The Cash Flow Group, Inc

Consumer and Commercial Debt Collection Florida

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Fort Lauderdale / Miami, FL

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Commercial Collection Agencies in Florida – Business Management

Tuesday, October 2nd, 2018 | The Cash Flow Group | No Comments

Commercial Collection Agencies in Florida – The Cash Flow Group Helps with Business Management

How Will I Manage My Debt Collection Business?

Commercial Collection Agencies in Florida

Commercial Collection Agencies in Florida

The answer to this question varies depending on your personality and business experience. Find good, honest people, and surround yourself with those people. You may have pay a little more for those types of people, but they will save you mounds of headaches in the long run.

Ask yourself how you would like to be managed, and then devise a way that would suffice your philosophies and beliefs.

The collection industry is often a fast paced, high stress environment. Make sure that you hire good help that know how to work with people, are not prone to offense, and are teachable. Likely you will be working in your business and with these people on a daily basis. They will learn to trust and respect you.

Help them succeed by providing them a comfortable work environment. Give them the right tools. You are helping your own business succeed by doing these things.

It is important that you are a part of your debt collection business. Most small business owners make the mistake of getting “stuck in the business”. They also don’t have time to “run the business”. Most small business owners get stuck in the day-to-day grind of the business. They can’t get themselves out of the day-to-day tasks long enough to run a successful business. Hire good help that you can trust. This way you can delegate some of the day-to-day responsibilities of the business. Now you have time to “run your business” and “expand your business”. Be cautious though, you don’t want to give all responsibility away. You need to still be involving yourself in your business. At least enough to know what is going on and provide accountability to others.

Regardless of how you decide to manage your business, the “golden rule” applies more so now that you are a manager.

The Cash Flow Group can help with advice and answer any questions you might have about your debt collection business!  Contact us today!

 

Debt Collection in Florida – Payment Processing 101

Tuesday, October 2nd, 2018 | The Cash Flow Group | No Comments

Debt Collection in Florida – The Cash Flow Group:

Payment Processing 101

debt collection in florida

debt collection in florida

If you run a busy business, then you know all too well that the way payments are processed has greatly changed over the years. While some people still pay with cash or check many customers choose alternative methods. There are many different ways to make a payment these days and offering them to your customers is a great way to increase sales. Today we are going to learn about several of these payment types and how they can boost your business and make life easier.

Pay by Text

A fairly new payment process that is taking the commerce world by storm is pay by text. The process of payment by text is very simply. The two-step process begins when the customer sends you their mobile phone number. Then you place that number in the payment system and a text message is generated and sent back to the customer. The customer will then have the option to pay for the good or service with just one click. This process is very fast and it speeds up the checkout process.

Below is a list of businesses that could benefit from this payment method.

  • Retail locations: No matter what type of retail location you own, you could greatly benefit from pay by text. Those long lines in your shop during the holidays season can be quickly processed using this mobile payment method.
  • Food establishments: Whether you own a high-end restaurant or a trendy food truck, processing payments quickly is always in your best interests. So why not offer your customers an option to pay by text? It will speed things along and there will be no need for them to wait around for a check.

High Risk Payment Processing

This is another area of payment that deals with those establishments that are considered a high-risk. If your company has been labeled high-risk, chances are you will have a hard time finding a company to process your payments. When this happens, you will need to seek out a payment company that specializes in these services, that will be willing to work with you.  But you might be asking yourself how did you became a high-risk merchant in the first place?

Below is a list of reasons why you might be deemed high-risk.

  • You have poor credit: If you are just starting your business and your credit score is poor you might be placed in the high-risk category.
  • A history of chargebacks: If your business has had a lot of chargebacks in the past you might be dropped by your payment processing company. Trying to find a new one might be difficult if you were label a high-risk.
  • An industry with a high fraud rate: If you are doing business in an industry that is known to be plagued with fraud you are high-risk. Some financial services companies such as check cashing companies fall into this category. Also, many online-only merchants will fall into the category of high-risk companies due to the fraud levels associated with online transactions.

Utility Payment Processing

Another huge industry is the utility industry. People of all walks of life pay their utilities each and every month. But keeping track of those payments can be difficult to handle alone. If you are a utility company that is looking for the best way to process payments, chances are in-house is not the best option. Hiring someone else to handle your payments for you can lift the burden off you. This will allow you to focus on other aspects of your company.

Below are several utility companies that can benefit from this service.

  • Electric companies
  • Gas companies
  • Sanitation companies
  • Water companies

Working with A Payment Processor You Can Trust

When you are looking for a payment processing company for your business, finding one you can trust is very important.

