All too often, commercial debt collection becomes a negotiation. At that point, the stronger the position our client has, the better the deal we typically can negotiate. This could be more money, faster payments, avoiding court, or if necessary, the final outcome in court and the subsequent judgment collection process. Surprisingly, the vast majority of … Read more
Most people think that the acronyms and terms they know are common knowledge. But the truth is that every field has its jargon and acronyms. Collections is no different. Whether you’re talking to your accounts receivable department, or hiring a collection agency, you are likely to hear a lot of terms you don’t know. You … Read more
What will be different about accounts receivable in 2021? Most of us will be pretty eager to leave 2020 behind. But, a lot of what we’re experiencing now, will most likely carry over into the new year. At least in terms of the economy. Here are 5 trends I’m expecting to see emerge or continue … Read more
Many business models rely on auto renewal contracts. Auto renewals provide a business with a reliable cash flow and they provide clients with reliable service. No one wants to come in on Monday morning to discover that the software they depend on is no longer available to them. However, auto renewals are also a frequent … Read more
With e-commerce and the Internet, some of the barriers between international business no longer seem as difficult, especially when it comes to close neighbors like Canada and the United States. But, if you’re doing business with Canada, it’s important to know that there are different laws covering situations like unpaid invoices, collections and corporate bankruptcy. … Read more
Anytime you work for a company or ship a product before getting paid, you are extending credit to that company. That’s why, just like any lender, before you begin working with a new client or company you should review the 5 Cs of Credit. Character For individuals applying for a loan, “character” generally refers to … Read more
You are probably well informed about your industry. It would be hard to run your business if you weren’t. But what about your clients? Do you know what’s going on in their business world? One of the best ways to solve debt collection problems is to prevent them from happening in the first place. When … Read more
When it comes to companies that owe you money there are two basic types, those who won’t pay and those who can’t pay. With a company that can pay, but won’t, either because they are unhappy with the work or simply want to get away without paying, it’s best to act quickly. If a company … Read more
Social media is how we live today. We find recommendations for restaurants and babysitters, we find jobs and dates, we rant about poor customer service and annoying coworkers, but should we also use social media to try and get paid? Is social media a good tool for collecting on unpaid invoices? Well-meaning friends and … Read more
Sometimes, a company that cannot pay its bills may offer you stock, or equity instead of paying what is owed. If you have a personal relationship with the company, or truly believe that their financial problems are temporary, this can be a tempting option. It may seem that by accepting stock options, equity, or … Read more
