Time is Money

By: Ray Modad

Everyone has heard the saying “Time is Money”. In most instances, this refers to the trade-off made between labor provided, and monies earned. In the ARM industry, Time is literally Money. The longer you wait to collect your funds, the less it’s worth. Remember: You can always make more money, but you can never make more time!

Time is money

The Quick and the Dead

The initial 90-day window provides your best chance to recover your funds in full. Don’t delay. After about 3 months, you are only likely to collect around $.90, on every $1.00 you are owed. After 6 months, that amount drops down to around $0.60-$0.70. After 1 year that amount is likely $0.45 on the dollar. And after 2 years overdue, you are looking at $0.09 on that same dollar. Yikes! Cashflow is the lifeblood of any business. Without it, businesses cannot operate effectively. The moral of the story is this, the quicker you initiate the collections cycle, the more money you’ll actually recover. What a concept! Thank you Captain Obvious for the brilliant insight.

What can your business do to collect more funds?

Step # 1: Make it easier for your Consumer to pay. How do consumers want to pay their bills today? Hint hint, It’s not with smoke signals, stamps and envelopes. More and more consumers today want to pay online and via their smartphones. By offering consumers the tools to negotiate settlements automatically over the internet, over the phone, and via their mobile devices you can drastically increase your Accounts Receivables.

Consumers can now pay you 24/7/365.

Step # 2: By establishing a Merchant Account you will have the ability to accept ACH, Debit and Credit Cards. Today’s Consumer is concerned with ease and efficiency, which has made Debit and Credit card the preferred payment method. By enabling these payment methods, you stand to increase your collections dramatically. Last but certainly not least, Debit and Credit Card transactions can settle up to three business days sooner than ACH!

Preferred payment methods + Quicker settlement times = More funds collected!

Step # 3: Give HealPay a call today! HealPay has the technology and tools that enable Consumers to pay their bills quickly and easily. We provide competitive Merchant processing rates and can get you up and running in no time.