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Credit Mgr's Letter
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Credit & Collection Manager's Letter
CollectionForum.com recently acquired the original newsletter in the collection space, the Credit & Collection Manager's Letter. Edited by Wayne Muller, the newsletter contains much classic wisdom for credit and collections, and accounts receivable professionals. This material is too good to not post for our members and beyond.
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Collection Processes Outlined
"I don't do much letter writing anymore," notes Jan Perlman, credit manager for Medo Industries, Inc. (Tarrytown, N.Y.). But when her other efforts to make contact with a delinquent customer have failed, she will sometimes send a certified letter--to make sure it is received--and follow up with a phone call. She cites a recent situation with one long-term customer. Medo's experience with this company had been very eventful. After satisfactory relations for several years, credit privileges had to be suspended when they ran into severe financial problems. . . .
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Flimsy Excuses
"There was a dead cat in the mailbox, so I couldn't send my check." If there is ever a contest for the most outrageous excuse for non-payment, Laura Pepper, director of corporate credit for Valspar Corp., should win, hands down, for her "dead cat in the mailbox" entry. . . .
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Screening Out Collection Problems
Start-up technology hardware and software firms make up most of the client base of High Tech Connect (HTC), a nationwide marketing and public relations consultant brokering firm, based in Pleasanton, . . .
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Play a Role in Rehabilitation
It's obvious that the consumer credit counseling process works best when creditors play their part. Experts agree that this part includes: Making a timely referral. "If you're hearing your c . . .
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Quicker Payments, Better Service
Customers of one West Coast utility have several opportunities to pay their bills: They receive the regular monthly bill. Ten working days later, if the bill is not paid, a reminder no . . .
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Prime-Time Collecting
In the TV industry, "prime time" runs from 6:00 p.m. to 10 p.m. "Collection prime time is a little different," says Florida collection professional. "Our prime time is from 8:00 to 10:00 in the mornin . . .
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Customizing Collections
When delinquent customers hear from this credit manager, it must be like hearing their own consciences talking. He knows what they've done before, what they're doing now, and what they're capable of doing. How can you ignore--or try to mislead--someone like that? . . .
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Heading Off Collection Problems - A Four-Step Process to Balance Bad Debts
"Bad debt is like a utility bill," says the credit director of a New York City-based music and book club. "That is, if you want a 'zero' utility bill, you have to accept an office with no light. Then, you can't get any work done. However, if you use too much light, your utility bill is too high and you can't make a profit." The key, then, is to decide how much bad debt is tolerable to operate your business properly. . . .
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Sale's Roles in Collections
"You can involve the sales force in collections in various ways, depending on how serious your collection problems are," contends the treasurer of one New York firm. Qualifying prospects. Salespeop . . .
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Solicit During Collections
"We've had more sales success during collections than under many other circumstances," observes one veteran bank manager. "We try to make a positive out of a negative. When an account is overdue, an e . . .
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Collections--Being "Nice"
"I absolutely guarantee I can out collect hard noses by being nice," says one West Coast retail collection manager, "and it's important to train your collectors to operate that way. Training is more i . . .
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You Can't Collect? Then What?
If you are unable to collect a past due on your own, you basically have four choices: Write it off. Take it to small claims court. Send it to a collection agency. Send it to a collection attorne . . .
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How to Overcome Five Common Obstacles to Getting Paid
Bad debtors often have a method to their badness. Once you figure out what it is, you can get them to reform their ways and pay your company on time. Here are five types of late-paying customers--and some strategies for getting them to speed up payment. . . .
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Director of Credit
Zippo Manufacturing
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Seattle, WA
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