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home | Collection Management | Collection Management Archives

Collection Management continued

Displaying Matches 32 thru 46 of 148 Found. BACK NEXT

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

Commercial Collection Agency Association Members Continue to Report a Decline in B2B Accounts For Collection
October 28, 2010

In the third quarter of 2010, Commercial Collection Agency Association (CCAA) members reported a decline in the dollar amount of B2B accounts they received for collection of 16.5%, when the third quarter of 2010 is compared to the same quarter in 2009. . . . keep reading

Always Look a Gift Horse in the Mouth
By Mal Goldenberg
I noted a serious decline in a customer's financial condition, and the customer's financial problems became so bad that I stopped open account shipments and requested a letter of credit. My customer said they would not (or could not) provide a letter of credit from their bank but would instead offer us as security or collateral a certificate of deposit with the customer's bank. The salesperson was very insistent that we make this deal.

My concerns were as follows. . . . . . keep reading

A Four-Point Strategy for Collecting Medical Bills
Think you have problems with customers who are not paying you but paying other creditors instead? Then consider the plight of the many credit managers whose job is to collect from medical patients, many of whom have serious illnesses requiring expensive treatment but who have little ability to pay. Collecting on medical bills takes medical knowledge as well as credit know-how. It can also take a lot of patience. The Dakota Clinic LTD (Fargo, N.D.) gets the job done (95% of accounts are collected in full) with a combination of payment plans, monitoring, and follow-up to ensure collection. Read on for details on how they do it. . . . keep reading

Tips For Collecting From Government Agencies
By Michael Dennis
One of my clients recently asked me for some advice on working with the federal government accounts. Specifically, they had experienced some payment problems with the government and wanted to know what the "tricks" were for getting paid on time by government agencies. . . . keep reading

The Four Types of Responses Collectors Can Expect
New collectors in training at Windham Associates (Fairport, New York) are taught that there are four general types of responses to expect from the debtors they contact. . . . keep reading

Six Pointers to More Effective Collections
"Have you been trying to reach me?" Yeah, right! What the delinquent has been trying to do is stay out of your way. But it's a question that puts delinquents on the spot--just the spot where you want them. Why haven't they tried to reach you, and why haven't they paid? It really works for this credit veteran.

As vice president for credit at MJB & Associates (Fargo, N.D.,) William K. Blixt is responsible for collections for a total of eight companies, including Western Products and EMCO Building Products. The activities of these companies range from home improvement (from siding, gutters and windows to spas, pool tables and fire¬places, and also providing financing for some of these projects) to machining for auto companies and handling rental properties. Each company has its own credit terms and pricing tiers, and customers range from wholesalers to homeowners. All of this means that Blixt has to be both adaptable and creative.

"You have to treat each group of customers differently," he says. "I shift gears many times a day depending on the group of customers I'm talking to." But as many times as he may shift gears, he is careful to keep six principles in mind . . .

How his first principle puts him ahead of the pack when people are deciding who to pay
A simple trick you can easily implement that helps him get customers' attention
His secret phrase to allow him to be aggressive, but still respectful, when tracking down hard-to-reach customers
Ways he keeps his collection expenses down

. . . keep reading

Collecting From Customers in Trouble
"When customers are in trouble, they're usually embarrassed," says Debra L. Whitfill, CCE, corporate credit manager for Arizona Refrigeration Supplies Inc. (Phoenix). "They don't want to initiate a call to the credit department to discuss their problems. In addition, their self-esteem as businesspeople is often low. This adds to the pressures they're feeling."

Furthermore, while many of these customers feel they might be able to make payments over a period of time, few feel comfortable taking the initiative to contact the credit department to suggest such an idea. "If they can't pay the whole amount immediately, they don't think there are any other alternatives," she explains.

Learn: the three goals goals Debra has when she visits with a distressed customer; specific examples of payment alternatives she offers her customers; how she counsels customers; and the positive results - from both a financial and customer service perspective - from her approach. . . . keep reading

Collecting For Collections
Garbage can be a delicate subject when it comes to credit and collection. While customers have a choice among trash removal services--and competition is keen--they have no choice about having their debris picked up and taken away. City, county and health officials will step in with orders and fines. Even so, there are the slow-pays and the no-pays that must be dealt with. This article covers: What credit steps are taken when they signup customers; what the collection protocol they use for delinquent customers; how they handle those who didn't pay when they try to come back to Waste Management; handling language barriers; the differences on commercial accounts. . . . keep reading

Second Notice? Call Instead
"If you're spending time preparing second notices only to have them end up in someone's circular file, it's time to consider other collection methods," suggests the manager for a Virginia dental consultant group. Her people advise clients to forget second notices and call instead. In her experience, collection problems are usually caused by any or all of the following reasons. This article details the five ways this office manages a first rate collection operation. . . . keep reading

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. . . . keep reading

Assuring Collector Accountability and Responsibility
There are few things more disconcerting for a credit manager than to review an order pending and find that the credit notes do not provide enough information to make an informed decision about whether or not to release the order. Collectors should be told that it is simply not good enough to call regarding a past-due balance but fail to follow up for payment status.

Five ways this credit pro encourages personal accountability and responsibility with his collectors... . . . keep reading

Faster, More Accurate Billing and Follow-Up Improve Clinic's Cash Flow
The web, the postal service, and a letter-writing company - used in conjunction with some revamped in-house procedures - have improved cash-flow dramatically in the first three months of a new credit and collection program at this Los Angeles clinic.

how their letter-writing campaign is structured
details on the changes they made to their billing and collection procedures
how they deal with patient expectations when insurance pays less than they think it should

. . . keep reading

Small Business Collection Manager is Thorough - And That Pays Off
"I review every invoice before it's mailed to make sure that it's clear, mistake-free, and contains the information the customer requires--in the format the customer has requested," says one veteran collection manager. Then, 10 days before the invoice due date, I send a 'will be due' letter, calling attention to the date that payment is expected and asking if there are any problems."

This article covers the benefits of this collection manager's system, along with details of how he manages the new customer setup and invoicing processes. . . . keep reading

Customer-Friendly Collections Work
While the customer-friendly approach to consumer collections has been gaining favor in recent years, one executive has been using the concept since the 1990s. "The reason is simple," this senior bank vice president says. "It works." This article explores:

the four starting points which are a part of their organizational philosophy - it's a balancing act and emphasizes collecting, as well as helping their customers
The three important strategies for putting their philosophy in action
Some examples of the positive phrases they use to finesse in tough collection scenarios
The importance of bridging (true listening) skills in the collection process

. . . keep reading

Displaying Matches 32 thru 46 of 148 Found BACK NEXT

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