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

OCTOBER 22, 2024

To manage the risk that a customer might default, companies implement credit and collection policies and procedures. When a fraud isn’t quickly detected, legal action to recover past due invoices can impact unaware customers.

Past Due Invoices 130

Past Due Invoices Credit and Collections Credit Card Payments Default 130

Your Virtual Credit Manager

SEPTEMBER 10, 2024

Pricing Problems: A supplier of medical devices implemented a new ERP system, but flaws in the pricing application caused it to frequently default to list price (nearly every accounts had exceptions), thereby generating hundreds of incorrect invoices. Customers refused to pay as billed, frequently demanding corrected invoices.

Credit and Collections 130

Credit and Collections DSO Deductions Accounts Receivable (AR) 130

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?)

Credit and Collections 130

Credit and Collections Past Due Invoices Bad Debt Accounts Receivable (AR) 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 14, 2023

Here’s more information on Credit Evaluations. Try to get a guaranty from a financially strong related party who will pay the AR if the customer defaults. Here’s more information on these risk mitigation instruments. These customers will require more intense follow up of past due invoices (e.g.,

Credit Sales 130

Credit Sales Bad Debt Credit and Collections Credit Risk 130

Fundera

AUGUST 29, 2017

In asset-based lending, that collateral you offer against your loan provides security that the lender will end up getting their money back in the end—even if things go south and you default on the loan. In this worst-case scenario, an asset-based lender can (usually—depending on your agreement) recoup their losses by seizing the collateral.

Past Due Invoices 75

Past Due Invoices Credit Scoring Default AR Aging 75