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What Triggers Your Collection Efforts?

Your Virtual Credit Manager

If all your customers paid promptly — by the time the invoice was due — you would not need to do any collection work. Collections is a reactive process. The amount of collection activity with which you are tasked is directly proportional to your customers’ payment habits.

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Seven Hacks for Improving Later Phase Collection Results

Your Virtual Credit Manager

Collecting from other businesses begins as a series of reminders followed by administrative tasks to provide your customer with the information they need to pay your invoice, and can also involve reconciling your information to theirs. Later phase collections require a much heavier reliance on problem solving and negotiation skills.

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Here’s What You Need to Know About the Different FICO Score Versions

Fundera

And since many kinds of small business credit are based on your personal financial credit, it’s important to become familiar with the various FICO score versions that could come into play when you’re applying for a business loan. FICO scores are credit scores that represent your risk to lenders.