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When you jump on a collection call, you will be met with two types of people: 1. Those who intend to pay and return the communication to you, and, 2. those who don’t intend to pay and will ghost you after the first call. How can you tell right away which one you’re talking…
“The goal of an effective negotiation is not I win, you lose, it’s to get to a place where you would trust each other enough to work together again.” When it comes to negotiation pitfalls to avoid, North Americans have several ingrained cultural “weaknesses.” Study some of the major ones so you can be more…
In this post we talk about accounts receivable in a recession with Brad Lohner, president and CEO of PCM Corp. Brad has been in the credit and collections industry for the last four significant recessions. He has also helped companies in various industries, including construction, finance, food, media, distribution, retail, transportation, petroleum, and many more.…
“When I grow up, I want to be a debt collector.” I didn’t. I was raised on the farm, so my first career choice was to own an equipment repair shop. My dad and uncles could fix anything. (I mean anything!) As I got older, being clean and dressing in a suit…
My hope for you- as I sit to write a blog or post on our LinkedIn- is to pass along some pearl of wisdom that will help you in your daily life. After having authored countless articles I find myself struggling to come up with the topic I thought would be worthy of your time…until…
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…
