How businesses can improve their debt collection process

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As a debt collections agency, Brennan & Clark LLC has the perspective that allows them to provide solutions to their clients. The truth is that there are ways to improve business debt collection success by focusing on several responsibilities that will enable this to work better.

A business’s first responsibility is to ensure it has proper documentation for entertaining clients who wish to purchase something in installments before handing out the item to them. This all starts with a signed credit application and contract particulars with clearly understandable information for the client to consume, explains Brennan & Clark LLC.

Some people in sales do this as an afterthought rather than a requirement before the transaction. Sometimes sales targets can have negative consequences. A salesperson is compelled to push for a sale, giving less importance to a client’s capacity to pay up. It’s no use hitting targets if one is not really earning for the business.

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When a business has exercised everything that it can think of in encouraging its clients to pay what they owe, only then should it think of assigning the debt to a debt collections agency. Of course, certain arrangements need to be agreed upon between the business and the collections agency.

At the end of the day, being more responsible in some business aspects is easier than chasing down clients in debt who turn more elusive as they dig deeper into their own holes. Remember that the more prolonged debt settlement is, the chance of collecting becomes much less.

Brennan & Clark LLC is a business collections agency founded in 1980, and based in Villa Park, Illinois. For more about the company, visit its official website.

Facts about business collections that people may not know

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Business collections firm Brennan & Clark LLC has made it a point to educate not just its clients but also everyone on the finer points of business collections. The company does this via its series of blogs.

Today, Brennan & Clark LLC shares more facts on the business collections industry that everyone should know.

The price for the services of debt collection agencies is more than fair, especially when businesses consider what they will be getting.

Through the various payment structures, debt collection agencies have pretty affordable service rates. And with what they acquire from those with debts to businesses, most prices are a bargain.

Debt collection agencies are quite easy to deal with.

The professionals who work at debt collections agencies such as those in Brennan & Clark LLC are easy to deal with if one is a client or even a debtor. They know all too well that threatening, pestering, or raising their voices will not get them anywhere in this business.

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Hiring a debt collection agency has more benefits than collections.

According to Brennan & Clark LLC, the best debt collection agencies can do more than collect from debtors. Many of these agencies can also give valuable information when it comes to collections and even train employees of a company that plans to put up a collections department of its own.

Brennan & Clark LLC was founded in 1980 and is a founding member of the Commercial Collection Agencies of America. The collection agency has been in the business for decades and is a leader in the industry. For more updates, head over to this blog.

Why you shouldn’t fear debt collection agencies

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More than a few individuals have confessed to having some amount of fear when it comes to dealing with debt collectors. As far as Brennan & Clark LLC is concerned, this is a very natural human reaction, considering the many debt collectors who have not been using best practices in doing business. This blog is about why people who are in debt shouldn’t fear debt collection agencies.

First off, debt collection agencies are interested in making a profit. You should realize that they can achieve this by providing you with manageable terms. If you think about it, it would be foolhardy for them to charge you with an amount that is greater than what you owe your original creditor. In fact, debt collection agencies can charge you with less than what you owe. You may be wondering how, and Brennan & Clark LLC is quick to explain.

When a creditor writes off your debt, meaning to say that they have determined that you do not have the capacity to pay for what you owe them, the creditor sells the entitlement to an external entity, which is the collection agency. This is usually sold for pennies to the dollar, much less than what you originally owe.

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With this, the collection agency has a lot of leeway in terms of how much they will charge you. Often, this means that you get to settle for less than the amount that you owe. Logically, this is because the collection agency did not pay too much for it anyway, and you should not be worried about having to pay a very big amount either.

Brennan & Clark LLC says that you can rest assured that there really is not much to fear when dealing a debt collection agency. If anything, they can provide you with the exact options that can work for you, so that you can be free of debt at the soonest.

Backed up with more than three decades of experience, Brennan & Clark LLC helps clients recover more from their delinquent accounts than they normally would with any other collections agency. It holds membership in many professional organizations like the Commercial Collection Agency Association, the Commercial Law League of America, The International Association of Commercial Collectors, and the Insurance Accounting and Systems Association. For related articles, visit this page.

