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Exploring Effective Debt Collection Strategies and Insights

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Customer credit terms can allow you to be competitive in the marketplace. Customer credit can increase your sales and cash flow. However, terms must be closely monitored to make certain

It’s harvest time! A successful harvest does not just happen. It is the result of a great deal of hard work. The soil must be tilled, seeds planted and nurtured.

Small business credit and collections is the process of juggling giving customers credit and making sure that customers stick to the credit terms by paying on time. It is no

Accounts receivable are an asset, but in order to be of value, they have to be converted to cash. Although some companies may enter into factoring arrangements and pledge receivables,

Collection agency. When I tell people I run one, I usually hear, “Hmm…interesting”, as in “How do I get away from this person” or “How do I feign interest when

Small business debt collection cannot be accomplished without communication. Whether you are collecting the debt in-house or hire a collection agency, what you say and when you say it makes

This past weekend, I took a long walk around my neighborhood, the West End of Portland, Maine. It was one of those last brisk, sunny autumn days before ice covers

Debt collection is one of those tasks that many small businesses owners avoid for a number of reasons. Some people do not even realize that they have an issuing with

Accounts receivable management is essential to the financial health of a small business. All too often small business owners forego accounts receivable management, claiming that they are too busy with

“Who ya gonna believe, me or your lyin’ eyes?” – Chico Marx in Duck Soup Your collection agency is a valuable business partner. When you hire a collection agency, you

Credit bureau reporting is often cited as the key benefit of hiring a collection agency.  A common belief is that if you report a debt to one or all three

Debt collection for a small business is a team sport. If one person tries to do it alone, the results will be limited. Worse still, if a team is not

A Maine collection agency can help a small Maine business improve their cash flow by recovering their bad debt. Agencies typically work on a percentage of sums recovered, with rates

Credit and collections for small business can be tricky, but a good plan for the way you extend credit to customers, how you monitor your receivables and how you recover

Some small business owners avoid hiring a collection agency, ignoring that they have a problem with their accounts receivable. They simply put on blinders and focus on other things. They

Consumer rights and creditor rights are not mutually exclusive.  As respects collection of a delinquent debt, a consumer has the right to be treated respectfully. A consumer has the right

If you are a small business owner, accounts receivables management should one of the things you do you really well. Alas, it often takes a back seat to sales and

Morning Coffee and Promises A debt collector does spend countless hours dialing for dollars. While telephone contact is a big part of what we do every day, it is only

No small business owner wants to send a customer to collections and we encourage to set up a program in-house to monitor and follow up on aging receivables. However at

Getting paid on time is every small business owner’s dream. However, many business owners  take for granted that their customers know how and when they want to be paid. Sometimes,

I just received word from a client that a patient we have been trying to reach since last year paid her bill in full. The reason she paid is that

You have a growing small business, are “doing everything right”. You use customer contracts and have a good plan to recover bad debt in-house. When do you need to hire

It is not the strongest or the most intelligent who will survive but those who can best manage change” – Charles Darwin On a lovely evening last week, my husband

We can imagine how frustrating it must be for you to sit waiting for patients who do not show up. It is disrespectful and costs you.   It may be

A collection agency is hired to collect a debt that is two years old. They make a phone call in an attempt to collect.  Upon receiving the call, the debtor

Bad checks in Maine are very recoverable but it is important to know your rights and responsibility. Some bad checks are a mistake, others are intentional. Basically, an unintentional error

What is the statute of limitations for debt in Maine and how is it important to your business? I have written a great deal on the many issues that could

Small business owners everywhere are looking to reduce costs and improve efficiency in their companies, and recover money owed to them.  Some business owners just write off their bad debt hoping

Courts in Maine and in many states continue to be closed due to Covid-19.  When they reopen, there will be a tremendous backlog. If you have been using Small Claims

The other day I received a call from a small business client regarding a two year old debt for $ 2,000 from one of their best customers. They had worked