Commercial Collections Blog

Blog > Coach's Corner > Strong Commercial Collections

Strong Commercial Collections

Depreciation is a silent destroyer of the profit margins of most businesses. The key to any type of successful collections, be it in-house or third party, is tightening and shortening the process, then forwarding the account out to the collection agency before 60 days. If you choose to wait longer you are depreciating most of your chance of ever getting your money. A common mistake most businesses make is to wait over 6 months to use a collection agency.

Strong commercial collection demands are sometimes necessary. In these situations, using verbal demands from highly skilled commercial collection agencies, can motivate difficult business debtors to pay you what you are owed. The best time to hire a collection is yesterday!

So, if you adopt the start early, recover more mentality – you will always recover more of your accounts receivable.

Burt & Associates is a recognized leader in commercial collections with the knowledge and expertise in management of accounts receivables. In addition, we use the power of technology to generate results for your business efficiently and quickly. We also meet the stringent SAS70 Type II best practices certification requirements.

Don’t wait another day!

With warmest regards,

Jerry Curtis
President & CEO

Educational Tidbits For Today’s Credit Executive
Payment Orders Under the Uniform Commercial Code

Payment orders, in the context of the Uniform Commercial Code, are instructions of a sender to a receiving bank, transmitted orally, electronically or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary. Certain conditions apply, however. The instructions should not state a condition of payment to the beneficiary other than time of payment. The receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender, Also, the instruction must be transmitted by the sender directly to the receiving bank or to an agent, funds-transfer system or communication system for transmittal to the receiving bank.

Questions & Answers

Question: Explain debt pooling and what creditors should watch out for when trying to assist debtors.

Answer: Debt pooling is where efforts are made to work with a financially distressed company to try to fully or partially satisfy all of the claims on an equal basis. Creditors should be aware that there are various state laws which create civil and criminal penalties for debt pooling unless it is carried out in the manner prescribed by the state.