Remove Collector Remove Credit and Collections Remove Past Due Invoices
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Effective Communication Strategies for Collecting Past Due Accounts

Your Virtual Credit Manager

Finding the time and resources to complete every collection activity needed to be done at the optimal time to be done is a constant challenge. Most small companies come up short because the owner or CFO have more important things to do and there isn’t a dedicated employee responsible for credit and collections.

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Sales Commissions Impact the Collection Process

Your Virtual Credit Manager

Inevitably they will need to initiate Collection activities to recover some of this money owed; in other words, contacting delinquent customers and requesting them to pay your firm for goods and/or services provided on credit terms that have become past due. it just might help them pay you sooner!

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Avoid these Six Collection Myths

Your Virtual Credit Manager

Commercial collections is no different. Collection myths can be found at the very root of bad decisions as well as informing counter-productive activities. Adhering to collection myths more often than not leads to bad outcomes. Simply put, collection myths get in the way of doing the best job possible. Subscribe now 1.

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The Nine Essentials of a Successful Collection Call

Your Virtual Credit Manager

Successful collections require the coordination of a variety of activities: timely and accurate invoices and payment posting, monthly statements, email reminders and other dunning notices as well as telephone calls. The company had maxed out its line of credit and so was having some cash flow difficulties.

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The Five Stages of a Collection Call

Your Virtual Credit Manager

Photo by Icons8 Team on Unsplash Commercial collections is not unlike convincing somebody to buy something, but people with that talent tend to go into Sales. For most people, however, collecting B2B debts is an acquired skill. People do not aspire to become commercial debt collectors. it just might help them pay you sooner!

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Debt Collection Mistakes Can Prove Costly

Your Virtual Credit Manager

If you sell on open credit terms, you need to plan on having to expend time and resources collecting from those customers that don’t pay when due. No matter how much effort you put into evaluating customer credit, some customers will not live up to your expectations. You need to be doing the right things.

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Effectively Collecting Receivables Is a Time Management Challenge

Your Virtual Credit Manager

Photo by Kenny Eliason on Unsplash Effective collections is the single most important factor for achieving reliable cash inflows. Effective collections can also reduce bad debt losses by compensating for a liberal or weak Credit Control function. Procrastination only makes a past due situation worse.