If your business is doing well-providing reputation building service, but lack the incoming income to show for it, then it is time for a change.
A lot of small businesses make the same mistake in pursuing the debt owed to them on their own only to find that the agencies that owe money are slow to make payments on the debt.
This is when it is time to contact a commercial debt collection agency, such as Debt Recovery Resources, to retrieve the money a business is owed. In Irving, Texas there is no company better than Debt Recovery Resources to work out a strategic, mutually beneficial plan, to collect on the debt owed from businesses.
Understanding Commercial Debt Collection
When the goal is to collect a debt one business owes to another a commercial debt collection agency is more equipped than the business owed to collect the debt from the business that owes money.
Commercial debt collection agencies, also known as business to business debt collection agencies, specialize in obtaining payments on a debt a business owes to another. Most commercial debt collection agencies may charge a high sum of money for assistance in collecting on a debt, but it is important to keep in mind that their payment is covered by a portion of the money collected from the business that owes (FindLaw, 2019).
What this means is that a commercial debt collection agency does not receive payment until the debt has started to be collected on. By right the money obtained goes to the business that is owed but the commercial debt collection agency is given a portion of the money obtained as payment. This can be seen as a small price to pay as commercial debt collection agencies have a high success rate, and are able to use tactics in obtaining a business’s debt otherwise banned from use for consumer collection agencies by the Fair Debt Collection Practices Act.
Commercial debt collection agencies are not limited by the same regulations as consumer debt collection agencies allowing for the implementation of effective tactics without federal law restrictions (FindLaw, 2019).
Despite the fewer restrictions commercial debt collection agencies have they are still subject to regulation the same as any other agency. Commercial debt collection agencies are not subject to federal law, yet they must comply with individual state laws and regulations. All states in the U.S. have their own laws for commercial debt collection agencies to abide by.
A few states take it a step further requiring commercial debt collectors to be licensed and bonded prior to performing any collection activities within the state (FindLaw, 2019). Before choosing a commercial debt collection agency it is advisable to know if the commercial debt collectors are licensed and bonded.
Why Choose Debt Recovery Resources
There are a lot of options when it comes to debt collection, but there is only one top choice when it comes to commercial debt collection Irving Texas. Debt Recovery Resources does more than recovering a debt that is owed to a business. Working smart this commercial debt collection agency fosters communication that can lead to the agreement of a debt collection plan allowing for the business owed to be paid while the business in debt makes affordable routine payments.
Debt Recovery Resources is one of the only commercial debt collection agencies that have developed their own time-tested methods to contact and work with businesses that owe a debt to another business making it so they can, and will, pay what is owed without needing to resort to force (Debt Recovery Resources, 2016). When it comes to commercial debt collection Irving Texas choose use strategy over force by choosing Debt Recovery Resources as your business’s commercial debt collection agency.