For any questions you have, The Cash Flow Group is here to help!  Contact us today!

Debt Collection Tips and Strategies

Thursday, September 27th, 2018 | The Cash Flow Group | No Comments

Strategies For Improving Collection Rates – PROVEN!

The Cash Flow Group in Miami

 

Debt collection tips from The Cash Flow Group:
 
Taking a few safeguards can improve your success when collecting on your receivables. I have found that basic strategies are usually the most effective. Increase the effectiveness of your collection process by:

1. Have a Written Credit Policy 

Follow this policy on a consistent basis.

2. Know Your Customer

Is your customer an individual, a sole proprietor, a partnership, or a corporation? Businesses often use fictitious names and acronyms for their businesses. It is important to establish who has responsibility for the obligation.

3. Plan for Collection Problems Before They Happen.

Your credit agreement or application should provide for provisions for attorney’s fees. Interest at a high rate and late charges for a delinquent account is also provided. To recover attorney’s fees, courts need a written agreement. This needs to signed by an authorized representative.

4. Use Personal Guarantees 

Use these guarantees especially when you are dealing with new companies. These companies may not have a credit history. They will try to escape personal liability be creating a corporate account.

5. Have a Detailed Credit Application

All the above, and more, should be now contained in a comprehensive credit application.

6. Obtain a Security Agreement

This agreement creates a lien on the equipment or merchandise. This is to protect you in the event of a default or bankruptcy filing.

7. Keep all Correspondence Between You and Your Customer

Letters or emails received from your customers may admit the liability in question. Use follow up phone conversations with a letter or email confirming the conversation.  You may receive a letter or email from your customer that you do not agree with. Respond to these by the reasons for the dispute. Once an account is in dispute and the customer has defaulted you must act quick. The age of the account will be one of the main factors that will impact your ability to be able to collect. Statistics show that 90 days after the account is past due, you have less than a 75% chance of collecting it. The percentage shrinks every passing month. After 12 months, there is only a 25% possibility of collection.

Get a hold of us at the Cash Flow Group with any questions or concerns.  We are here to help!

Florida Commercial Collection Agency

Tuesday, September 25th, 2018 | The Cash Flow Group | No Comments

Steps to Making Powerful Commercial Collection Calls:

Florida Commercial Collection Agency – If you don’t have a predetermined strategy in place, you’re probably spinning your wheels – being ineffective and costing your company money.

  1. Know your customer and their business. Are they impacted by seasonal cash flow etc.?
  2. Deciding what strategies you will use to stay on track.
  3. Set goals for yourself. For example – reduce DSO by 12% to improve cash flow.
  4. Deciding and outlining which strategies you will use to achieve its goals.
  5. Create effective call scripts so the conversation flows well and you can effectively manage objections and/or stall tactics.
  6. Measure your results to see what works and what does not. Establish key performance indicators (KPI) to help benchmark future results/ activities.
  7. Make detailed notes of your conversations with your customers. Before hanging up the phone – provide the customer of a recap of your understanding of the conversation. Better to catch misunderstandings now.
  8. Try to establish quickly if the customer is slow paying because of a dispute or cash flow issues. You can increase customer satisfaction by simply listening. If there is a legitimate dispute – deal with it. If it is a cash flow problem – see if you can work with the customer.
  9. Be decisive. If you are getting many promises but no meaningful action (money) then consider bringing in a professional collection agency or lawyer. If you don’t follow through – your customer will take advantage of you.
  10. Consistency is key. Consistent follow up – consistency doing what you say you’re going to do. Customers will soon learn that your invoices get paid before others.

Please call our collection agency at (800) 226-2006 today with any questions or concerns.  The Cash Flow Group is here to help!

 

Commercial Debt Collection in Florida

Monday, September 17th, 2018 | The Cash Flow Group | No Comments

Protect Yourself from Fraudulent Checks

Commercial Debt Collection in Florida – During the holidays and the huge sales thereafter is a hot time for bad checks. It’s certainly not limited to holiday time, but it seems that criminals take a liking to the holiday season in ways that wreck it for the rest of us.

No business is immune. Large, small or mid-sized, every company must take precautions.

A few tips from Costco Service Provider Harland Clarke can help you and your employees spot fraud before the damage is done. Here’s what to look for when examining a paper check:

  1. Missing routing or bank numbers
  2. Low check number as it may indicate a newly opened account
  3. Missing address
  4. Handwritten address
  5. Missing bank name
  6. “Void” printed anywhere on check
  7. Glued, taped or stapled check
  8. Obvious erasures or white out portions
  9. Missing signature
  10. Unusually large purchase from unknown customer

Security features, like a watermark are a good sign that the check is legit. You may want to make a quick call to the bank before you finish the transaction.

