Tag: accounts receivables management

Statute of Limitations (SOL) is a time period allowed by the state for a creditor to assert their claim on a debt. The time period varies greatly depending on the type of contract (oral, written, promissory note or open-ended) and the state where the debtor resides. For example, the SOL can range from two years for an oral contract in California to 15 years for a written contract in Kentucky or West Virginia. If the debt is not paid within the time frame allowed, suit must be initiated.

The holidays are almost upon us once again! For most of us, this is a time of year for family and friends, gathering together, and enjoying good food, good company and football! As the summer fades and fall begins, it’s also a good time to begin planning your end-of-year strategy for past-due accounts and the collections department in general.

Professionals in the credit and collections business point to certain key elements that improve overall collectability of accounts once they reach the point when they are placed into collections. The factor that is nearly universally agreed upon is age of the account from date of last sale at the time when it’s placed into collections. There are, however, other important factors that should be considered, many of which begin before a sale ever takes place.

Whether your account is placed through our online client portal, by fax or email, at midnight or noon: when you forward a business-to-business account to Transworld Systems Commercial Division, our efforts begin immediately to recover your funds fast.