Your Virtual Credit Manager
FEBRUARY 4, 2025
At many companies, credit policy is an afterthought. When sales and production goals are set, and then the budget formalized, scant consideration is given to the impact on credit policy. Photo by Piret Ilver on Unsplash ) Too often, credit and collections are an afterthought. Customers don’t pay on time.
Your Virtual Credit Manager
DECEMBER 31, 2024
In our case, we found a continued interest in collection technique and strategy, as well as in fighting credit fraud. Delaying collection efforts sends a message to customers that late payments are acceptable, establishing a bad precedent. To avoid this, collections should begin within 3-7 days of the due date.
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Your Virtual Credit Manager
APRIL 1, 2025
In too many organizations, credit and collection decisions are compromised by the fog of war. For example: to make an effective collection call, you need to know who to contact, the AR status and AR details of the account, if there are any disputes, and what prior efforts have been made to collect the balance due.
Your Virtual Credit Manager
MARCH 4, 2025
We often talk about the importance of having an efficient and effective collection process and how, from a process improvement perspective, collections automation provides substantial benefits. We don’t, however, want to minimize the importance of the credit side of the equation. Bad debt losses were understandably huge.
Your Virtual Credit Manager
APRIL 8, 2025
Here’s a warning to trade creditor’s from a major commercial credit bureau (from CreditSafe’s Cost of Late Payments report). If you are extending credit to other businesses, it’s high time you began watching your customers closely for late payments and other signs of distress.
Your Virtual Credit Manager
FEBRUARY 25, 2025
A customer that pays on time does not require any collection efforts. Those who sometimes pay on time only require a collection effort when they pay late; getting them to pay is usually not difficult. Since they are abusing your credit terms, why not require them to pay with a credit card when they place an order?
Gaviti
NOVEMBER 21, 2024
This mindset often leads to underinvestment in collections efforts, and when budget cuts are necessary, accounting departments like collections are typically the first affected. However, maintaining a steady cash flow is essential for business survival, and efficient collections directly impact the bottom line.
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