The Cash Flow Group, Inc

Consumer and Commercial Debt Collection Florida

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Fort Lauderdale / Miami, FL

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Archive for the ‘The Cash Flow Group’ Category

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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Credit Report – The Nitty Gritty

Tuesday, July 24th, 2018 | The Cash Flow Group | No Comments

What’s in a Credit Report?

The Cash Flow Group, a Florida commercial collection agencies.

Your credit report lists what types of credit you use. It also lists the length of time your accounts have been open, and whether you’ve paid your bills on time. It tells lenders how much credit you’ve used and whether you’re seeking new sources of credit. It gives lenders a broader view of your credit history.

Credit reports include information on where you live and if you have been sued, arrested, or filed for bankruptcy.

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Settling Credit Card Debt

Saturday, July 21st, 2018 | The Cash Flow Group | No Comments

Settling Credit Card Debt

credit card debt blog

Credit card debt settlement is a way of dealing with your credit card debt by paying less than you actually owe. While debt settlement ranks low on the list of desirable debt solutions, it’s one you might consider if you’re out of options and on the brink of filing bankruptcy.

Advantages

  • You may ultimately pay less than what you owe. The unpaid balance is forgiven once the negotiated sum is paid in full.
  • Debt settlement may offer a more budget-friendly plan for getting out of debt within two to five years. However, settlement is not guaranteed.
  • Debt settlement is an alternative to bankruptcy.

How The Cash Flow Group Helps:

The Cash Flow Group, located in Miami, Florida, prides ourselves in our transparency. Unlike most debt settlement companies who may make big promises such as suggesting that debt settlement won’t hurt your credit score. The reality is debt settlement can’t protect you from credit score damage, debt collectors or lawsuits, and a good debt settlement company will be transparent about these facts. However, we are here to help in the best way possible, and we do our job there extremely well. The Cash Flow Group will manage your accounts receivable to ensure success in paying off debt. Out group provides debt settlement, a way to eliminate your debt by paying a fraction of what you owe. It is an option for consumers who can’t afford their current debt payments, and either can’t or won’t file for bankruptcy.

Our Call to Action:

When you settle a debt, we agree to accept less than what you owe to resolve it. Moreover, if you are unable to pay anything, we may be willing to reduce the amount you owe and settle for less. This is because we truly care about our clients, setting us apart from most companies who only care about their “pay back”.

Credit Control Tips | Cash Flow is King in Every Business

Tuesday, July 17th, 2018 | The Cash Flow Group | No Comments

So, what is credit control? Every business wants to earn money and make a profit. Businesses offer quality goods and services to their clients and stand out from their competitors. It makes good business sense to then invest this profit back into the business. Then they can provide more a comprehensive list of services and offer better products for their clients. This in turn ensures that clients are then receiving the level of service they would expect.

All of the above makes the ideal business model, maybe in the world of make believe, but let’s step into the real world of business & 2018. Since the recession of 2008, businesses have been suffering as a result of late payment behavior by their clients. Billions of dollars are written off by US businesses each year because of late payments and poor credit control . It’s become a norm for big businesses to hang smaller businesses out to dry. They go unpaid for long periods of time hoping they can cut a deal with liquidators and settle only percentage of what was owed.

This scenario is a very sorry state of affairs. How can we resolve the issue ensuring clients pay accounts on time? Credit control is the answer. These simple tips can be implemented to your business to deliver results straight away & ensure that your cashflow remains intact:

1. Master credit control by clearly setting out your Payment Terms & Conditions

It’s extremely important to set out company payment Terms & Conditions in writing. This can be included in your Terms & Conditions on contracts or credit application forms and stated on invoices. It amazes me the amount of businesses who simply don’t have any payment Terms & Conditions. If they do, their clients are not aware of them as it has not been brought to their attention before. Debtors are very conscious of what they have to pay but this must be set out in black and white. If not, the company has nothing to fall back on should the debtor resist payment. Set out your Terms & Conditions in clearly to your clients to create a clear and consistent approach.

2. Send your invoices out with the goods or services

A lot of businesses we deal with raise invoices to their clients at the end of start of each month, by this time their client could have been in receipt of the goods or services they ordered for two to three weeks already before receiving an invoice from the company. This does not make good business sense, and invoices sent after at the end of each month etc are often paid late, and there is a stronger likelihood of them been settled quicker if they are in the client’s possession straight after the business transaction has happened. Sending invoices throughout the month and immediately after goods or services have been supplied is also beneficial because the company will have a constant cash flow coming in to their account.

