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Sep 15

What to Do BEFORE You Make Collection Calls

Making collections calls can be one of the most challenging aspects of operating a business. Past due accounts can even pile up simply because debt collection calls are awkward and uncomfortable to make. But you can ease some of your own apprehension just by preparing for the debt collection calls before you make them. Do …

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Sep 13

Recommended Collections Timeline

Our best advice for timely collections is this: Create an accounts receivable policy and stick with it. In creating that policy, the most important thing to do is schedule a series of letters and phone calls that build upon one another. Having a prescribed plan or a timeline in which to send collection letters and …

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Jun 06

In-House Collection Policy Overview

ALBERT EINSTEIN: “The definition of insanity is doing the same thing over and over again, and expecting different results.” Despite best efforts in evaluating when to extend credit and for how much, some customers will still become delinquent. The easiest way to reduce your profit or worse, go out of business, is through an escalating …

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May 05

The Credit Decision

In my last post, I provided an overview of the credit extension process. Many of my clients have asked for further detail and guidance on evaluating the applicant and the final credit decision. There are two basic principles that are critical to the extension of credit. They are the ability to repay a debt, and the intent to repay a …

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Apr 22

How To Extend Business Credit

If you are a business owner you are surely aware of the impact A/R has on your bottom line. While it varies by industry, traditional estimates are that for every dollar you have as a “non-performing” asset, you would need to bring in three dollars in new sales to offset its effect. Economic times are …

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