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Nov 15

Collection Agencies are Not a Commodity

It can be tempting to choose a collection agency that offers the lowest rate but collection services are not a commodity. One agency may take on a case at a rate of 15% while another may quote a rate of 30%. Either way, if the collector collects zero on the debt, the outcome is zero …

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Nov 09

Dealing With Payment Sent “In Full Settlement”

BEWARE THE “IN FULL SETTLEMENT” (or similar language) check, or check and attached letter, as the court may just enforce it! Yes, although we thought we knew all the rules about this type of transaction, let’s double check just to be sure. The “typical” full settlement payment is an attempt at an accord and satisfaction, …

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Nov 03

Collection Agency Licensing

What’s the Number 1 Question to Ask When Seeking a Collection Agency? “Are You Licensed?” Licensing is critical when shopping for a Collection Agency. There are a number of reasons why this is true. Let’s start with the most important one: It’s the law. Laws were designed to eliminate abusive practices in the collecting of …

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Oct 27

Be The One Who Gets Paid

payment terms

Typically, when your customer owes you money from past due accounts, the reality is, he owes other people, too. It’s not that he can’t pay YOU. He probably can! It’s that he can’t pay everybody. How do you become that one person your customer decides to pay over the many other creditors he could pick …

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Oct 25

How A Merchant Statement Can Help Your Credit Policy

In cases where your customer’s credit card sales are a meaningful part of their business, it’s a good idea to request 2-3 months worth of Merchant Statements right from the start of your business relationship. This can prove to be a beneficial tool in the future.  Why? Let’s break this down. In building a foundation …

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