Some ways for businesses to avoid the debt trap

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The experts at Brennan & Clark LLC always find ways to help their clients manage their debts properly. Even if it is in their line of business to see successful debt collections through, they share ways to manage debt and the burden of financial obligations to the benefit of debtors.

1. Examine your capacity to pay

Think seriously about your capacity to pay off a loan. Somehow, it doesn’t make sense to incur a loan that requires you to pay $500 a month if your take-home pay is a mere thousand. Your new loan is just one obligation among many, which is the case for mostly anyone. Have a good look at all your current obligations before taking in another one to fulfill.

2. Make partial payments

You might have bitten off more than you could chew in your last loan. The experts at Brennan & Clark LLC are fully aware that this can happen sometimes. Whenever a full repayment is not possible, there is no shame in offering to pay in part. Certainly, it does not get you off the hook. However, when you explain your situation to the debt collectors and pay a partial amount, you avoid getting a bad reputation that can land a huge blow to your credit rating.

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3. Talk to your creditors

The best way to avoid going deeper into your hole is to talk to debt collection agencies when they come to your door. Once you overcome the shame of being in debt and start being open, you will find out that debt collectors are here to give you the best possible options that you can take for you to pay off your debt successfully at a pace that you are comfortable with.

A founding member of the Commercial Collection Agencies of America, Brennan & Clark LLC is committed to bringing unparalleled service to its clients. It offers highly specialized solutions to clients, crafting programs suitable for their specific needs. Visit this website for more information.

Debt settlement strategies for those experiencing a financial crisis

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Brennan & Clark LLC continues to inform readers on debt collection and settlement in light of the COVID-19 pandemic. For those who are experiencing financial challenges during this economic and health crisis, here are some strategies that can help.

Keep a debt log

The pandemic has brought a disruption in the livelihood of many people. However, it’s also important to stay on top of these matters so that a person can get back on track once resources become available. To do this, one must keep a debt log that will keep track of payments, interests, and collection notices. This is also good to have when in correspondence with collection agencies such as Brennan & Clark LLC.

Communicate

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Talking with creditors and collection agencies can be done in a courteous and convenient manner. Asking for debt validation, paying the minimum, seeking a debt settlement plan, and showing proof of one’s financial situation will allow these parties to provide a debtor with terms that will allow them to still pay their debts, even as they are trying to get back on their feet.

Manage spending

During these times, unnecessary purchases can lead to even more debt. For those who are already struggling with their finances, coming up with a budget will allow them to make the most of the resources they have left. Coming up with a debt settlement plan and working with collections agencies will allow those with outstanding debt to start prioritizing their payables just so they can start improving their credit score, which will benefit them in the future.

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

Can business credit improve during a global crisis?

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Qualifying for creditworthiness is incredibly important for small businesses. The past months have proven to be challenging for business owners, with governments implementing lockdown measures and industries putting a halt to selected operations. Keeping a small business afloat during uncertain times can be a tall order; what more improving its credit rating?

Business credit rating can improve even during a global crisis, notes collections agency Brennan & Clark LLC. Monitoring a business credit profile is something every small business owner must do with diligence. While easy to do and free of charge, many forget to forego this step. Businesses whose owners understand their credit rating are 41% more likely to be granted loans when they apply. Those with good business credit profile comprehension have an increased likelihood of expanding their venture.

Although credit has always been a huge deal, it will become tighter following global crises. Lenders may take a while before they re-enter the market. Consider payment terms from suppliers. These may not be loans, but these influence a small business’s credit and strengthen credit profile. Discount terms from suppliers can help keep paychecks regular even in tough times.

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Brennan & Clark LLC reminds everyone only to use the credit they need for making payments to agreed-upon terms accordingly. The option to borrow as much as one can during challenging times can be tempting. While some fall prey to the temptation, remember that the only good reasons to borrow money are to increase ROI, build business value, and maintain viability.

