Contingency Collections and How it Works Sometimes we forget not everyone understands industry jargon. No collection no fee is the concept behind contingency collections and it’s the collection model most people are familiar with. Here’s how it works. You give me your collection account and if I can collect it I keep a percentage of […]
Workaholic, at least that’s what my kids have been telling me for years. I was skeptical, in fact, I didn’t actually believe workaholism was a real thing. It seemed to me if you have work to do, you do it and I always had work to do. It turns out it is a real thing […]
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 love when I can call something I want to do anyway, work. Reading the Monday Morning Memo is one of those things – I’d call it a ‘guilty pleasure’ but it’s all about marketing and connecting with your particular audience, so I get to call it work. It’s written by Roy H. Williams the […]
Most small business owners know they have to do something to collect receivables in a timely manner. Even if you don’t know the statistics, personal experience has surely taught you that not everyone pays on time, and those late payments cost you money. Does this scenario sound familiar? Business has been pretty good. It’s Friday […]
I wrote an article last year about collecting small balances and in it I suggested that “putting a simple system in place for collecting your small balances will reap the rewards without draining you of time and energy” but I didn’t give you the system. Don’t know what I was thinking. So here it is, […]
I was recently surprised by the question – “How do I send an overdue bill to collections?” I suppose I’m so immersed in this world of accounts receivable and debt collection I’d forgotten not everyone knows what to do or how to submit a bad debt to a collection agency. So let’s talk about it […]
plat • i • tude n. A trite or banal statement or remark, esp. one expressed as if it were original or significant. Printed in the Wall Street Journal weekend of Aug 16th, 2014; originally printed in the Pittsburgh Tribune-Review Aug 12th – Economist Donald Boudreaux wrote: A good way to test if someone is speaking […]
I was checking out some competitive websites this weekend and noticed the headline “No Time to Call Past Due Customers?” Naturally we are always looking for companies that have no time to call past due customers so I stopped to read it. Nothing new there, essentially the same pitch we give, if you don’t […]
2014-06-29 I’ve maintained for years that in-house collections, done properly is a very Pavlovian process. (I’m not sure Pavlovian is really a word, but it ought to be) What I mean is, if you follow up on unpaid invoices, on time and consistently, you will train your customers to pay faster. Have you ever […]
