Your Virtual Credit Manager

OCTOBER 29, 2024

The Fundamentals of Collection Communications Be Concise Regardless of the mode of communication, the central message should be expressed clearly: “Your invoice is past due and must be paid immediately. It informs the customer of an unsatisfactory situation and a call to action to rectify it.

Past Due Invoices 100

Past Due Invoices Credit and Collections Collector Default 100

Your Virtual Credit Manager

MARCH 14, 2023

Collection myths can be found at the very root of bad decisions as well as informing counter-productive activities. 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.

Collector 189

Collector Past Due Invoices Bad Debt Credit and Collections 189

Your Virtual Credit Manager

JANUARY 16, 2024

Here then are eleven mistakes that business debt collectors should avoid: 1. The other reason you should require a credit agreement or contracts that stipulate selling terms and conditions is that these also inform your customer of your payment expectations. This information is vital for determining the next step to take.

Debt Collections 130

Debt Collections Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

JULY 16, 2024

Collectors must deal with all sorts of excuses for what is owed not being paid. The best collectors are experts at parrying, or deflecting these excuses and forging ahead with their requests for payment. You want to collect any small partial balances and recently past due invoices as well as the oldeest and largest past due balances.

Collector 100

Collector Accounts Receivable (AR) Past Due Invoices Credit and Collections 100

Your Virtual Credit Manager

JANUARY 3, 2023

Share How to Clean Up Your AR Ledger Launch a collection program to collect all past due invoices at least 15 days late. Match as many unapplied payments and unapplied credit memos to open invoices, deductions, and debit memos as possible. Please share this newsletter with your small business customers.

AR Automation 130

AR Automation Collector Credit and Collections Bad Debt 130

Your Virtual Credit Manager

MARCH 5, 2024

Also, e-mails can provide more complete account information and can often be generated automatically in high volumes, especially if you have collection software with an email component. For example: “Your invoice is past due and must be paid immediately before new orders will be shipped.

Past Due Invoices 100

Past Due Invoices Credit and Collections Collector Accounts Receivable (AR) 100

Your Virtual Credit Manager

NOVEMBER 1, 2022

Simply defined, collections is the process of contacting customers to secure payment for your invoices. For the most part collections deals with past due invoices — those not paid within established terms. 15 days or 120 days?)

Past Due Invoices 130

Past Due Invoices Credit and Collections Bad Debt Accounts Receivable (AR) 130