Fairway Capital Recovery Blog

Five Reasons to Outsource Debt Collection Services

Posted by Kelly Kramer on Wed, Nov 05, 2014

How do you know if outsourcing debt collection services is right for your company?  Here are five signs partnering with a collection agency might be right option for your debt recovery solutions:
  1. Debt Collecting takes Special Training and Skills:  Unless you have a dedicated staff member who is properly trained in debt collecting and focused solely on that task, you’re leaving money on the table. 
  2. Your staff doesn’t have the time:  Again in most companies, collecting aged receivables is one of many tasks on an employee’s plate.  As a result, there’s often too little time spent turning accounts receivable into cash.
  3. Your people hate doing it:  Let’s face it: debt collection calls can be uncomfortable and difficult.  If your staff isn’t comfortable asking someone to pay what they owe, they usually won’t be successful in recovering those debts. 
  4. You’re unable to collect some accounts:  You have a business to run and it’s not a debt collection agency.  If your collection practices are not optimal, your team may struggle to collect your consumer debts.  By hiring a collection agency that is trusted and trained, the money that is rightly owed to you for services rendered will most likely be paid.
  5. You’re in the dark:  Not sure how effective your debt collection practices are?  The lack of regular, structured reporting about your debt recovery efforts can hamper your collections.  It’s tough to hold your team accountable for debt collection without a tracking mechanism in place.  A quality debt collection agency will be able to analyze your accounts and provide you with reporting so you know where everything stands. 
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Topics: outsourcing debt collection, hire collection agency, Hire a collection agency

Tips for Hiring a Collection Agency

Posted by Kelly Kramer on Wed, Sep 10, 2014

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Topics: outsourcing debt collection, hire collection agency, Hire a collection agency

Fairway Capital Recovery Offers More Than Mere Collection Services

Posted by Kelly Kramer on Mon, Aug 18, 2014

Forget what you know about a typical collections agency.  Fairway Capital Recovery (FCR) is an Accounts Receivable Management company that not only can assist you with recovering debts, but is also able to help you set up those accounts receivable processes to minimize the amount of debts needing recovered. 

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Topics: hire collection agency, accounts receivable management, debt collection agency, Hire a collection agency, debt collection, ARM, collections agency, ARM industry

Fairway Capital Recovery Provides Quality Collections Agency Services

Posted by Kelly Kramer on Mon, Aug 04, 2014

Recent national news coverage about the collections industry has brought into question some of the actions of a minority of Collections Agencies.  This coverage has cast a negative light on the industry, but does not accurately represent the actions or commitment of Fairway Capital Recovery.

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Topics: collection agency, hire collection agency, accounts receivable management, debt collection, collection industry news, collection agency calls, questions about collections agencies, collections agency

How to Build a Case for Outsourcing Debt Collection in 5 Steps

Posted by Matt Alkire on Mon, Oct 21, 2013

As with any change, the decision to outsource debt collection will require you to communicate with key stakeholders and get their buy-in before you can move forward. Follow these five steps to begin building a case for outsourcing debt collection at your company:

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Topics: collection agency, outsourcing debt collection, hire collection agency, outsourcing, accounts receivable management, debt collection agency

Six Things Your Collection Agency Doesn’t Want You to Know

Posted by Matt Alkire on Thu, Oct 17, 2013

There are a lot of great collection agencies serving the needs of businesses all over the country, but there are also some who do not have the best interests of their clients at heart. Here are six things that some collection agencies do not want their clients to know:

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Topics: collection agency, outsourcing debt collection, debt collection services, hire collection agency, financial regulations

Six Tools Collection Agencies Use to Collect Debts

Posted by Matt Alkire on Mon, Sep 30, 2013

Debt collection agencies use a variety of tools and tactics to successfully collect debts on behalf of their clients. Professional collection agencies often use the following six tools to maximize debt collection: 

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Topics: outsourcing debt collection, hire collection agency, debt collection agency

10 Questions to Ask Before You Hire a Collection Agency

Posted by Jason Greiner on Mon, Jul 22, 2013

Many companies choose to outsource debt collection because they don’t have the time or
expertise to do it themselves. Hiring a collection agency ensures that your staff can devote their time to other value-added initiatives, instead of stressing over collection calls. But before you hire a collection agency, here are ten questions to ask to help guarantee they are the right partner for you:

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Topics: outsourcing debt collection, hire collection agency, Hire a collection agency, questions about collections agencies