As the holidays quickly approach, many businesses view them as a time to tally up accounts receivable from the year and start collecting past-due invoices. However, year-end collections can present unique challenges.
Customers may be less responsive during the busy holiday season, so your staff spends valuable holiday time playing PI to track them down. As a result of time spent without the right resources, businesses often experience an influx of delinquent accounts at the turn of the calendar.
Rather than struggling through the year-end collection crunch alone, partnering with a national collection agency like Lockhart, Morris & Montgomery, Inc. (LMM Inc.) can help businesses maximize the recovery of past-due accounts. Here’s a look at some key ways an agency like ours can assist with year-end collections.
Expanded Resources and Capacity
During year-end, businesses are often overloaded trying to handle large volumes of past-due accounts while managing day-to-day operations.
Collection agencies make collections our job! We have more bandwidth and resources solely dedicated to working accounts receivable.
Trust us to take over the labor-intensive tasks of making phone calls, sending letters, and negotiating payoff solutions. Our third-party collection services free up your team to focus its efforts on sales and serving customers.
Advanced Collection Tools and Technology
Collection agencies utilize specialized software and advanced analytics to identify the highest recovery accounts and optimize the timing of collection outreach.
The multiple engagement tools we use help us contact more customers faster and increase right-party contacts.
Agencies can also access credit reports and public records to uncover asset information and locate customers. The use of cutting-edge collection technology gives us an advantage when it comes to recovering past-due amounts, no matter the time of year.
Experienced Collectors and Negotiators
Your specialty is your industry, not reaching out to consumers to recover past-due accounts. LMM has nearly 20 years of experience securing payments from all types of delinquent accounts.
We’ve trained our team in negotiation, objection handling, and account prioritization.
We have collections expertise across different industries and business models such as education, healthcare, finance, B2B, and more!
We take the time to build customer relationships that enable more collaborative, consultative collection discussions. Our compassionate collections approach can often make the difference in turning a past-due account into a paid invoice.
Collections are a heavily regulated industry.
Agencies understand the complexity of compliance with laws like the Fair Debt Collection Practices Act.
When we adhere to critical compliance processes, workflows, and documentation, we protect businesses from potential violations and litigation.
Improved Cash Flow and Profit Margins
At the end of the day, a collection agency improves year-end cash flow by recovering more of the past-due amounts owed to your business. Higher recovery rates directly translate to improved profit margins and bottom line results.
We are incentivized and equipped to maximize collections, so partnering with LMM, Inc. directly aligns our interests with your own.
Don’t Go It Alone This Year-End, Partner with LMM, Inc.
Year-end collections are a challenging yet vital process for freeing trapped revenue and starting the new year off strong. But businesses don’t have to handle it alone.
By partnering with a reputable collection agency, businesses can tap into greater expertise, bandwidth, technology, and experience.
LMM Inc. provides these advantages and more when it comes to getting customers to pay past-due amounts.
We have a proven track record of recovering delinquent accounts. We utilize advanced analytics, predictive modeling, right-party contact strategies, and skilled negotiation tactics to maximize recovery on charged-off accounts receivable.
LMM, Inc. treats customers with respect and understanding, preserving your business relationships. This collaborative approach leads to high satisfaction rates from both clients and customers.
Don’t leave money on the table this year-end. Partner with LMM, Inc. for superior, tech-enabled B2B collections tailored to your unique needs.
Contact us today to learn more about our services.