As a business owner, you have the right to protect yourself. If the check just doesn’t feel or look right, request another form of payment.

Florida Debt Collectors and Tax Write-Offs

Monday, September 17th, 2018 | Florida commercial collection agency, Florida Debt Collection, The Cash Flow Group | No Comments

Collecting Uncollectible Debts and Tax Write-offs

Florida Debt Collectors, The Cash Flow Group is here to answer your questions!  One question that business owners often have to wrestle with at tax time is whether or not to write off a debt as “uncollectible.”

If your business uses a cash basis accounting system, this isn’t an issue for you. In a cash basis accounting system, you don’t count money that you’re owed until it’s paid to you. You can still write off any expenses related to an unpaid invoice, but you do not owe taxes on any unpaid income. If you are a large company this also is unlikely to be an issue for you. Large companies tend to use a reserve form of accounting and have a “bad debt reserve” to which they apply bad debts.

However, if you are neither a very large or very small company, you most likely file your taxes on an accrual basis. In accrual basis accounting, the unpaid invoice shows up as income on which you owe taxes. However, if you never collect that money, you can write off the amount as a bad debt expense.

Tax Planning

It is usually best to take your write off as soon as possible so that you get the tax deduction now, instead of later. The only time taking the deduction later would be better is if you are expecting to be in a higher tax bracket later on. This is primarily a concern for sole proprietors and S corporations, whose annual income fluctuates more widely. However, even if you expect to change tax brackets, you can not randomly decide when to write off debts. There are no hard and fast tax rules about when you can consider a debt “uncollectible,” but the IRS does like to see consistency in your tax filing methods.

Generally, it’s hard to justify classifying a debt as “uncollectible” if the debt has been owed for less than 90 days. But, some warning signs that a debt may be uncollectible, even if it’s been less than 90 days, include a company declaring bankruptcy, a company refusing to answer communication, a company stating that they will not pay you, or a company simply disappearing. Once you have turned a debt over to a collection agency, you are also justified in writing it off on your taxes. However, if the collection agency is able to collect, you will owe taxes on the amount collected.

We recommend that you not wait until tax season to think about how you will collect on unpaid invoices. We advise clients to consider professional help with unpaid invoices that are 90 days or more overdue, or when they start to notice any of the warning signs that a business may not be willing or able to pay its bills.

Debt Collecting

Writing off bad debt is helpful to your bottom line, but what’s more helpful is actually collecting on that debt. For example, imagine that your company is in the 33% tax bracket and a company owes you $10,000. If you write that off as bad debt, you’ll save $3,300 in taxes. However, if you hire a reputable collection agency that charges 20% of the amount collected, you could get $8,000. Earning $8,000 is clearly better than saving $3,300.

At The Cash Flow Group, our goal is to make sure you are paid the money you are owed, so that you write off as few uncollectible debts as possible. Please reach out and let us know how we can help.

Debt Collection in Florida – When Customers Won’t Pay

Tuesday, August 21st, 2018 | The Cash Flow Group | No Comments

Florida PR

Slow-to-pay and no-pay customers can be a real headache for small business owners.

Those outstanding invoices often create havoc with a small business’ cash flow and can bring operations to a grinding halt- especially if the company is working on tight profit margins. But collecting on outstanding consumer debt does not have to begin with a bottle of aspirin.

Here are a few strategies to help small business owners get the most money from those outstanding invoices:

Be assertive, yet sensible with collection efforts: Trying to collect on overdue accounts is a delicate balance. On one hand, a business can often ill afford to be lax with collection calls and demand for payment letters. On the other hand, to keep loyal customers business owners should also take into consideration any external circumstances, such as economic conditions, that may affect a customer’s short-term ability to pay and make adjustments to the credit policy where it is feasible. Moreover, when deciding how to collect on an overdue account, a business owner should weigh the cost (in terms of money and other resources) of any collection efforts versus the actual amount that can be recovered.

Develop a credit policy: Business owners should make sure to clearly outline the terms and conditions customers must fulfill to establish credit with the company as well as the actions that will be taken when accounts are overdue. This policy should be made available to customers and can be submitted with any invoices on overdue accounts so that these customers know what to expect.

Don’t stop the communication: Once the communication stops between the business and the indebted customer, the likelihood that the business will receive even some if its money is much less. All communication should be firm, yet clear and respectful.

