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Collection Dept, NOT Resurrection Dept. The Value of Premise Visits Recently, we accepted a case against an Ontario firm that specializes in crematorium supplies, body bags, and crime scene gear. After the usual in-house morbid collection humour about there being life in the file or if it might be dead, we began…
If you have ever talked to anyone involved in debt collections or accounts receivable, and love their job, you will notice two things: 1) You are looking at a unicorn, and; 2) They didn’t go to school to become good at their profession. It takes an extraordinary breed of person to enjoy calling people…
There has been a lot of buzz in the credit industry lately over trade credit insurance. Should I consider it? Would it be valuable protection for my company? What does it cover? Many of us assume that with the onset of COVID-19 we are going to need insurance to protect our companies, but is that…
When A Client In Collections Wants to Pay You Directly One of the more frequent questions we receive is, “What do I do when the customer you sent to collection wants to pay me directly?” First, this is an excellent problem to have. On average, considering all industries with whom we work, the recovery rate…
Collection of receivables in a shrinking economy is never fun. But it is absolutely necessary if you are to be a good steward of your company’s resources. Balancing collections and sales at the same time is paramount. Rule Number One If your corporate customer is out of cash, it is dead. Let’s Consider Your Options. 1. Segment Your Customer Base Find a way to classify your customers by…
Brad Lohner Interviews Jay McKewon We had a small window of time to pick the brain of Jay McKeown, who as most of you know is a well-known and highly respected authority in the credit industry. Today we cover advice for business owners and credit managers going through an economic downturn, wisdom for younger managers…
Types of Credit Fraud – Credit Managers Beware With COVID-19, credit fraud can be tempting for some as desperate times will call for desperate measures. As businesses try to figure out what to do, or how to reopen, the financial pressures will be more than some of us can bear. The demands to meet payroll,…
Key Takeaways: DSO calculation can be a useful tool to understand the health of your receivables If you own a publically traded company, DSO can have a significant impact on your stock price “Good” DSO depends highly on your industry and payment terms It’s usually best to look at DSO in conjunction with ageing A…
Keep an eye on current credit management trends. The world changed for North American creditors on March 16, 2020. Most of the companies we work with had robust Business Continuity Plans. Still, none of the companies could have foreseen or adequately prepared for the next sixty days. While most business owners, for whom we work,…
Do You Have A Business Relaunch Credit Strategy? As governments give the business community the green light to re-open, my first reaction was to remind clients to be sure they performed credit checks. Credit Checks You need to do credit checks not only on your new customers (and we hope there are lots!) but also…
