What is accounts receivable conversion?
And how can you effectively use this to improve sales, gross revenues, and your cash flow?
In an earlier article I mentioned how giving your customers other forms of payment can boost your cash flow, as well as improving monthly revenues. And ARC is another way of doing just that.
How accounts receivable conversion works
Basically, accounts receivable conversion refers to electronically processing checks as a method of payment.
So where’s the benefit to you?
For starters, by converting a paper check for processing you save time because funds are deposited into your bank account 24 to 48 hours after processing. So you don’t have to wait in line at the bank to make a deposit.
Secondly, by processing checks you will immediately know if the payment (i.e. check) is any good. No bad checks into your bank account means no possible overdraft fees or bad check fees from your bank. And, you’ll know if your customer’s payment in any good immediately, allowing you to take action right away.
So, check conversion helps to speed up the transaction process as well as increase the security of the payment.
How accounts receivable conversion improves cash flow
ARC 90 is a new program that was developed to give your customers another alternative for paying you besides a credit card or personal loan.
Basically, it is ideal for customers who have bad credit yet have an ability to pay you for goods and services. It also allows you to offer them payment plans by automatic the collection processing for those who are approved.
No credit checks are necessary.
Approval is based on your customer’s currently employment and recent spending history.
“Before using the ARC 90 program we only had a credit financing option. 3 of 10 applicants were approved; the other seven couldn’t afford the cost of the bill. Now I offer this no credit check financing to my retail and wholesale customers.”
~ Carlos L. – Automotive Repair Shop
Payment plan terms can range from 2 weeks to 6 months, with up to $1,500 funded up front to you, with the remainder paid to you over the the length of the plan.
“We have used the ARC 90 program and have generated 30% more sales…”
~ Warren V. – Furniture Retailer
Benefits of the program are:
- no credit check
- automatic payment plan set up
- easy 1 page application
- service more customers who can pay despite bad credit
For more information about ARC 90 financing you can click the link.
Do you have a number of outstanding customer or client payments you need to collect on?
Find a debt collection agency today
To find a collections agency that specializes in helping business likes yours, simply request a free services quote from qualified and reputable companies.
Click the link and compare free collection agency quotes today.
This way you can save time, money and aggravation by hiring a professional who can help you collect some (or all?) of your outstanding accounts receivable.
After all, when you get down to it you really have two choices:
- you can keep doing what you’re doing (and hope for a different result), or
- you can find a commercial collections agency that can help you recover what’s rightfully yours.
Either way it’s your money… you decide.