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A Focus on Collections & Credit Fraud

Your Virtual Credit Manager

If your enjoy this article and would like to get access to the full story, we hope you will subscribe Your Virtual Credit Manager is a reader-supported publication. To address these challenges, collectors should adopt a strategic, diplomatic approach to push your company to the front of your customers’ payment schedules.

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The Seven Secrets of Highly Successful Collectors

Your Virtual Credit Manager

This includes people who are not comfortable in a collection role, which is a common situation in smaller organizations, especially for those that doesn’t have formal credit and collections training or experience. Effective collectors call early and often. Photo by Jo Coenen - Studio Dries 2.6 What do you need help doing?

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How Are Your Customers Doing?

Your Virtual Credit Manager

The customers’ financial conditions changed over time, but their credit limits did not. The volume and quality of their collection effort was adequate, but not being able to hold the orders of past due customers deprived the collectors of a very valuable collection tool. The overriding goal was to maximize sales volume.

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Business Customer Personas: A Collectors Guide

Your Virtual Credit Manager

Readers of Your Virtual Credit Manager can access sharply discounted business credit reports from D&B, Experian, or Equifax through our partner accredit. More About Purchasing Credit Reports The Irregular Payer: Unpredictable and inconsistent payment patterns highlight this persona. Collectors should as well.

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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. Escalation is always good policy and I encourage that sort of upper management support, but there needs to be parameters around these efforts to prevent the type of hubris described above. it just might help them pay you sooner!

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Effective Communication Strategies for Collecting Past Due Accounts

Your Virtual Credit Manager

Good collectors are expert at deflecting excuses. Your Virtual Credit Manager is a reader-supported publication. Webinar Registration Do you need help assessing your customers’ credit risks? When replying to a customer’s e-mail response, keep the attention and focus on the central message.

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Tackling Customers that Always Pay Late

Your Virtual Credit Manager

To continue reading and learn how to manage high- and low-risk customers who chronically pay late, you must be a paid subscriber. Your Virtual Credit Manager is a reader-supported publication. Learn More About Credit Reports Please share this newsletter with your small business customers.

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