Elite athletes mentally visualize technique and success to improve actual performance. Our debt collectors use a very simple technique to get better results. Studies have shown that visualization improves awareness, mood, confidence and outcome. We’ve been using these techniques with dramatic success at The Kaplan Group for years. In house collectors typically have 2 objectives, … Read more
At our collection agency, we have a client who uses a provision in the U.S. Code of Federal Regulations (“CFR”) to collect significantly more than the original balance due on accounts sent to collections. As an example, we collected over $22,000 on freight bills that were only $11,000 if they had been paid on time. … Read more
It is frustrating, or worse, when a business customer does not pay their first open invoice on time. Perhaps something just happened at the customer’s business after the credit decision was made that has resulted in cash flow problems. But, there is also the concern that this is just a ‘bad apple’ that was … Read more
At our commercial collection agency, we aren’t afraid to talk to attorneys. When we call a debtor and they tell us to talk to their attorney, our biggest fear is that the attorney will not actually talk to us. Once we are instructed to talk to a company’s attorney, we are no longer allowed … Read more
The chances of collecting on an invoice due from a company that has ceased operating are very slim. If the business was organized as a corporation or LLC (limited liability company) then only the business entity itself is liable for outstanding invoices. If there are no assets remaining in the entity then the entity … Read more
This article has been updated since originally published in CreditToday with new input from attorneys and other credit professionals. We received numerous comments via CreditToday, InsideARM and LinkedIn that has been incorporated into this revised edition. We frequently get asked by new clients about piercing the corporate veil on owner-operated companies that go out … Read more
If a business is organized as a corporation, limited liability company (LLC), or other type of separate legal entity, the owner is not liable for the debts of the business unless other conditions exist. For small businesses, the primary reason the owner took the time and expense to set up the separate legal entity was … Read more
The Kaplan Group As we’ve explained many times in our previous posts, delinquent and non-paying customers and accounts can have a very serious effect on the health of your business. Obviously, when a customer orders a product or service and then doesn’t pay for it, your business suffers – so how can these delinquencies be … Read more
Learning to effectively collect debts, whether commercial (business-to-business) or consumer (debts owed by individuals) requires patience and diligence. The best debt collectors have honed their skills over years, learning what strategies tend to push debtors towards making payments. For new debt collectors who haven’t yet had time to develop their collection techniques, however, there are … 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
While telephone is still the most effective way to communicate with debtors during a debt collection effort, other forms of correspondence including email can play an important role in a debt collector‘s efforts to contact a non-paying customer. When using email for collection purposes, it is important to follow some general guidelines to ensure your … Read more
One of the most important aspects of debt collection is knowing how to negotiate effectively with debtors. Learning to negotiate is not an easy process, and certainly requires practice, but anybody who’s already working as a debt collector has likely had time to develop their negotiation techniques to some extent at least. With this in … Read more
Anybody who’s worked in debt collection has probably had a debtor request either a payment plan or a settlement in order to take care of their delinquent account. While the best-case-scenario in debt collection is to receive a full payment on the unpaid balance, this simply isn’t possible in every case. Settlements and payment plans … Read more
During almost every debt collection effort, a debt collector can expect to hear at least one excuse from a debtor on why payment hasn’t been received already. While sometimes the debtor is being honest in their explanation, more often than not these excuses are employed as a means of delaying the collection process in hopes … Read more
If you’ve been reading our blog, you probably already saw our recent post with tips for debt collection. Today’s post will provide some more tips to help your collectors work more efficiently, allowing your business or collection agency to reap the greatest benefits from your collection efforts. Here’s some more advice for your debt collectors, … 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
As any business owner knows, no matter how well you analyze the credit reliability of potential customers, a time will come when some of them stop paying their bills. When this happens, businesses are left with a few options: they can simply cut their losses and cease future business with that customer, they can attempt … Read more
Whether you’re a debt collector or a business owner trying to get a customer to pay their bills, it is important to know how to negotiate effectively with debtors. Simply calling and demanding payments oftentimes will alienate a customer, especially if they have a reason for late payment. Here are some tips designed to help … Read more
As every business owner understands, dealing with customers that don’t pay their bills can be one of the most frustrating experiences of doing business. When customers do everything in their power to avoid paying their debts, sometimes it makes more sense to hire the services of a debt collection agency to convince the debtors to … 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