The Truth About Collections Ben Franklin first said it in 1735 almost 300 years ago – and it’s as true today as it was then. “An Ounce of Prevention is Worth a Pound of Cure” The average collection agency has about an 11% recovery rate, the good ones about 30%, that means 70% […]
I noted last month that third-party collection letters, in other words collection letters written and mailed from a collection agency, are more effective than In-House collection letters. While this is true later in the collection process, In-House collection letters have their place. In-house collection letters can and should be a component of any complete accounts receivable […]
“What can I legally say in my collection letters?” is without a doubt the question we’re asked most often, so I want to take a moment to answer it. The FDCPA or Fair Debt Collection Practices Act was written for 3rd party debt collectors, not for you as a small business owner or credit manager. Quite frankly […]
Collection agency letters outperform in-house collection letters by a factor of 3 to 1. If you’re skeptical like my little buddy in the picture above, I get it. My company sells collection letters, why wouldn’t I say they work better? There’s a good reason, you won’t want to work with me if I lie – and I want […]
I noted last month that third-party collection letters, in other words collection letters written and mailed from a collection agency, are more effective than in-house collection letters. While this is true later in the collection process, in-house collection letters have their place. In-house collection letters can and should be a component of any complete accounts receivable […]
I’m not going to mince words, you’ll find I rarely mince words, it’s an occupational hazard. Collection agency letters outperform in-house collection letters by a factor of 3 to 1. That’s a fact, and furthermore, if you have an effective in house collection process in place (you have read and implemented my ‘Step-by-Step Plan for Effective […]