Brennan & Clark LLC is a business collections agency offering customized receivables support solutions that enable businesses to eliminate credit losses. Its expertise helps companies achieve well-defined goals for their collection process, evaluate all internal procedures, implement improvements, and guarantee better results in collections. Head over to this page to know more about Brennan & Clark LLC.

The main characteristics of a good debt collection agency

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Debt collection may be one tricky business, which is why it is no wonder that many debt collection agencies are resisted by so many individuals who have a lack of understanding. To level the playing field, Brennan & Clark LLC shares a few things which make for a good debt collection agency.

1. Good debt collectors are great listeners.

Whenever a debt collection agency approaches a debtor, they treat them as though they are clients. They make a nice impression because they approach their clients with a kind understanding. Nobody wants to be in debt, and for the most part, people who get into debt do so because circumstances force them into it. Good debt collectors offer a sympathetic ear to such clients.

2. They are also informative.

Debt collection agencies who do business can resist applying aggressive power play over debtors, even if they technically have the motivation to do so. The first option that they take is to educate their clients about the options that they can use to pay their debts. This way, they significantly decrease the chances of any clients showing hostility towards them and increase the chances for the debt actually to be settled.

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3. Good debt collection must include excellent tracing.

Particularly, quickly finding a defaulting client makes a debt collection agency competent at what it does. Accurate tracing saves a lot of time and effort, which could then be focused more on finding ways to facilitate debt payment. Tracking down defaulters sooner rather than later is always an advantage, as Brennan & Clark LLC attests.

Brennan & Clark LLC is a business collections agency based in Villa Park, Illinois, and was founded in 1980. The firm aids businesses get the most out of their accounts by collecting money at the right time and running an effective business system. To know more about debt collection, follow this Twitter page.

The debt settlement process: How will it affect personal credit score?

There are many reasons why an individual can ask to settle their past due accounts at a negotiated cost. Unexpected events such as the loss of a job, sickness, divorce, and other valid reasons can convince lenders to lower the amount one has to pay back. In some cases, some companies allow debt settlement for people who admit that they have lost control of their spending. Sometimes, creditors will look at a person's capability to pay before approving their request. The experts at Brennan & Clark explain how the debt settlement process can either make or break the credit score.

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Credit bureaus receive a report each month regarding an individual's accounts. They will see whether the debt was "settled," "paid as agreed," "paid in full," or "unpaid." According to the team at Brennan & Clark LLC, when a person doesn't pay the full balance, it can have a negative effect on their credit score.

On the other hand, settling debt such as credit card bills that are considered to still be in good standing along with other accounts might also affect a person's credit score negatively. For those who want to work on their scores even as they pay off debt, paying some accounts on time will help a person keep earning points.

For those who want to recover from piled up debt, prioritizing past due accounts can sometimes be the best option. Once these payables have sbeen settled, a person can start building up their score by being more responsible about using and paying credit.

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

A guide to getting out of debt even without enough funds

Paying off debts can be difficult, especially for those who have failed to manage their spending. When payables are more than one's income, it can be a challenge to prioritize payment. But for those who are struggling, the finance expert team at Brennan & Clark LLC shares some ways to start the journey to financial freedom.

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Come up with a budget

Failing to plan is planning to fail. When one sets out to pay off debt, it's good to have a budget that will prioritize needs over wants. It can also be a good way to reflect on one's spending habits. Having a budget for oneself or the household will help one prioritize and schedule payments.

Go for debt negotiation

Sometimes, unexpected life events can cause a person to miss out on other financial responsibilities. If this is the case, asking collectors and creditors for a debt negotiation will allow a person to lower the credit or even to have more time to complete their payment. While this might not benefit a person's credit score, the team at Brennan & Clark LLC share that negotiating amounts and schedule can help a person pay their debts bit by bit.

Seek help

Those who have a spending problem can seek help from their family and friends. Though they might not be able to give financial assistance, they can guide a person in other aspects as they do their best to settle their debts. On the other hand, seeking advice from finance professionals is a great way to get back on track with payments, budgeting, and savings.

