The process of reconciling a past due account can be influenced by many factors:
- Age of Debt
- Was the product or service provided
- How critical the service or product is to the business that purchased it.
- The competitive nature of the industry
- The due diligence performed on the account before placed.
- The financial position of the business owing payment.
Age is a major factor in reconciling an account. According to data in the collection industry, accounts that are 90 days past due have approximately a 70% chance of being reconciled.
By the time an account gets to 1 year, the chance of reconciliation can be only a slim 10%.
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