Handling Attorney Representation (The Right Way)
Scenario: You have a customer who owes you money for a product provided months ago. They have ignored your letters and avoided your phone calls. Finally, you’re able to speak to your contact and she tells you, “Talk to my lawyer, Bill Jones at Jones & Associates!” This is followed by a prompt click and dial […]
Maximizing the Value of Your Collection Agency
As a business owner, decision maker or even a day-to-day contact, how do you make use of your collection agency? When you think of working with your agency, is placing past-due accounts for collections your sole focus, or are there other steps in the process you take advantage of on a regular basis? More Than […]
Commercial Debt Collection: It all begins with PIC
Have you ever taken the time to think about what goes into the practice of commercial debt collection? Many think it’s as simple as our collection agents picking up the phone as soon as accounts are placed to request customer payment. This is true, in a sense, but not before our highly trained specialists complete […]
What Growth Can Mean for Your A/R Process in 2013
In the business world, January is often a time to reflect and build on the successes of the previous year; make changes to portions of your strategy that didn’t work out as planned; and prepare for what you ultimately expect to be a better year than the last one. Spending some time fleshing out a […]
How well do you really know your customers?
The existing customer: an often overlooked entity in today’s sales-oriented and new customer-driven business environment. Many times they are on automatic pilot, so-to-speak. They place their regular orders; pay the same way they always have; and typically vendors leave them alone assuming if there is something amiss, the customer would be the one to bring […]
Just write it off? Not so fast.
If you serve in an accounts receivable or financial capacity within your organization, you may be keeping tabs on the bad debts your company is “writing off” and the toll those write-offs take on your bottom line. (Even if it’s not your direct responsibility, it likely is for someone.) But has anyone taken the time […]
What’s the State of Your A/R Union?
Let’s start off with a couple questions: Does a recovering economy force businesses to review their collection procedures? How do you determine how much credit exposure your company is willing to gamble? These questions may seem a little strange; however they work hand-in-hand more than you might think. When thinking about the answers to the […]
Bankruptcy Basics
You may be aware there are several classifications of bankruptices, but do you know what each type means and what distinguishes them from one another? Having a basic understanding of bankruptcy classifications and their restrictions could play an important role in your collection efforts. Allow us to explain. Voluntary vs. Involuntary For starters, there are two types of bankruptcy: voluntary and involuntary. A voluntary bankruptcy […]
Like a Well-Oiled Machine
How would you classify your relationship with your collection agency? Do you use them as a last ditch effort or are they a true business partner that you rely on for collection and credit consulting? In an ideal world, your salesperson should be considered (and by association, your agency as a whole) as an extension of […]
Is Your Collection Agency CCAA Certified?
Does your collection agency promote that they are certified by the Commercial Collection Agency Association (CCAA)? If not, it may be time for you to re-evaluate your relationship with them. That’s because agencies must meet a strict set of guidelines set forth by the CCAA to become certified. In addition, CCAA members are the only group of […]
