What Drives a Debt Collector?
The unsung heroes of business owners. What motivates a debt collector? Debt collectors provide a valuable service that keeps a lot of businesses from failing.
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Statute of Limitations on Debt Collection
What Does “Statute of Limitations” Mean in the Context of Debt Collection? The statute of limitations is the time period set by law in which someone can sue you.
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The Effect of Debt on Business Credit
Business credit scores can come from consumer credit reporting agencies like Experian and Equifax, and firms like Fair Isaac Corporation (FICO)
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Cash Handling Policies and Procedures
Company's cash accounts are vulnerable to embezzlement and fraudulent activity, cash controls are critical to monitoring credit, collections,
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Cash is in Who’s Hands?
Entrepreneurs and business managers have to restrict access to cash, limit the amounts that can be obtained at any point in time, and permissions
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Checking for Cash
When we are talking about how we handle cash in business, the implications broaden even though the feeling of "show me the money" stays the same.
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Follow-up
Collection practices should be flexible, but your company should develop a formal collection policy which outlines the timing and type of debt collecting efforts given a number of days
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Making Collection Calls
Making collection calls is a skill you can actively develop No business owner wants to feel like a mobster or loan shark threatening to, metaphorically, break someone’s legs if they don’t pay.
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Keep Contact Information
Good Communications lead to Good Collections. Emails are all important avenues for communication, not just for marketing but debt collection as well
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Avoiding Bad Debts Part 3
Most entrepreneurs know that it’s critical to send out billing reminders as soon as payment is past due. You can provide a benefit by reminding them of when bills are coming due
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