Tips With Money! October 27, 2009

My business is collections and I am asking companies to outsource to me I have tips for three categories …

1.  Tips to recognize customers who cannot pay outstanding debts so you can stop giving credit:

• they don’t return your calls
• they mail NSF cheques
• they can’t replace a bounced cheque
• they make partial payments
• they are being sued by other trade creditors
• they cannot pay what they owe

2.Tips for the benefits for outsourcing

• save time by focusing on other projects
• you pay a commission on only what is collected
• save on manpower
• sane on training cost
• benefit from provider’s expertise
• increase cash flow

3. Tips on how to handle Credit & Collections Challenges

• create an effective credit & collection policies
• conduct credit checks on all new customers before giving credit
• discreetly conduct credit checks on existing customers who are paying late
• oldest unpaid debt should be collected first
• check on customers that are not  adhering to their terms of agreement
• be consistent and follow up to ensure polices are kept in place

Monica Hoyte
Reliable Receivable Services