Commercial Debt Collection

A Commercial Collection Service is a way of effectively recovering problem and past due receivables. Commercial lenders and businesses are getting paid with TFC-USA’s assistance and expertise in Commercial equipment finance and leasing, merchant cash advance and working capital, commercial property lease collections, unpaid purchase order collections, in addition to balances owed for products and services. If you’re owed money for your business, we’ll make sure you get it.

How Collection Services Can Help Your Business

How Collection Services Can Help Your Business

Preparation for future collections is essential. Even if you are not experiencing many charge-offs, or late payments it is a good idea to set up a process for future delinquencies. By preparing your company in advance, you will be ready for any of the market’s ups and downs. Your company will have a predictable process in place that can be used and adjusted to fit to your changing needs. In our experience, clients with an in-place collection plan have a higher comfort level when extending credit. TFC is available to help craft an effective policy for your business.

When to go to court

Collecting debt is a process. Unless otherwise indicated, filing a lawsuit is the last, but often crucial step to recovery. TFC will exhaust every amicable avenue to restitution, before referring a file to an attorney. Counsel as well, will attempt to resolve the matter prior to recommending a lawsuit. Once suit is filed the TFC Legal Associate will monitor the file, assist in counsel’s efforts and make sure the attorney is on schedule in his file handling. Further, many debtor’s “get religion” when served and contact either TFC or counsel to make payment.

Still, filing suit is not to be done lightly. Costs are required and have to be considered against the amount of the claim. In addition, the legal process can be lengthy. Refer to the Litigation Flow Chart for a graphic view of the process. In addition, your TFC Legal Associate   can provide a decision matrix to assist you in the decision to litigate or not.

The power of due diligence when setting up accounts

The sales side of any business loves setting up new customers. Then it falls to the credit and collection team to recover the money lost from the rush to generate sales. TFC can provide credit reports, on both commercial entities and consumers; information required when accepting business or setting credit limits. See our credit report price list to determine the correct report for your business.

Proactively manage delinquent accounts

On our Home Page we speak about the science and art of collections. The same applies to providing and monitoring credit. For example, there are formulas and calculations to project recoveries, that is the science; then there are the credit personnel using their intuition or “gut” instinct to pull back or increase credit lines. That is the Art. However, the most sophisticated and experienced credit and collection person cannot bring in all.  Then the decision to place an account for collection has to be made. If you place too soon, you risk alienating the customer, if you wait too long, the customer may have  a diminished ability to pay, or have filed, or be out of business altogether. TFC can help. A call to discuss a delinquent account is cost free and may help in your decision to maintain the account or place them for collection.

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