No one wants to be owed money. At the same time, collecting debts is frustrating. As a small business owner, you have to know when to use your resources to collect a debt from a client or customer and when it is just not worth the effort and it’s time to turn the debt over to debt collection companies in Arizona.
As you go through this process, don’t leave accounts receivable in the hands of individual salespeople. It can be tempting to have an ‘everyone for themselves attitude regarding accounts receivable, but research has shown that having one person in charge of debt collection is better.
Debt collection has to be done in harmony with state debt collection laws. This means that in addition to following the FDCPA, you want to check local laws to ensure that what you’re doing is in harmony with all regulations, not just those laid out by the federal government. When you work with debt collection companies in Arizona, you have the peace of mind of knowing that you’re working with an organization that understands state and federal laws and they’re going to do everything possible to ensure that the debt collection process is done in harmony with these laws.
It’s a good idea for small business owners to keep track of the amount of time and money their employees spend trying to track down a debt. Then ask, is it worth the amount owed? If the answer is no, it could indicate that it’s time to start working with a debt collection agency.