3. Don’t be afraid to approach and speak to your clients about payment

By law you have to allow clients time to pay before you can pursue them legally for non-payment. This does not stop you calling or emailing them to ask when you can expect payment. Accounts receivable departments should have a robust process in place for this. They can call clients after invoices have been raised to deal with queries or disputes promptly. Then call or email them 15 & 30 days after the invoice has been raised to see when payment will be made. This demonstrates to clients that the business is very on the ball with their credit control. After 30 days contact should be made with the client on a daily basis. If this contact is not made it, implies that the company doesn’t need the invoice paid all that urgently.

 

credit control tips

 

All of the above are easily implemented into a business in turn leading to big changes within the business. Small modifications can lead to invoices being paid on time or more promptly.

 

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Miami, Fl Debt Collection | The Time To Act Is Now

Tuesday, July 17th, 2018 | The Cash Flow Group | No Comments

Miami Debt Collections

Island time in Miami, Florida?

Here in sunny Miami, Florida many individuals run on island time…or peninsula time technically. Issues can be put off to tomorrow for months on end. Treating your debt collection issues that way can be fatal for recovery. The age of an account can have a great affect on it’s collectability. In most circumstances, the older an account is the more difficult it is to collect.

As time goes on it can become more difficult to locate a debtor. Even a business may relocate from Ft. Lauderdale to Miami, Florida and change names. People move to new homes, new towns, new states. They change phone numbers and jobs. They may do this several times over the course of a few years. Each change can make locating a debtor more difficult. If you can’t find them, you can’t get payment from them.

Statute of Limitations on Debt in Miami, Florida Collections

The collectability of an account goes down as the account nears the statute of limitations. The statute of limitations on an account is the number of years you have to pursue an account from the last date of charge or payment (whichever is most recent). For example, the statute of limitations in the State of Florida is 5 years for a written contract. You would have 5 years from the last date of payment or the last charge to take that account to court. Each state decides the statutes of limitations for different types of accounts – open accounts, judgments, oral contracts,etc.

The faster you can move forward on an outstanding account, the more likely you are to receive the payment due to you. This is truly a situation where time is money and the more time you let pass the greater the chance you’re letting your money slip away.  Be proactive about the money owed to you; Cash Flow Miami is the solution.

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Debtor Rage Unplugged!

Monday, July 16th, 2018 | The Cash Flow Group | No Comments

rcommercial debt collection

Commercial debt collection has one mission…

All we read is how horrible collectors are in the commercial debt collection industry. A simple google search will result in little to no results discussing the woes of debt collection on the collectors end.  In fact, it all results in the opposite: how harsh the process is for the debtor.  In reality, the commercial debt collection‘s industry is highly regulated, but the debtor’s response is absolutely unfiltered. If people had any idea of the amount of foul language, threats, and other abuse received by debtors, they would be shocked. (…or would they?)  Many individuals are too proud and want to act like their problems are the collectors fault.  Once again, in reality, the debt was brought on solely by the debtor for a myriad of reasons. Simply put, this is not the problem of the collector; the collector has one mission.

Commercial debt collection is regulated…

The job of the debt collector is to make contact, and attempt collection. With this being the sole aim of the collector it is relentless and persistent. As long as calls or attempts to make contact are ignored, they persist.  If debtors would like them to stop, the one and only way to stop them is to make a plan to pay what they owe. Furthermore, collectors are a daring bunch many physically go to dissolute areas in attempt to collect a debt. They travel armed with paperwork. A commercial debt collection agency will never threaten anyone existence, but their lives are often threatened. For phone collections, collectors are giver the run-around. This leads to more embarrassment to the debtor as the collector moves down the contact list attempting to find someone who isn’t missing.

Commercial Debt collection is an industry of workers.

The cycle of embarrassment, annoyance, and frustration is solely brought on by the debtor.  The debtor creates a situation that they then respond to with threats and verbal abuse. Commercial debt collections agents literally work with what they are given. No one deserves to be the recipient of threats and abuse just because they are doing their job. Debt collectors aren’t horrible; they are working.

