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home | Collection Management | Collection Management Archives

Collection Management continued

Displaying Matches 17 thru 31 of 148 Found.  BACK NEXT

Small Claims Court--A Do-It-Yourself Guide
You've heard all the promises. You've offered workable solutions. You've given all the proper warnings and issued all the proper Fair Debt Collection Practices information. Still, you haven't been paid and your patience is at its end. What's your next step? If the amount owed falls within your state's guidelines, you could take the debtor to small claims court. Here's a complete run-down of what goes on in small claims court and how you can do it yourself without hiring a lawyer... . . . keep reading

Professionalizing Medical Collections
Outsourcing collection work may seem the only solution to medical services offices overwhelmed by unpaid bills. But outside professionals can be expensive, corrosive to patient relations, and not nearly as effective as they would lead you to believe they are. Far better to develop an in-house program like this medical consortium has. . . . keep reading

No Shortcuts in Collector Training
Many collection departments and agencies have found success in having one or more experienced collectors conduct new employee training. But while these veterans do indeed know the ins and outs of the profession, few of them have a professional background in education, particularly adult education. George Huyler, vice president, Human Resources, for Management Adjustment Bureau, Inc. (Buffalo, N.Y.), which employees upward of 200 professional collectors, contends that truly effective training requires using trainers who have a professional background in adult education.
  • the differences in the way that adults and children learn, and the implications for training collectors
  • the three ways adults learn
  • what the first week's orientation covers - and the three ways it is communicated to new hires
  • how and why mentors are such an important part of the training process, and the four characteristics they use to identify superior mentors
  • specific tasks that mentors work on with their proteges
. . .
keep reading

ACA International Announces Change at Chief Executive Officer
November 16, 2010
The ACA International Executive Committee today announced that it will not renew the employment contract of Rozanne M. Andersen as Chief Executive Officer of ACA International.

Effective immediately, ACA Chief Operating Officer Ted Smith will assume leadership responsibilities for the organization. The ACA Executive Committee has commissioned a national search for a new Chief Executive Officer. . . .
keep reading

CCAA Executive Director Emil Hartleb to Retire
November 15, 2010
CCAA Executive Director Emil Hartleb to RetireMeg Scotty, Chair of the Commercial Collection Agency Association (CCAA), announces that Emil Hartleb, Executive Director of the CCAA, has indicated his decision to retire as CCAA's Executive Director effective as soon as a replacement is found.

Ms. Scotty indicated, "It is with reluctance that the Council of the CCAA has accepted Emil's retirement. He has served the CCAA, its members and the business credit community well for the years he has served as Executive Director. . . .
keep reading

Collecting from "Moms and Pops"
"Large national and retail advertisers cover our costs, but we make our profit with the local 'moms and pops'," notes the credit manager for a major Southeastern newspaper. "And not all of them are able to pay in a timely manner. When local people start businesses, they often find out later that they needed more capital and that cash flow is suffering. When they get into a predicament, it makes it difficult for them to pay their creditors."
  • a four-step process this credit manager uses to help customers remain current, as well as loyal clients
  • why he believe that an in-person visit is ultimately the best way to collect from his local customers
  • his experience as to what happens when he set up appointments in advance
  • a proven technique he uses to get the most leverage on a collection call and what his goals are
. . .
keep reading

Creditors Trade Group Off to Fast Start
"People join trade associations for two reasons," observes CI director Robbie Thompson, director of Creditors International (CI), a division of the Mi . . . keep reading

Reflections of a Part-Time Collector
By Gregory Dennis
For the third summer in a row, I have had the opportunity to work for my father as a collection specialist. Some of the things that I have learned about collections are:
  • there are some fantastic observations and techniques in this article as this college student is unburdened by years of "experience" and instead gives us a fresh look and some important "truisms" about collections...
. . .
keep reading

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. . . . keep reading

The Importance of Collections Focus
No matter how long I work in commercial collections, one aspect of this job will continue to amaze me. It is the fact that some collectors cannot, do not, or will not, when contacting delinquent accounts, differentiate between customers owing a few hundred dollars and customers with past due balances many times larger than that. Like most business issues, the old 80/20 rule applies to commercial collections. 80% of the past due balances involve 20% of your customers. I tell my collectors to . . . keep reading

Proactive Collection Strategies
A collection representative from Brooklyn Union (Brooklyn, NY) places a call to a customer who is late with his payment. On this particular call, she reaches the customer's answering machine, which ends with the message, ". . . and if this is Brooklyn Union, the check is in the mail."

"We're on our customers' minds now, but this wasn't always the case," muses David Feldman, general manager, Accounting, Special Projects.

  • the first step in turning around the escalating costs of collecting at this utility
  • the vision statement and motto they developed
  • three major flaws they uncovered in their collection process
  • the three components of their credit matrix redesign, and how this new scoring system drives their collection efforts
  • how they leveraged customer service calls into collection calls
  • four major recommendations they implemented in collections
  • the goals of special needs team that they developed
  • an innovative use of college students in collections - how many calls they made, the cost, and the astonishing results
. . .
keep reading

This article discusses a New York credit manager's aggressive - but respectful - strategy for telephone collections. It also details how he deals with customers experiencing legitimate cash flow problems vs. those who simply don't want to work with him to pay. It also covers his strategy on the front end when dealing with credit issues. . . . keep reading

Intuitive Collections
"When collectors are talking with debtors, they need to pay attention not only to what the debtors are saying, but to how the debtors seem to feel about what they are saying. contends Leonard Sklar, a former collection agency owner and now a professional collections consultant based in Redwood City, Calif.). "Collectors who fail to deal with debtor emotions rarely ever reach the root of the problem. Key points covered:
  • why most collectors stay too long with an account, and why this trait hurts productivity
  • what the top goal (other than collecting the money, of course) should be in a collection call
  • the surprising way he reccommends helping collectors be more effective in getting to the root cause of debtors' problems
. . .
keep reading

Making the Most Out of Predictive Dialing Systems
"Each time we added more stations, we achieved more benefits," reports a West Coast bank manager whose responsibilities include supervision of a new predictive dialing system. "We've been able to get along with fewer people, and productivity has increased between 30% and 40%. This article covers:
  • 3 key strategies that helped this bank make the most of their predictive dialing system
  • the point at which an account is taken off the predictive dialer system, and why
. . .
keep reading

The Advantages of an Early Collection Letter Over a Dunning Notice
The good news is that our company and customer base is growing rapidly. The bad news is that our company and customer base is growing rapidly. The owner of our company is reluctant to allow me to hire someone to take up the slack. This means that we have to work even harder to control delinquencies. Unfortunately, it became apparent a couple of months ago that we were falling behind when it came to making collection calls to customers. We were prioritizing calls, meaning that larger customers were being called, but certain smaller delinquent accounts were being skipped because of time constraints.

Key measures used by this firm to address their collection challenges. . . .
keep reading

Displaying Matches 17 thru 31 of 148 Found BACK NEXT

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