Best Practices, Florida Debt Collection

Usually we pass on interesting bits of knowledge, witty quotes, or a general message on the state of the debt collection industry, especially as it pertains to Florida Debt Collection.

Today, however, I am going to share an excellent article on how to actually reduce your need for a debt collector!  It may sound counter-intuitive, however, our clients and followers aren't as interested in our services as a debt collector in Florida, as they are in simply Getting Paid!

This is a wonderful and concise article on how to better frame your invoices to get paid quicker by your customers and clients.

It's a short, and excellent, read.

http://www.fairshare.cc/how-to-improve-debt-collection-by-using-your-invoices-more-efficiently/

Till our next post, Have a fantastic weekend.

Mark.

Collectivity LLC

Tampa Debt Collection Agency

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

Before Borrowing

Before borrowing money from a friend, decide which one you need the most.

proverb

Spanish Proverb

“Debts are like children: the smaller they are the more noise they make.”-Spanish Proverb

Ups And Downs of Commercial Debt Collection

The Commercial Collection Agency Association has released industry trend analysis for Q4, 2013.

What they found was a consistent drop (5.7%) in the number of Business To Business Collections accounts placed with collection agencies, but a consistent rise the the dollars placed (4.13$) with collection agencies.

In other words, fewer, but larger accounts in the B2B Debt Collections world Q4, 2013.

We were very ready to hear this news, as the year (2013) has been in overall decline.   The collection industry declined 11.5% over the volumes reported in 2012.


Similar declines, soft years, were see in 2009, 2010.  This is a business decline we have seen before and have seen again.

It may seem like an odd time to launch a new debt collection agency in Tampa with an overall soft market.  It is our belief that in tough times is when opportunity knocks the loudest.  The classic stereotype debt collector is being steadily legislated out of business.  We are not unhappy to see them go.

A new breed of tech savvy collection agencies, with solid old fashioned values, and a firm grasp on the psychology of debt collection is on their way to fill that gap.  Collectivity, LLC  is there, bringing to the industry old fashioned values, and modern technology.

Contact us now about your debt collection needs in Tampa, Florida, or anywhere in the country.

Collectivity LLC

Tampa Debt Collection Agency

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

Pigs Can Fly, and collectors can be wrong

This little article on Debt Collection Agencies, proven to be wrong, caught my eye.  It's funny, that a debt collection agency should find themselves in the position of being in the national press admitting they are wrong, and tragic.

Tragic for the bad press the situation brings to an unscrupulous CLIENT, not the agency.  Tragic in the year and a half negative impact on the person that was accused of being a debtor.

The hallmark of an excellent collection agency, is validating their debt, and treating all involved with firm dignity and respect.  This should never have happened, but we are glad to see that the individual has had their credit cleared, the debt collection agency did the right thing, and that charges are still pending against the real perpetrator.

http://consumerist.com/2014/02/18/debt-collection-company-actually-admits-it-did-the-wrong-thing-after-bad-online-review/

Collectivity LLC

Tampa Debt Collection Agency

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

It's the client partnership... not the software!

Going through the Debt Collection Industry's Journals is one of the things we do to keep up to date on changing debt collection laws, changing collection strategies, and the general state of our industry.

We got a bit of a Valentines Day Present  with a very insightful article on Feb 14 in Inside ARM.

I'd like to share a snippet with you, and then our reflections.

“Last year confirmed an important lesson I’ve learned over and again during my more than 20 years in the collection industry—the software an agency uses isn’t the most important ingredient to success. What matters most is the partnership and joint efforts we engage in to bring about a lift our clients’ bottom lines. Ultimately, we help our clients succeed through partnerships built upon an unwavering commitment to know them and understand their needs.”

That's the framework that Collectivity is built on,   Old Fashioned values.  Forging a relationship with our clients, and not breaking the relationship between our clients and their debtors.   Gone are the days when the collector screaming on the phone is an acceptable model, and we are glad to see them gone.  Gone are the days when your software or your autodialer can trump a calm rational voice working with your debtor.

Personal skills, personal service, dedication to your clients, respectfully treating the debtor.  These are the hallmark of the new collection agencies.

While our industry is being hammered left and right with enough scandal to make us look like the average politician (yes sarcasm and humor intended), our firm, Collectivity, welcomes the change.  The minority bad collection firms erode the credibility and huge value of the quality firms.

Collectivity, however does stand in two places, the first is Old Fashioned Values, the second though is modern tools.   We believe in using technology to work for us, and work towards the best tools possible to make sure that we execute on your debt collection with maximum efficiency, we meet the myriad of reporting requirements, and effective collect the money you are owed.    This sits, however behind our first pillar of our business... Old Fashioned Values.

Give us a try we are in Tampa Florida, and focus on Florida Debt Collection, but also service clients and collect from Debtors all over the country.

Call today, find the difference Old Fashioned Values make to the quality of your debt collection efforts.

Collectivity LLC

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

Presidents Day, a Florida Debt Collectors Perspective.

Today, as a nation, we collectively  (notice the sly way I imply our Florida Debt Collection Firm there!.. crafty like a debt collector <humor intended>)  celebrate our first Presidents Birthday, and the spirit of all the presidents that have come since him.

As we look back, and finally forward, there are 3 talking points I'd like to put on the table this Presidents day.  Let's  not let this pass a simply another empty holiday, but focus instead on the impact these great men have had on the state of our union.

To contract new debts is not the way to pay old ones.

GEORGE WASHINGTON, letter to James Welch, Apr. 7, 1799

avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts

GEORGE WASHINGTON, Farewell Address, Sep. 17, 1796

A people... who are possessed of the spirit of commerce, who see and who will pursue their advantages may achieve almost anything.