 

 

 

 

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FDCPA Reform Coming?

Friday, July 19th, 2013 | The Cash Flow Group | No Comments

Not looking forward to the outcome of this with the history of anti-business regulations from this administration.

Read full article from insideARM.com

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BEWARE OF FALSE ‘PROFITS’ IN ACCOUNTS RECEIVABLE

Friday, May 10th, 2013 | The Cash Flow Group | No Comments

 

false profits in accounts receivable

I have observed many companies, (in my 31 years in the debt collection industry) being blindsided by the reality that they stand to take a substantial hit on what they were holding in their account’s receivables that were past due. In essence, they were counting on and believing in false profits. The all too common assumption is that as long as a customer is buying and my receivables are growing, we’re making money. The thinking seems to be that cutting a non-payer or very slow-payer off from more credit will, A – cause you to lose needed revenue, and/or, B – cause the customer to not pay you as they seek credit and services elsewhere. In other words, we want to believe that the customer will eventually pay, catch-up, etc. We certainly don’t want to believe we’re about to get screwed over with an unpaid receivable.

I have seen companies play this game of ‘roulette’ for a year and more allowing customers to receive their goods or service, all without paying, and all because of the mind-set that I mention above. Companies just hate to turn away revenue, and they just want to blindly believe, in spite of all the signs and statistics to the contrary, they’re eventually going to get paid. You know the story, ‘they know better’, ‘they know their customer’, constantly playing amateur psychologist, emotionally attached to the situation, because it’s money involved, and you know if there’s anything that can get us emotionally attached, it’s our money…

News Flash! All monies that are written off are pure profit dollars. All operational costs, salaries, taxes, etc. have already been paid. You might consider, in your particular business, how much in gross revenue needs to be regenerated just to cover what you had to write-off. For example, let’s say your ‘net profit’ is in the 12-15% range, and you just wrote-off a $10K bad debt. You would need to generate about $90K -$100K in new sales just to cover the loss of that write-off. Again, what you write-off are pure profit dollars.

I will give you 2 current examples from our portfolio of accounts; but believe me, I can give you many, many more!

Example #1: a small meat distributor, in this case selling to a small mom & pop store. Back in May 2011, the store bounced 5 checks totaling about $4k. A small payment was made in May toward one of the checks. In spite of this glaring warning sign that there were problems with their cash-flow, the distributor continued to deliver meat for the next 3 months, with no payment whatsoever. The last delivery was in August 2011, and then they finally stopped delivering. Now the distributor was owed $20K! But wait, it gets better. They tried for 1 ½ years to recover the debt from the store before finally placing the account with this agency in February of this year.

Example #2: a small produce wholesaler selling to a mom & pop retail produce store. In April of 2012 they received 3 NSF checks from the store totaling $6700. Nonetheless, without any recovery on the checks, they continued to provide produce to the store through September 2012. Now they were owed over $16K. They finally placed the account with us in January of this year. By that time the store had been taken over by another creditor, who subsequently closed the store, sold the assets and distributed the monies ‘proportionally’.
Our client received $400.

Unfortunately, both believed in ‘false profits’.

I cannot tell you the number of short-sighted business owners, controllers, credit managers, etc., that I’ve spoken to through the years that end up in this situation, often largely due to, (are you ready for this?) they don’t want to pay to have a collection agency do what they are ‘so good at’. I mean God forbid they cut-off a customer early and place with an agency they would have to pay 10-20% to. No, they’ll save their company money by continuing to ‘work with’ the customer, or try to recover on their own for a year, yada, yada..

If I’m sounding sarcastic, it’s because I’m trying to. When you have the advantage of seeing this happen to thousands of businesses for 31 years, I guess you get a little jaded to the same old worn-out, tunnel-vision, excuses coming from some of these credit execs and business owners.

Bottom line, write a credit policy and stick to it. The odds of greater recoveries and less write-offs will be well in your favor. Don’t put your hope in false profits!

Art W Schnitzer
President
The Cash Flow Group, Inc.

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Everything You Need to Know About TCPA Compliance

Wednesday, October 10th, 2012 | The Cash Flow Group | No Comments

No compliance issues here, we don’t use auto-dialers! If your agency does, have fun running the obstacle course..
Check out the whole article from insideARM.

TCPA Compliance Article

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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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