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Let’s be honest, you’re tired of waiting for the money your business deserves – that money you're owed.

You’ve been chasing your payment from a client for a while. You’ve finally come to realize you need outside help.

Now that you're seeking out debt collection options, you’d like your money as quickly as possible. And while you know that handing your case over to a debt collections agency can help, how do you speed up the process and get paid sooner?

The answer is fast track collections.

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What is Fast Track Collections?

Fast track collections is about speeding up the debt collection process. It’s about taking action and using the right tools to encourage the debtors to take prompt action to resolve debts.

While it does work best with debtors whose account is less than 90 days old and are still approachable, it can still work on delinquent customers who have passed the 90 day mark. It is best used when other methods – like letters and phone calls – haven't worked in the past, and you're looking for a more direct and aggressive approach.

The professional debt collectors you'll work with know specific tactics for the best chance to get your delinquent client to pay what's due without damaging your long-term relationship with them.

Benefits of Fast Track Collections

 

Benefits-of-Fast-Track-Collections

Since fast track collections aim to speed up the collection process and recover as much of your business's money as possible, the results of using this method typically speak for themselves.

But let’s take a look at some of the added benefits of fast track collections.

  • Getting your accounts receivables back on track will increase your company's cash flow. For some businesses, this could mean getting them out of the red putting them in the positive.

  • It will help give you a more accurate picture of your profits and losses. When you start recovering the money you'e owed, you can get a more accurate look at where your business really stands.

  • Fast-track methods do their best to not compromise your business relationships. If done correctly, with expertise and professionalism, you can get the results you're looking for without harming your relationships with your debtors.

What Methods are Used in Fast Track Business Collections?

 

What-Methods-are-Used-in-Fast-Track-Collections

Methods to fast track will vary from agency to agency. But in general, here are some methods used to fast track the credit collections process and get your owed money as fast as possible.

  • Immediate contact. Making contact right away is key to getting your delinquent invoices paid. The longer you wait, the less chance you have of recovering your money. If your debtor has refused to return your calls or letters in the past, or even changed their contact information, collection agencies will use their tools and private investigators to find a way to make contact.

  • Staying in touch. When it comes to debt collections, persistence does pay off. Agencies will stay on top of your debtors, following up, continually checking in and making use of negotiation tactics, until they pay in full or come to some agreement on payment terms that work for everyone.

  • Private investigators. Most experienced debt collectors have access to a team of investigators that will help them conduct asset and liability investigations on your debtors, to figure out whether they have the funds to pay you or not. They'll check your debtor’s bank accounts, vendors and suppliers to compile a full financial portrait of the business. They may also do a search on any real estate property or other assets your debtor may have.

  • Personal visits. Private investigators may also make personal visits to your debtor’s place of business. In some cases, it takes seeing someone in person helps debtors realize just how serious you are about collection this debt, and this personal visit is just what they need to start making payments.

When you’ve been waiting for so long for your payment, you want it as fast as possible. By using fast track collections methods, you can speed up the process and get money in your hands.