Tips on Collecting Accounts Receivable by an Industry Expert
Phoenix, AZ (ContentDesk) July 26, 2006 -- Craig Davidson, president of Landry & Jacobs, LLC, a commercial and consumer debt collection agency based in Phoenix, Arizona, gave advice and tips on collecting accounts receivable.Q: What is the most common mistake companies make when managing accounts receivable?A: We have found that many companies suffer a certain sense of disconnect from their core company values. Even though a past due customer has breached their relationship with a default, the creditor should maintain the same level of professionalism, courtesy and follow-through that led to them gaining the customer in the first place. The most effective collectors are those who leave emotion out of the equation, speak directly, courteously and remain accountable. Contacting the past due customer and throwing new deadlines or ultimatums do nothing to resolve the underlying debt.Q: Are there any resources which can assist in collection efforts?A: Any company that does not have the capability to accept checks or credit cards by phone or through the Internet has one hand tied behind their back. If you are able to reach a past due customer and have his or her attention, you must have the ability to secure the payment at that instant.
A customer stating a check is being mailed could justify a 7 day lapse in collection efforts. With a typical month having just 23 business days, this can be very damaging.Q: What steps can a creditor take to protect their potential exposure to defaulted customers?A: If your customers are business entities, be leary of corporations or LLC's. Should you sign a contract with either, without a personal guarantor, if the company should go out of business or dissolve, you generally have no recourse or
legally responsible party to pursue. If your customers are individuals, be sure your geographical information is current at all times. Any mail correspondence sent to customers should have mail return service requested, so you are made aware of a customer moving or leaving town.Q: What is the best way to handle an NSF check?A: One method of securing funds on a previously NSF check is a little-known process called "cashiering".
If you are confident funds are good on a check, you may present it to the account holder's bank and have it converted into a cashier's check. This will immediately secure the funds. Otherwise, even if you have verified funds, simply re-depositing the check can create a 2-3 day delay before representment. Many municipalities have bad check programs, with varying degrees of success. Q: What is the best recommendation for a company once they have exhausted all of their internal efforts?A: Find a strong, effective and reliable collection agency that has a bond protecting client funds.
Other keys to look for when choosing a collection agency are: no up-front fees, capability to report to credit bureaus, appropriate licensing and expertise specific to your field.Note: Craig Davidson is the President of Landry & Jacobs, LLC a collection agency based in Phoenix, Arizona. He can be reached toll-free at 888-953-7850..
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Liberty Wireless - Inexpensive Cell Phone
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As Competition Heats Up, Business Customers Enjoy Surprising Credit Card Deals
Cleveland, OH (ContentDesk) March 9, 2006 -- In an escalating interest rate environment for consumers, the average credit card rate for business customers actually went down this week, according to the weekly IndexCreditCards.com Credit Card Monitor.
So far, 2006 has been a year of steady rate increases in the consumer credit card market. The average credit card rate for standard, non-reward credit cards increased to 13.33% this week, up from 12.60% at the beginning of 2006. Compare this to non-reward business credit cards and you find a significant difference. This week the average non-reward business credit card rate fell to 11.30%, just a shade less than when it started the year at 11.33%.
Of note this week was Citi's move to chop down the rate on its CitiBusiness card two full percentage points, to 10.49% from 12.49%. Citi also added a 12-month, zero-interest introductory offer...
As Competition Heats Up, Business Customers Enjoy Surprising Credit Card Deals
Credit repair > As Competition Heats Up, Business Customers Enjoy Surprising Credit Card Deals