Cedars Business Services – Everything you need to know about debt collection

Cedars Business Services

‘We buy things we don’t need, with money we don’t have, to impress people we don’t like.’ Our indefinitely growing lifestyle often gives us little space to stop and introspect into ourselves. With increasing desires, our debts are unconsciously increasing.

There seems to have no end to this cycle unless we stop ignoring these calls and pay our due which is often easier said than done. Maintaining a regular lifestyle and coming out debt-free looks like an impossible situation.

Debt collection has become as big a problem. We don’t have the time or resources to claim what is rightfully ours.

As approximately 30 million Americans have at least 1 debt in collection, the need for debt collection services, whether in-house or third-party services, is immense.

The debt collection industry has earned its dominant share over the years, but it’s an industry that continues to grow across multiple verticals including auto finance, healthcare, mortgage lending, and many others.

According to Kaplan, debt collection agencies are expected to have revenue of nearly $19 billion in 2022.

Despite the misconception of being deceived by these services, there are genuine corporate service providers who believe in creating customer relations for debt collection.

Cedars Business Services, To the Rescue

Agencies like Cedar business services try to create a balanced solution that works for both consumers and their clients.

These corporate solutions come to our rescue at the time of crisis. No matter how delinquent your past-due account is, their professional team is available for help. Their ‘People First’ approach has made it a worldwide leader in commercial collections.

Plan the Problem

Debt can never be healthy for you in the long run. To avail of credit facilities, invest in the future, or plan a financial structure for your future, debt is severely cancerous. Delaying payment of debts for a long can only make it worse.

A healthy solution to this is to plan the installments of paying it back and communicate the same with the debt collectors. Cedars business services also provide effective help in this area.

Fair and Square

Cedars business service trains its representatives to be compliant with the Fair Debt Collection Practices Act (FDCPA) and to never use unfair practices to collect a debt. They guarantee to be respectful, compliant and tailored toward finding an amicable solution.

Their services align business with fair, transparent collections practices at every step. They ensure that their customers and clients adhere to high ethical standards. This also includes ensuring that customers are well aware of their rights.

Recognize the Trouble

Often, we don’t realize that we have local debts and we get annoyed with repeated calls thinking that they are harassing us unnecessarily.

We don’t recognize such debts due to various operational and litigation factors such that changes in the company name due to merger or acquisition, or other corporate factors. Such dues are still legitimate and should be paid diligently in due time.

A customer request can be put forward to these service providers when such calls are repeated and unnecessary and the representatives are helpful in providing a solution for the same.

Can You Trust?

Just as doctors help you to maintain your physical and mental health, finance service providers take care of your financial health. Taking financial help requires having a lot of trust in the client-partner relationship.

Can you trust Cedars Business Services?

Cedar Financial fully understands that if the account receivable not paid is significant, the impact can be devastating. Depending upon the time past due, the outstanding cash can also hamper the company’s operation drastically.

Cedar Financial offers clients to check credit reports internationally and make informed decisions on how to proceed with business interactions. Every claim is personalized and is given customized attention from many perspectives.

Status updates reports, feedback, and advice toward the resolution of each claim are provided to you on a timely basis.

In case you need to collect a debt from your debtor, they provide effective skip tracing services to help you to reconnect with a customer that has moved and not provided updated information.

It also conducts thousands of investigations in every country spanning Europe, Latin America, Australia, the Middle East, and India. They keep the most up-to-date financial information to make informed decisions.

They focus entirely on building an effective customer relationship. By providing them with their best manpower resources, they make an effective focused debt collection strategy that keeps people at first.

Innovative Ideas

Pre-collection allows a cost-effective way to manage your past-due receivables. Reaching out to your customers before they enter into default can motivate them to resolve their balance sooner, avoiding a negative credit impact.

Within 30 days of sending a pre-collection letter to the customer, they responded, thus saving a lot of time.

Such pre-collection creates better response rates, makes contingency fees negligible, maintains the customer relationship, and provides a quicker resolution of past-due balances.

Business process outsourcing allows you to reduce the cost associated with following up on slow-paying accounts. Cedar Financial has developed a program that can streamline your internal efforts with the best RoI.

By working, not as a third-party agency but as an extension of your company, this program leads to a higher number of customer contacts. Overall this also leads to better global collections and improved customer satisfaction.

What’s Special?

With the tremendous success in their work and team, one may wonder what is that which makes them special.

Their special Demand Notice Service is for clients engaged in commercial transactions to avoid treacherous collection proceedings with customers who need just a little more than an invoice.

It reaches out to your customers by giving them a limited time to pay or resolve their outstanding balances.

If payment is sent within the allotted time frame, the clients pay nothing and they send the customer an e-receipt for their payment.

It’s just another way Cedar Financial helps the client get the money they’re owed – fast, which makes it one of the top international debt collection agencies across the globe.

How the service works

Step 1: A final notice is sent to the debtor via email and regular mail with their direct contact information inserted into the notice template allowing the debtor a limited time period to pay or resolve the outstanding balance due with the client directly.

The notice warns the debtor that unless the matter is resolved within the time given, the balance will be turned over to the agency for immediate collection.

Step 2: If the debtor makes payment(s) within the time prescribed, there will be absolutely no fee or obligation to the agency for the notification service. This makes them stand out amongst all the agencies.

Step 3: If the debtor fails to pay by the final date expressed on the notice, the account will roll over into their database for immediate adjuster demand and standard contingency rates will apply.

Their Demand Notice Service avoids unnecessary collection proceedings and enables clients to maintain a healthy and long-lasting relationship with their customers.

If the debtor pays within the time prescribed, the client simply needs to report the amount paid and the agency automatically sends an e-receipt to the debtor for payment.

This service minimizes collection costs and resources, gets immediate customer attention, provides a final opportunity for the customer to deal with the client directly, and avoids agency fees on simple ready-to-pay accounts.

How Do They Do This?

Cedar Financial has strived to become a leader in local debt and international debt recovery.

Having a highly motivated team of negotiators with a passion for their jobs; debt recovery success is achieved by focusing on diplomacy, persistence, and an understanding of individual and business circumstances.

These methods help them to achieve results while maintaining the value of the brand. They match their service requirements with the people as required, ensuring optimum recovery of both large and small debts, which may have been considered futile.

Accounts that are unresolved amicable, by payment are forwarded to their dedicated trace and legal teams if authorized. Additionally, they identify accounts that are best suited for legal action to recover their debts and accordingly plan their action.

The teams, then individually take responsibility to manage the account to their required conclusion.

Legal Aid

In-house counsel- a claim that requires additional support, the in-house counsel is a one-stop collection shop. Without any change in contingency rates, the in-house counsel will continue to professionally encourage their customer to fulfill their payment obligation.

Keeping you informed- every claim, domestic or international, is given personalized and customized attention from all perspectives.  The respective reports and solutions are provided accurately and on a timely basis.

Cedras Financial Review!

If you are searching this on the web, chances are you have been getting a call from Cedars Business services about your pending debt, but don’t panic – because it’s neither a scam nor illegitimate.

Infact, it’s only for your better future which is free of debts, both international and local debt.