Dean Kaplan We recently were contacted by a prospective client who was owed over $30,000 for a consulting project. They had a solid contract with their customer and proof that they had performed the work. They had written acceptance of the work product from their customer and a written promise to pay. But six months had … Read more
For decades, a common sales mantra was to “Always Be Closing.” The Internet and social media have made this an outdated and potentially dangerous approach. Always Be Helping is the updated mantra, and it applies not only to sales, but credit and debt collections, as well as professional and personal interactions. ABC meant that … Read more
All too often, when a small business is up for sale, the net result for many of their vendors is bad debt expense. If you hear that one of your customers is selling their business it’s time to be very careful with outstanding receivables and new orders. WHY WOULD THEY SELL THEIR BUSINESS? If … Read more
Article by: Jeanne Lee of Anytime Collect Managing invoices and collecting them on time is not an easy job. It requires a significant investment of your time and energy and even then many of your invoices are likely still going beyond terms, being written off as bad debt, or being sent off to a … Read more
Article by: Kathryn Brown What You Need to Know About Credit Profile Number and Synthetic ID Fraud There are numerous fraud schemes out there – if there is money to made, there is going to be fraud of one kind or another. One type of fraud that is becoming more prevalent is Credit Profile Number … Read more
According to a study at Duke University, 40% of our actions are out of habit, not actual decisions. If all your habits are good, this makes life much easier. But, if you are like me and have some bad habits, this statistic helps explain why changing the Habit Loop is so difficult. This is what … Read more
My son graduates from UCSB in 20 days under a black cloud. He knew 2 of the six students killed by gunfire on Friday, and at least one of the hospitalized. What should be a joyous time for our son and family is now filled with enormous sadness as we think about those who lost … Read more
Michael Lewis’s latest bestseller ‘Flash Boys, A Wall Street Revolt’ is a non-fiction tale of Wall Street intrigue, unfairness, and salvation. The story itself has nothing to do with credit and collections, and yet it highlights the traits that make some people great at managing credit risk or successful debt collection when things go wrong. … Read more
Article by: Bertrand Mazuir Any commercial relationship based on mutual commitments shared between the seller and the buyer. The buyer undertakes to pay the price of the service or equipment delivered on the date specified in the contract and invoices. However, he frequently has a high propensity to forget, at least temporarily, this commitment. Several … Read more
You have been calling your customer about a past due invoice for the last month. After a couple excuses and a couple broken promises, now no one answers the phone or returns messages when you call repeatedly. What does this mean? Have they closed? Has office staff been reduced to the point there is no … Read more
