This was originally published by Dean Kaplan on InsideARM in September 2012 We’ve all heard hundreds of different stories as to why a business debt has not been paid. For our commercial collection agency, the first thing our debt collectors are trained to do is to figure out if it is a legitimate explanation or … Read more
While telephone is still the most effective way to communicate with debtors during a debt collection effort, other forms of correspondence including email can play an important role in a debt collector‘s efforts to contact a non-paying customer. When using email for collection purposes, it is important to follow some general guidelines to ensure your … Read more
As we’ve mentioned in previous blog posts, credit fraud is a fairly significant problem for many businesses across the country. A customer will place a large order with no intent to pay for it, and unless your credit department is diligent in their credit analysis of potential customers, you may be left with a large … Read more
One of the most important aspects of debt collection is knowing how to negotiate effectively with debtors. Learning to negotiate is not an easy process, and certainly requires practice, but anybody who’s already working as a debt collector has likely had time to develop their negotiation techniques to some extent at least. With this in … Read more
Anybody who’s worked in debt collection has probably had a debtor request either a payment plan or a settlement in order to take care of their delinquent account. While the best-case-scenario in debt collection is to receive a full payment on the unpaid balance, this simply isn’t possible in every case. Settlements and payment plans … Read more
During almost every debt collection effort, a debt collector can expect to hear at least one excuse from a debtor on why payment hasn’t been received already. While sometimes the debtor is being honest in their explanation, more often than not these excuses are employed as a means of delaying the collection process in hopes … Read more
If you’ve been reading our blog, you probably already saw our recent post with tips for debt collection. Today’s post will provide some more tips to help your collectors work more efficiently, allowing your business or collection agency to reap the greatest benefits from your collection efforts. Here’s some more advice for your debt collectors, … Read more
As every business owner knows, at some point the need for debt collection services (either by hiring a collection agency or having employees make collection calls during the work day) arises in every line of business. Customers stop paying, one of your clients is constantly late in making their payments, and other similar situations arise … Read more
As any business owner knows, no matter how well you analyze the credit reliability of potential customers, a time will come when some of them stop paying their bills. When this happens, businesses are left with a few options: they can simply cut their losses and cease future business with that customer, they can attempt … Read more
Whether you’re a debt collector or a business owner trying to get a customer to pay their bills, it is important to know how to negotiate effectively with debtors. Simply calling and demanding payments oftentimes will alienate a customer, especially if they have a reason for late payment. Here are some tips designed to help … Read more
