The most obvious choice of what account to turn over to a commercial debt collection agency is the oldest account with the most bad debt. However the account that is just past 30 days may be the best account to place if they go bankrupt while you wait and while you are chasing the very old accounts. You must do risk analysis on all accounts at 30, 60,90,120, days to keep curent on the accounts to place. Burt Risk Scores can save you time and money.
The goal for reviewing accounts past due is to isolate the accounts who are not going to pay and create a program that forces the issue with that account. Waiting for the demand calls and letters to work on this type of account will get you nowhere and produce nothing tangible, as in cash. Call Burt Collect and get your money.
Technorati Tags Bad Debt, cash, commercial, debt, receivables, recovery
Keeping your bottom line solid is more important to you than allowing those few non paying customers to stay on the books.
Cash allows you to keep your employees and business operating not hanging on to broken promises from a couple of bad apples in your customer list.
Use the extra cash you collect to install a better credit policy.
Be cautious with new and older customers, set limits and be prepared for difficult collection efforts, by your staff or by your selected outside collection agency.
Choose yourcommercial debt collection agency before the problem arises and get them involved earlier than you have in the past, the collection wars are under way.
Technorati Tags Add new tag, agency, Bad Debt, business, cash, collection, commercial, debt, receivables
- Review debtor orders, payment history, communications,current status,ability to make contact,effort being made by customer, risk assessment
- Review staff efforts, review all potential tracks to be followed, be demanding and do not back down, set date to be paid or change course
- Move the debt to a professional debt collection agency, you are being victimized by a professional non payer and you need help
Technorati Tags Add new tag, agency, cash, collection, commercial, debt, receivables, recovery, risk