Know what action to take and when: Business owners should be familiar with the different options available for collecting on outstanding invoices or reducing the loss.

Keep good records: Along with a credit policy, businesses need to maintain clear, accurate, and up-to-date credit files and payment histories on each of their customers. There are numerous accounting software suites, such as those offered by Quickbooks, Peachtree, MYOB, and Microsoft Office and even some decent free, open source options, such as GnuCash and NolaPro, that can help small business owners stay on top of their accounts receivables.

– Send the invoice to a factoring company. If the outstanding account fulfills certain requirements, it can be given over to a factoring company. With accounts receivables factoring, the business will receive a significant percentage of the amount owed on the invoice up front from the factoring company and also be able to hand over the collection process.

– Find a good collection agency. For a fee, small business owners can enlist the expertise and services of a collection agency to nudge customers into paying on the account.

– Take the customer to small claims court. Though going to small claims court may not be such an attractive or even worthwhile option, there may be certain situations that warrant this course of action. A business owner, for example, may want to begin the process in order to influence a customer into reaching some kind of settlement.

– Claim the loss for a tax deduction. According to the Tax Code IRC 166, Reg. 1.166, business owners may be able to claim part of the loss on their subsequent tax return.

In short, with a little effort, know-how, and sensibility, small business owners can significantly improve their chances of collecting on outstanding invoices, and keep their heads clear for more important matters, such as running their business.

Please call our collection agency at (800) 226-2006 today with any questions or concerns.

Florida Debt Collection

Thursday, August 16th, 2018 | The Cash Flow Group | No Comments

Florida Debt Collection

Florida Debt Collection

We are a Florida Commercial Collection Agency

The Cash Flow Group has been collecting claims for large to small sized businesses. We have been doing this since the company was founded in 1982. 28 years of commercial consumer debt collection. We have never had a debtor action filed against us.  In today’s litigious climate, that fact gives our clients great peace of mind.

Our agency prefers to use a customized approach in the collection of your bad debt claims. This is unlike that of many other commercial collection agencies. A collection campaign that is gearing towards your company’s best interests is paramount. This provides you with the best results while satisfying you as an CFG client. The collection of your bad debt claims is now handled by seasoned professionals. These professionals know and understand the strategies to achieve the success you desire.

Florida Debt Collection Specialists

We are a commercial collection agency. So it is important to the success of each collection campaign to use the following method. Use the type of specialist who understands the intricacies of collections accounts receivable. The Cash Flow Group’s collection staff is very experienced. They are collection professionals who have proven themselves to be experts. Our staff has proven over the years to be very qualified in commercial collections.

There are many commercial collection agencies in Florida. There are few who have the drive, determination and experience as we do. The Cash Flow group is ready and equipped to collect your collection claims. We provide industry leading results. We take pride in extending world class service to all our valued clients.

The Cash Flow Group can collect your Florida commercial collection claims. We can provide your business with unbeatable results without compromising your customer relationships. We stand ready to serve the collection needs of your business and to enhance your bottom line.

Please call our collection agency at (800) 226-2006 today.

 

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Commercial Debt Collection in Florida

Monday, August 13th, 2018 | The Cash Flow Group | No Comments

Commercial debt collection in Florida

The Cash Flow Group a commercial debt collection in Florida is the premier debt collection provider in the area. We begin debt collection with verifying the contact information provided by our clients and gathering additional information on the business to be used by the debt collector. We email, fax and mail a short demand letter to the debtor typically within one business day of receiving a claim. However, the primary communication method in our debt collection process is the telephone augmented by e-mail as appropriate.

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Commercial collection agencies in Florida

Thursday, August 9th, 2018 | The Cash Flow Group | No Comments

Commercial collection agencies in Florida
commercial collection agencies in Florida

The Cash Flow Group a commercial collection agencies in Florida ensures your PR keeps up an excellent reputation. One of the most frustrating elements of a PR crisis is that often the company suffering the backlash hasn’t done anything wrong. Sometimes when a company and a customer, or two companies, have a disagreement the entity that suffers in public opinion isn’t necessarily the one who is in the wrong. Instead, it is often the one with the less agile PR company, or the one with the more complicated side of the story. Collections disputes are an excellent opportunity for the company in the right to find itself cast in public opinion as a mean and unreasonable aggressor.

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The Cash Flow Group, Inc

3389 Sheridan Street

Suite 135

Hollywood, FL 33021

Email: info@thecashflowgroup.com

800.226.2006 Toll Free

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