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Avoid these Six Collection Myths

Your Virtual Credit Manager

If a company executive is not the primary collector, there is nothing wrong with them giving it a try. A large percentage of past due invoices are caused by up-stream problems in the order-to-cash process. Collectors are constantly cleaning up other peoples’ litter. it just might help them pay you sooner!

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AR Data Management, AR Automation, & Accelerating Cash Flow

Your Virtual Credit Manager

Photo by DESIGNECOLOGIST on Unsplash Editor’s Note: To start off the New Year, we’re bringing back three of the most popular YVCM articles from 2023. We’ve condensed the articles to save you time, but have also provided links to the originals should you want to take a deeper dive.

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Is Your Collection Agency a Good Fit?

Your Virtual Credit Manager

Despite improvements in order-to-cash (O2C) processing, the explosion in digital payment mechanisms creates new complications. Get Help from the Pros When Appropriate : When debts drag on despite your best efforts, don’t hesitate to enlist professional debt collectors or a creditor’s rights attorney.

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Revive Your Cash Flow!

Your Virtual Credit Manager

Imagine that the order-to-cash (O2C) process is a parade. Leading the charge is the sales and customer service teams that bring in the orders. Quality control issues that slip through production and or arise during distribution are not usually discovered until after the invoice is billed — most likely by the collector.

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Resolve to Be More Proactive in 2024

Your Virtual Credit Manager

Two weeks ago we recapped the three most read articles from 2023: identifying red flags, understanding why customers pay late, and the secrets of successful collectors. Then last week we looked at credit hold best practices. From a credit management perspective, these are largely reactive topics. There is nothing wrong with that.