Brennan & Clark LLC has expertise in achieving well-defined goals in the collection process and guaranteeing better results on collections. Visit this blog for more articles on debt settlement.

What can cause credit card debt

Approximately 4 out of every 10 households in the United States are dealing with debt, and Brennan & Clark LLC believes that for everyone to lower and ultimately terminate credit card debt, information is key. This is why, for the past few years, the firm has released a series of informative blogs to help businesses and individuals deal with debt and collections.

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According to Brennan & Clark LLC and a majority of financial experts, people who find themselves in debt do so because they fail to plan their spending. Aside from major loans for houses, cars, or school, it is faulty spending that leads to more money owed.

Compounding the problem even further is that far too many people enjoy the convenience of using credit cards way too much. The problem with using these nifty little temptations is that it usually is the snowball that starts at the top of the mountain. Once it gets rolling, once people start using their credit cards, interests begin to compound. And many credit card owners end up only paying for the interests, leaving the debt untouched.

While Brennan & Clark LLC mentions that the ideal course of action would be to pay off the debt and interest as soon as possible, most credit card holders do not make enough money to do so.

Another important point credit cardholders who are determined to pay off their card’s debts is that they need to be in touch with a financial advisor or firm to help them find other ways to settle accounts.

Brennan & Clark LLC is a business collections firm that has been in the industry for more than 30 years. With 150 years of collective experience, its team’s expertise aids companies in achieving well-defined goals for their collective process, evaluating all internal procedures, implementing improvements, and guaranteeing better results on collections. For more updates, visit this blog.

Common debt traps for business

A debt trap is a financial ploy that is designed to keep businesses in debt for them to continuously make money off people or establishments that are unable to clear their debt. Debt traps are often set by financial institutions like lenders who structure their business in such a way that they can exploit loopholes in consumer credit laws to avoid regulation. According to Brennan & Clark LLC, these establishments are technically legal, but they do pose a high chance of keeping people in debt due to their practices. Here are some of the most common debt traps for businesses.

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Payday loans: Whether you’re a single parent trying to make ends meet or the owner of a small business, payday loans are notorious for keeping their clients in debt. They do this by first charging an establishment fee of up to 20% and a monthly fee of 4% of the amount borrowed. So if you borrowed $1,000 from a payday loan creditor, they expect you to pay $1,240 within the next month.

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Blackmail security: It’s often policy for some creditors to have their lenders sign off on an asset to guarantee a loan. Usually, the items that are put up are more expensive than the loan itself so that when a loan defaults, the creditor can still make money off the asset. But according to Brennan & Clark, dubious security firms choose cheaper assets, but assets that are vital to your business. Besides this, they also have a steep minimum loan amount that could go as high as $2,000.

Brennan & Clark LLC is a business collections firm with over 30 years of experience. It maintains membership in the Commercial Collection Agencies of America. To read more about finance, visit this blog.

Keep that credit score up: More money-handling tips for business owners

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Business collections agency Brennan & Clark LLC has been sharing a lot of information on all things surrounding collections, debt, and credit in hopes that business owners everywhere will be well-informed. For today’s blog, the company explores a number of expert financial tips for entrepreneurs in order to keep their credit score up and reduce debt.


One of the rules of thumb for business owners is that they should never spend more than they should – unless it’s for expansion. In any case, especially for startups that have yet to experience solid and consistent cash flow, business owners need to mind their spending habits, Brennan & Clark LLC explains. Far too many businesses fail to pay their dues to creditors simply because they’ve continually spent above their budget.

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For bigger companies that have a huge workforce, Brennan & Clark LLC mentions that employee retention programs can go a long way in saving the company money. It’s long been established that hiring new workers to replace old ones is much more expensive than keeping employees who are already there.

Finally, the simple act of hiring a trustworthy and capable accountant (who can double as a financial advisor to help business owners keep all the spending in check) may be one of the wisest moves business owners can make.

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.

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.