Month: June 2017

Aviation Finance Business’ Best Option Regarding Commercial Collections

Unlike consumer debts, commercial debt balances tend to be considerably higher, often times leaving Aviation Finance businesses in a precarious position not having access to much-needed capital. When internal efforts to collect on a commercial debt prove unsuccessful, one of the most important steps a business owner can take is to contact a commercial collections agency.

Unlike consumer debts, commercial debt balances tend to be considerably  higher, often times leaving Aviation Finance businesses in a precarious position not having access to much-needed capital. When internal efforts to collect on a commercial debt prove unsuccessful, one of the most important steps a business owner can take is to contact a commercial collections agency.

Helping Aviation Finance companies recover past receivables that are long overdue is what a commercial collections agency excels at. Most businesses are unaware of what procedures to take when dealing with outstanding unpaid accounts. A commercial collections agency specializes in those procedures having policies, practices, and systems in place for commercial collections and large debt claims.

Considerably more proficient in the debt collection process, a Commercial Agencies employ highly trained, adaptable, and skilled debt collectors to handle the commercial collections for their clients. Agencies are required to do due diligence before contacting the debtor of you Aviation finance company including background checks, corporate structures, skip tracing through non-public database searches, payment histories, and other relevant information and inquiries.

All Local, State and Federal Regulations must be followed by a Commercial Collections Agency. To do so, many agencies work with local attorneys to ensure their adherence to all regulations and requirements. Continual education is a must for a commercial collections agency to stay informed of any and all new laws and/or changes within the industry; yet another reason aviation finance businesses should turn to commercial collections services for help in recovering outstanding receivables.

However, though it goes without saying, choosing a reputable and experienced commercial collections agency to aid in your aviation finance debt collection is key to the success of a business owner when it comes to recovering any unpaid accounts and outstanding debts.

3 Things to look for in a commercial collections agency for you aviation finance business:

  • Recovery proficiency
  • Professionalism and service
  • Confidence and Trust

Without using the above criteria when choosing a commercial collections agency for your aviation finance business to recover your outstanding receivables, business owners could find themselves no better off than before.

Collecting Past Due Aerospace Industry Accounts: When To Quit

A question often arises in our offices from our aviation and aerospace industry accounts, “When should I stop my efforts collecting past due accounts?”
Aerospace Industry AccountsUnlike fine wines or select cheeses, past due accounts do not get better with age. Most Aerospace Industry Accounts make the mistake of waiting twice as long as they should before handing over their accounts…

A question often arises in our offices from our aviation and aerospace industry accounts, “When should I stop my efforts collecting past due accounts?”

Aerospace Industry AccountsUnlike fine wines or select cheeses, past due accounts do not get better with age. Most Aerospace Industry Accounts make the mistake of waiting twice as long as they should before handing over their accounts receivables to a commercial collections agency. For instance, did you know your chances of collecting past due accounts in-house drop 12% every 30 days?

When it comes to collecting past due aerospace industry accounts, it͛s important for business owners to remember, collecting on outstanding receivables is a financial process. Because we have an invested interest in our companies, we tend to treat collection as an ͞emotional͟ process instead of a financial one. Whether or not we make or lose money needs to be the determining factor when pursuing collecting past due aerospace industry accounts

For example, Collecting on an invoice that is less than 120 days old holds an 80% success rate while dropping to 40% collectible after that time frame. Because we still see the debt as outstanding, we mistakingly apply the same amount of time and effort trying to collect those older aerospace industry accounts as we do the new ones. Our motto: Don͛t spend a dollar chasing after a dime.

Early warning signs it may be time to stop your collecting past due aerospace industry accounts efforts
Customer avoids contact attempts
Refuses to sign personal guarantee
Customer breaks terms of original agreement Customer breaks their first promise
Customer only makes partial payments to buy more time.
Customer ignores demand letters

You have business to run. You have better things to do than spending your valuable time Collecting you past due accounts. Handing your outstanding debts and aerospace industry accounts receivables over to a commercial collection agency is often your best course of action

If you are a Aerospace Industry business owner trying to collect on past-due accounts, a reputable collection agency can often help. Turning accounts over to an agency for collection may seem like signaling defeat or throwing in the towel to some collectors. Rather than take the defeatist attitude of ͞I can͛t collect this on my own,͟ take the attitude that collection is a team effort with you and your outside agency working together.