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home | Collection Tips | Collection Tips Archives

Collection Tips continued

Displaying Matches 17 thru 31 of 100 Found. BACK NEXT

Seven-Step Telephone Collection Procedure
When you are collecting by phone, it would be hard to improve on this seven-step procedure. This also includes some great advice from a collection veteran on both how to phrase your questions and what questions to ask to ensure the best outcome in your collection calls. And finally, how to determine when you should turn an account over to a 3rd-party collection agency. . . . keep reading

Collecting From Chronic Late Payers
Why are some customers chronic late payers? "Maybe they have cash-flow problems, or maybe they just don't accept your terms. Either way," says Credit Manager Michelle Booker of Ashland Hardware Systems (Lowell, Ind.), "while it may be tedious calling the same late-paying customers month after month, persistence pays off." Read on to learn:

The five key ways Ashland Hardware minimizes risk
The key clause in their credit application
What info (or lack of info) causes a CIA decision
Collection strategies: how soon they call when an account is past due and what they say when they call
How their past due letter campaign works
How payment arrangements are handled
How they leverage their sales reps to aid in the collection process; what's expected from sales

. . . keep reading

Collections: Focus on the PICTURE!
Collectors need to sound professional on the phone. One way to get them to do so is to focus on the word "PICTURE." P = Pitch. Collectors should us . . . keep reading

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. . . . keep reading

Telephone Collections: 10 Do's and Don'ts
By Fred Strano
There's more to telephone collections than getting in touch with the debtor and saying, "Show me the money!" Experienced collectors know that successful telephone collections is a skill that requires a positive attitude and careful preparation. Here are 10 important Do's and Don'ts that can help you become more effective when you pick up that phone to call a customer that owes your company money. . . . keep reading

Effective Collection Practices
by Darrel Hewson

In today's difficult business environment, having an effective collection strategy in place is imperative to having a short DSO and healthy cash fl ow. Building this foundation is the fundamental challenge many companies are faced with as there are multiple facets to building a strong and robust collection strategy. These range from credit controls, contact matrices, dispute management processes, and Service Level Agreements (SLAs) to policies covering the nature and process of escalating payment demands. . . . keep reading

Call Early and You'll Get Good Results
"Don't wait for an invoice to become past due," advises one West-Coast credit veteran. "Call just before the due date. The call should be a forethough . . . keep reading

The Collection PICTURE
Collectors need to sound professional on the phone. One way to get them to do so is to teach them to focus on the word PICTURE" P = Pitch. Collecto . . . keep reading

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 o . . . keep reading

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 . . . keep reading

The Human Side of Collections
"In any type of transaction, there's a business side and a human side," notes one consumer collections expert. "You've got to be careful, even if you're collecting, not to forget the human side. Some of the specific techniques that are used involve simple words and phrases, both positive and negative. The job of collections is undoubtedly one of communication, and the manner in which a message is communicated is vital. Here are six phrases to avoid like the plague when collecting, and seven more that work like magic! . . . keep reading

The Statute of Limitations
When Acme Collections sent out some letter trying to collect a charged-off bank loan, Herbert Lehman was on the phone two days later.

"This is Herbert Lehman and I just received this summons of complaint. I don't understand, because this loan is over five years old, and I'm told the Statute of Limitation is three years. How can you institute suit on this?"

"Well Mr. Lehman, I suggest that you consult your attorney and assert your defense of the Statute of Limitations, and we'll proceed from there," the Acme representative told him. "In the meantime, you can save attorney fees by settling this case."

"I don't want to settle this case. I don't owe the money because the Statute of Limitations has run, and I guess if I have to get an attorney I'll get an attorney."

"That's your prerogative."

Is Lehman's position sound?

. . . keep reading

Grooming the Best Collectors
There are, most collection experts agree, three steps to develop the very best collectors: Hiring the right people. Training those people thorough . . . keep reading

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 c . . . keep reading

Collecting in Small Claims Court
Historically, when credit managers were unable to collect an outstanding balance they either placed the account for collection or referred the account to a collection attorney. But there is a perfectly viable third option you can use in some cases. That option is to take the debtor company to small claims court. The small claims court process normally works this way (with some variations in different states and jurisdictions): . . . keep reading

Displaying Matches 17 thru 31 of 100 Found BACK NEXT

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