Calgary, AB - A recent Commercial Collection Agency Association survey highlights that when a debt is 30 days overdue, it loses more than 10% of its recoverable value. If debts are uncollected, the recoverable value diminishes further, with a 20% loss at 60 days and nearly one-third of the value lost by the time the debt is 90 days overdue.
Bison Credit Solutions warns that delaying debt collection also strains cash flow. While the third-party debt collection agency understands the need for businesses to maintain good relationships with customers, it advises businesses to be proactive and create a debt collection policy.
The first step is to set clear payment terms. According to Bison Credit Solutions, businesses should inform their customers of payment terms and the consequences of late payments. Second, the agency encourages businesses to automate reminders using accounting software to notify them that due dates are approaching.
In cases where a customer misses a payment, the Calgary debt collection agency advises business owners to be proactive and contact them to secure a new commitment. If the debt is unpaid even after a prompt follow-up, the team advises businesses to contact a professional debt collector to take up the matter.
When partnering with businesses for debt collection, Bison Credit Solutions brings expertise into the process. The staff is dedicated to securing payments and is experienced in handling diverse situations with debtors. The agency also curates personalized strategies, focusing only on the core business activities and avoiding distractions.
Debt collection may also have some legal challenges. Fortunately, Bison Credit Solutions’ agents possess the legal knowledge needed to ensure a smooth process. They understand the debt collection laws and regulations, which helps reduce a business’s legal risks. Thanks to the team’s expertise, efficiency, and legal knowledge, the agency has higher recovery rates than in-house efforts.
“Dealing with non-paying clients is always tough for a freelancer,” noted Shaira Ahitee, a satisfied client. “I reached out to this collections company and was impressed by their professionalism. Bison Credit Solutions not only recovered the funds but also maintained a high level of respect and confidentiality throughout the process.”
In addition, the collection agency keeps clients informed. The team informs them of the strategies, collection progress, and outcome, ensuring they remain active participants.
Confidentiality and data security are also top priorities for Bison Credit Solutions. The team handles each client’s information with utmost care and in adherence to privacy standards. Additionally, the company has invested in modern systems for efficiency and audits them regularly to maintain high data protection.
About Bison Credit Solutions:
Bison Credit Solutions is a Calgary, Alberta-based third-party collection agency offering collection, litigation, and account receivable management services. The agency uses sophisticated strategies and innovative technology to collect clients’ money from people who owe them, improving cash flow if they are in business.
Media Contact
Name
Bison Credit Solutions
Contact name
Jim VanEsch
Contact phone
(403) 263-7670
Contact address
6125 11 St SE #260
City
Calgary
State
Alberta
Zip
T2H 2L6
Country
Canada
Url
https://bisoncredit.com/
