Unfortunately, we know that many debtors will provide false or misleading information in order to make it harder to collect. A well-designed and executed strategy is necessary to get to the truth which is key for increasing collections and making good business decisions as discussed in this recent post “Does Knowing The Truth About a … Read more
Your collection agency reports that they too have not yet been able to collect on an unpaid invoice from your business customer. Do you care why? Some of your common choices at this point are: Offer a Payment Plan Settle for reduced amount Commence litigation Write off the debt Close the claim Monitor the situation … Read more
This was originally published by Dean Kaplan on InsideARM in September 2012 We’ve all heard hundreds of different stories as to why a business debt has not been paid. For our commercial collection agency, the first thing our debt collectors are trained to do is to figure out if it is a legitimate explanation or … Read more
As every business owner knows, at some point the need for debt collection services (either by hiring a collection agency or having employees make collection calls during the work day) arises in every line of business. Customers stop paying, one of your clients is constantly late in making their payments, and other similar situations arise … Read more
When trying to recover unpaid bills from customers, it is very important to ensure the approach taken in your debt collection effort is neither too aggressive nor overly-lenient. In some cases, maintaining a positive relationship with the customer is desirable, and more care should be put into the collection approach used. However, when a customer … Read more
In any debt collection effort, a debt collector should be sure to take careful notes of anything discussed with a debtor. Even collectors with great memory and recall cannot be expected to remember everything they say when talking to a collector, and not keeping a record to refer back to leads to more wasted time … Read more
Most debt collection agencies rely heavily on phone calls to contact the debtors they are collecting from. Because phone communication plays such an important roll in debt collection, it is important for debt collectors to know how to communicate effectively by phone. Here are some basic tips that can greatly increase collection success: Know what … Read more
A recent blog post by The Business Finance Store offers tips for small business owners who are having issues with clients not paying for goods and services provided. The post advises small business owners to follow five steps in order to best resolve the issue and collect the money owed. Face the problem head-on and … Read more
