- March 24, 2023
- Posted by: Bryan Dube
- Category: Uncategorized
The number of noncash financial transactions annually in the U.S. is staggering. Transactions in one recent year totaled 174.2 billion, accounting for diverse activities including credit cards, debit cards and checks, according to a 2019 study conducted by the Federal Reserve System. That means a lot of money is changing hands—and yet, many more transactions aren’t taking place, resulting in the accrual of debt for diverse businesses and industries.
How do companies and other organizations tackle that debt? That’s where collections professionals factor in. Their role is to secure financial payments for organizations whose customers have fallen behind in a compassionate manner guided by all applicable laws and processes—and most of all, empathy.
Debt collection is a sensitive and wide-ranging issue, and it’s important for collections professionals to take it seriously. It impacts families and businesses each day. U.S. consumers hold $15.31 trillion in debt, according to Experian.
Against that financial backdrop, it’s unsurprising that many industries can benefit from working with collections professionals to recover debts. In no particular order, here are a few examples.
Students often graduate with debt along with their degrees. Colleges and universities can work with a qualified collections professional specializing in educational debt to provide excellent customer service while recovering this type of debt.
If you own or manage a business in any field, you know collections is a necessary part of the business. It can often be time-consuming and challenging. It requires focus and attention to detail, especially when it comes to collecting debt from a business-to-business transaction. Collections professionals can alleviate the stress of day-to-day collections activities on your operation while applying their specialty of working with other companies to recover debt quickly and effectively.
Energy and utilities
Organizations in the energy sector depend on recurring monthly payments to cover expenses including maintenance and upkeep of critical infrastructure. To keep more customers current and ensure continuity of utility services, many utility providers turn to collections professionals.
Debt incurred during a surgical procedure or a series of doctor’s visits is common. Yet far less common are collections services that treat recovering patients with debt in a kind or caring manner. That can be avoided by hiring a collections provider that is ethical and has a track record of successful collaboration with patients to recover medical debts.
If you are seeking a collections professional you can trust, turn to the experts at FCR Collection. We’ll help you navigate the ins and outs of debt collection in a caring, respectful manner—and your customers can expect us to act in the same kind of principled manner. Get in touch today at 877-326-4662.