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Exploring Effective Debt Collection Strategies and Insights

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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

My dad is 96 years old and lives alone. We speak several times a day. He is taking the Covid crisis seriously, and staying home. He’s making pasta, doing some

Debt collection is my business. I help small business owners when they do not get paid. I like to think that I also assist my customers with their credit practices.

I have been a debt collector for many years. My clients are not big banks or credit card companies. My clients are small business owners. When small business owners do

As the owner of a small business debt collection agency, I often get calls from prospective clients who are only interested in our rate and do not want any other

Last year, I helped a physician close his practice. He did not close because he could not attract patients. He did not close because he did not get results for

Google “collection agency”. You will see a ton of articles about what to do if you are contacted (“harassed”) by a collection agency, as well as advertisements from attorneys willing

Before COVID-19 what did you have on your vision board for your business?  What adjustments have you made or need to make for post-COVID-19? Anyone who has delved into any type

In a time of economic uncertainty like the current Covid-19 crisis, small business owners need to be flexible and creative. The ability to provide payment terms to customers is a

If you have already received your stimulus check, congratulations. Many people have not, and who knows how long it will take to arrive, and many people do not qualify to

I just listened to the New York Governor daily update on the Covid-19 situation in his state. I have listened to him often of late. I have a vested interest

Every Thursday morning, I spend 90 minutes networking with a group of local professionals in my BNI Group. We spend time learning about each other, our businesses, and what types

I just heard on the news that a landlord in New Jersey waived rent for his tenants for three months. What a generous and compassionate gesture! This particular landlord has

As we begin preparations to reopen the business of the country, it becomes more important than ever to take a look at your credit practices. You can make up for

It’s no secret that small businesses are having a tough time right now. The Covid-19 crisis means that  businesses are either entirely shut down or operating with limited staff. Stimulus

Do you want to send fewer customers to collections? Do you want to maximize chances of recovery of the accounts you do send to your collection agency?  Here are some

Treat others the way you would want to be treated under the same circumstances. This is so relevant especially in today’s climate.  When we are on the other side of this

The Chinese use two brush strokes to write the word ‘crisis. ‘ One brush stroke stands for danger; the other for opportunity. In a crisis, be aware of the danger–but recognize the opportunity.”

I remember January like it was last week. I had planned a vacation to Florida to include a 5-day cruise with my girlfriend.  Someone mentioned something about a virus in Asia

As we navigate the Covid 19 crisis, we all try to do our best to keep ourselves and those we love healthy. If you are a small business owner, it

Conventional wisdom, even from Fed Chairman Jerome Powell is that we are likely in a recession. How deep and how long a recession we may experience is unknown, and anyone

How well you communicate with customers that owe you money is important. In tough economic times, what you say is even more important than ever. In the past week, I

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

Is your business closed or pared down due to the COVID-19 crisis? If so, I am so sorry, and I hope you are back to full functioning soon. Even if

Although a recession has not been officially declared, most agree that we are on our way. Almost immediately, unemployment claims have shot up and the stock market – well, you

Extending credit to customers during a recession is tricky. Continuing to give customer credit will give you a competitive advantage and hope grow your sales, but you must be careful.

The management of accounts receivable must be as important a process as sales, marketing or any business function. Unfortunately, AR management is too often pushed to the side. Small business

Debt collection and customer retention are not mutually exclusive. It is possible to manage delinquent customers if you have a consistent plan. Small business owners work really hard to gain

I received a call yesterday from a new business prospect – a medical practice that has experienced rapid growth. They have realized “all of a sudden” a bad debt load

Debt collection costs – who doesn’t hate them? I get it. You don’t get paid and have to pay someone to get your money for you. It stinks. On the