Finding the Right Balance in Collecting
It has long been a misunderstanding that the perfect collection team is comprised of cut-throat employees that will resolve the conflict and obtain maximum compensation at all cost. While the primary...
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Don’t be Afraid to Switch Credit Terms
The standard convention for credit terms has always been net-30. It provides your customers with enough time to pay but also allows you to receive payment within a reasonable amount of time. It seems...
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Using Liens to Make Your Credit Process Safer
As we have written in the past, sometimes making risky credit decisions can be beneficial to your business. In certain situations, especially when a physical product is involved, these riskier credit...
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What to Know About Collection Suits
Even with the best credit and collection practices, some of your cases may still end up in court. It is a tedious and time-consuming process, but it is sometimes your best course of action both as a...
View Article3 Credit and Collection Pitfalls to Avoid
Improving your credit and collection process is rarely a glamorous or fun job, but is still one of the most important things you can do to improve your bottom line. A robust and well tested credit...
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How to Read a Cash Flow Statement
Understanding how to read a cash flow statement is an essential part of doing business. Here is a quick step by step guide to help you with the basics and understand what you are looking for. Start...
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Why You Are Not Getting Paid
No matter how well run your credit department is, customers will always find a way to not pay on time. It is an unfortunate, yet inevitable, part of extending credit. Switching credit terms and...
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Why All Salespeople Should Understand Credit and Collections
Making a sale is a great feeling, but if it is on unfavorable or unsustainable credit terms it will ultimately cost you time and money in the long run. We too often hear stories of sales pushing for...
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6 Ways To Be a Better Negotiator
Negotiating is not a brute force task; it is one that requires patience, knowledge, and understanding. This is even more important when it comes to collections. Here are some helpful hints to remember...
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Great Questions To Ask When Hiring in the Credit Department
Finding the right questions to ask in an interview can be hard. You somehow have to encompass the responsibilities of a given position into a series of questions. You need to see how they respond to...
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When To Reject a Purchase Order
Rejecting an order is hard to do. There’s the voice in the back of your head warning that you may lose the customer altogether. Depending on your industry, there’s a risk with every order you fill. You...
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5 Habits of Great Credit Managers
Not everyone is cut out to be a credit manager. But those that are stand out. They not only possess the leadership skills needed to motivate their team, but they’re innovative and creative in their...
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How to Deal with Customer Excuses
We all have customers who love to make excuses for why their payment is late. Maybe the check is in the mail or maybe their customers are late paying them. Whatever the reason may be, it can be a...
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What to do if a customer files for bankruptcy
As a business owner, you always hope your customers will be financially stable and able to pay. Unfortunately, some customers will end up filing for bankruptcy. This can be a stressful time, especially...
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A Few Tips to Improve Collections
One of the best things you can do to increase the amount of bad debt you collect in-house is train those responsible for collecting it. This may sound obvious, but in many cases few companies devote...
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What the holiday season means for credit
The holiday season is quickly approaching and that means it will soon be the busiest season of the year for many of your clients. Most businesses are preparing for the influx of sales from Black...
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Why Low Unemployment Numbers Can Spell Trouble for Credit Departments
The current unemployment level of 4.4% is around the lowest it has been since the months leading up to the financial crisis of 2008. This seem like great news. More Americans are working. More...
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How to Collect Debt Yourself
Small business owners typically find themselves wearing many hats. One day you may be the business best salesmen, the next you are worrying about how to pay for a new office space. One of the many jobs...
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7 Mistakes Your Credit Department Might Be Making
Even with the best of intentions, credit professionals will still make mistakes. This is the price of doing business sometimes, but here are 7 mistakes that can be easily avoided with a little training...
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How to Make the Most out of the Summer Slowdown
Many companies will begin to experience the typical summer slowdown as consumers spending habits are disrupted by the summer heat and activities. Of course, seasonal business such as pool supply stores...
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