villa Park, Illinois. A leader in the industry, the firm has a management staff with over 150 years of collective experience. Visit this blog for more updates on business collections.

Understanding the Mini-Miranda warnings

When a person is about to be arrested, law enforcers should never forget to state his or her Miranda rights, otherwise, most of what the suspects say in custody cannot be used as evidence.  In debt collection, a similar set of warnings, called the Mini-Miranda warnings, is required when contact is initiated with the debtor.

The Mini-Miranda warnings require a debt collection agency to explicitly state that:

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·         It is a debt collector.

·         The reason for communication is an attempt to collect or recover a debt.

·         Anything that the debtor will say, or any information provided, can be used for the purpose of debt collection.

Whatever form of communication the collector uses, the Mini-Miranda warnings or rights should be presented.  If a face-to-face meeting was set or a phone call was made, the warning must be voiced out.  And if the collection process was initiated through a letter or via other written methods, the Mini-Miranda warnings must be included in the message.

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One of the primary reasons the Mini-Miranda warnings were created was to help protect consumers and businesses from abusive debt collection practices.  Also, when the Fair Debt Collection Practices Act (FDCA) was enacted in 1977, the Mini-Miranda rights were also specified without officially being labeled as such (it’s important to keep in mind here that the Fair Debt Collections Practices Act is in play for consumer collections and not for commercial or B2B collections).  It was only after it was realized that the warnings were similar to the Miranda rights did lawyers, politicians, debt collectors, and financial analysts started to refer to these as the Mini-Miranda warnings.

Brennan & Clark LLC has decades of expertise in the business collections industry, allowing them to help companies achieve well-defined goals for their collection process, evaluate internal procedures, plan and implement improvements, and ensure better results on collections. Visit this website to read more about the firm.