GEORGE WASHINGTON, letter to Benjamin Harrison

1. For our industry that amounts to simply, don't incur debt to pay debt.  Manage your debt wisely.
2. Don't get into debt, and when times are good, make paying down your obligations your first priority as a hedge against when times may be lean again.
3. Commerce fuels our economy, for commerce to work, vendors must be paid what they are owed, and it is incumbent on all of us to do our utmost to produce and contribute all we can to make our lives, and this nation great.

I will end this very brief treatise with   

At this auspicious period, the United States came into existence as a Nation, and if their Citizens should not be completely free and happy, the fault will be entirely their own.

George Washington Circular to the States

Date: June 8, 1783

Such Harsh words in today's society where government and big business and barking dogs and  bad Justin Beiber press, are blamed for all the ills of today's hardships  (yes some backhanded humor is intended on that list!).   It is up to us to be completely Free And Happy.  It is up to us to keep our financial house in order.   Pay our debts, contribute to our society, and enjoy the rewards of this magnificent country.

Happy Presidents Day to all of our clients around the country, from your Florida Debt Collector, Collectivity, LLC.

Collectivity LLC

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

Health Care Reform and Debt

It does not matter where you come down on the Healthcare Reform Act  Political Hot Potato... its the law and we will see where it leads us.

Specific to our industry, as a Debt Collection Agency in Florida, we found the following article rather hopeful for our industry.

http://www.acainternational.org/healthcaremarket-study-massachusetts-health-care-reform-led-to-declines-in-bankruptcy-debt-and-collection-balances-31210.aspx

It seems intuitive though, if people have a way to pay for health related expenses, their debt load will go down, bankruptcy's will decline, and collection actions will go down.

“The effects of reform on credit score, personal bankruptcy and delinquency are most pronounced for those whose credit scores were lower before the reform, but those with higher credit scores (and therefore, better access to credit) experienced a larger relative decline in total debt,” according to the researchers, Bhashkar Mazumder from the Fed and Sarah Miller from Notre Dame.

It might seem counter intuitive that a debt collection agency is please to see anything that will cause debt collection to go down, but we are a bit of a counter intuitive in how we approach debt collections.

To see this type of positive result from Health Care Reform is a good sign, and we will be watching for further developments.

Mark.

Collectivity LLC

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

Generosity Brings Growth To Your Business and Ours.

Collectivity, LLC is a debt collection agency, founded and specializing in Florida debt collection.

One would not normally view a debt collector as "generous".  It is surprising that as an industry the debt collection industry is very generous.  We like to consider ourselves at Collectivity to be good stewards of our community, and believe that giving closer to home has greater impact.

One of the first places we start giving though, is in the extra time, advise, and care we show our clients.

An interesting article recently in the Tampa Bay Business Journal that confirms how Collectivity has always treated their clients. We do not bill for the time spent with our clients, nor do we skimp on that time. We are here to answer all your questions to your satisfaction and to assist in advising you how to avoid future receivable errors to the best of our ability.

http://www.bizjournals.com/bizjournals/how-to/growth-strategies/2014/02/the-more-you-give-the-more-you-get.html?surround=etf&ana=e_article

Collectivity LLC

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

See more at: http://collectivityllc.com

Thank You Fred.. we so appreciate your kind words

When I started business in Miami, I thought the hard part would be getting customers. I quickly realized the hard part was not getting customers, but getting paid. As a small businessman, chasing people that owed us money, took away from growing my business. I am happy to make this thank you video for Collectivey. Because of your debt collection efforts, my focus is back to growing my customer base and my business.

The One Thing...

I just finished reading an excellent article from, of all places, an Australian paper.

Before I get to the crux of how that's relevant, I have to comment that the article has the headline  (as mine does)

The one thing you should do to slash your bad debts

Roger Mendelson (Australia) "SME let debts slide for too long"

And then goes on with a list of about 20 really good things that will increase your small business cash flow.... so The One Thing.. there is no one thing.

A basic truth of the article however is that the economy, ours and the world's  is finally improving.

Through the tough times small and medium sized businesses have been in a fight for their survival, pinching pennies.. holding on to bad debt as long as possible in the hope that it will help.

Now that the economy is coming back on track, its time to re-evaluate your credit and debt strategy.

For starters, why are you spending your resources trying to collect on old debt, when those resources can be better leveraged growing your business in a new economy?  Two years ago, when it was about survival, not growth, that was an appropriate mindset.   It's time to reevaluate though.. A dollar worth of effort to grow the business might have returned 75 cents two years ago, but a dollar worth of effort might have brought in 1.10 in cash flow by collecting on old bad debt.  Before this made sense.

In a growing economy though, those number turn upside down.  Your investment in growth returns are higher than your investment in collections are.

Its time to take a hard look at that old debt.  The older it gets, the harder it is to collect.  Hand it over to a collection agency, write it off, and start re-investing in the growing economy.

YOU MADE IT through the worst recession since the great on in the 1930's!   I'll wager many of your competitors didn't!  Pat yourself on your back, congratulate yourself, and get out there investing in your business growth.  Leave the old bad debts to us.

By the way, read the article, it is CHOCK FULL of great suggestions for collections and receivables.

http://www.brw.com.au/p/business/the_one_thing_you_should_debts_to_ZxGv55zvaE8BwdhaLrJZ7J

Collectivity, LLC

Debt Collection Agency for Small and Medium Sized businesses.

Collectivity Debt Collection Agency in Florida