Monthly Archives: June 2009

Minimizing the amount of credit issued

One business owner I know has started minimizing her credit risk in this bad  economy by issueing credit to a very small number of customers with established payment histories. This way, she minimizes the amount of credit issued, and the … Continue reading

Share
Posted in Business Credit, Credit Crisis | Leave a comment

Where do I get credit applications and collection letters?

You can get credit applications at office supply stores, you can have your own printed at your local printer, the same place you get your business cards and letterhead.  You can also find dunning or collection letters online and in … Continue reading

Share
Posted in Ask Michelle, Collection Tools, Collections for Creditors | Leave a comment

How can I make money for my business with discounts?

By offering an early pay discount to your customers you bring your invoices to the top of their payable pile.  Companies will pay you before someone that doesn’t offer them this type of discount. This helps you to collect more … Continue reading

Share
Posted in Ask Michelle, Business Credit | Leave a comment

How can a business owner check someone's credit?

Anyone can check customers credit if they have permissable purposes.  You can do this in three easy steps: By having every new customer fill out and sign a credit application. Check the references. AND/OR sign up with a credit bureau … Continue reading

Share
Posted in Business Credit, Checking credit | Leave a comment

Why should I have a credit policy?

Every business should have a credit policy to protect themselves and their business and to limit their risk. Not having a credit policy directly impacts your bottom line.  Unless you like working for free, you should be following a credit … Continue reading

Share
Posted in Business Credit, Collections for Creditors | Leave a comment

Having controlled, structured payment terms

I don’t have time to write and implement a credit policy, how can I still have controlled, structured payment terms? You can use a generic credit policy, I have examples in my books or you can look online.  Credit policies … Continue reading

Share
Posted in Books, Collections for Creditors, Credit Policy Questions, FAQ's | Leave a comment

What is a "Credit Policy"?

A credit policy is a businesses “plan” for their money. A credit policy explains how they want to get paid, when they want to get paid and what happens if they don’t get paid when they want. A credit policy … Continue reading

Share
Posted in Business Credit, Collections for Creditors, Credit Policy Questions | Leave a comment

Don't hire a collection agency if…

You cannot provide documentation to support or prove the debt is valid. You cannot provide a proof of delivery of documentation to disprove a dispute. You want someone to sue a customer in small claims court for you. The original … Continue reading

Share
Posted in Dealing with debt collectors, FAQ's | 2 Comments

What's the best way to get paid on late accounts?

The most effective way to get paid on late accounts is to personally visit the consumer, at work, the coffee shop, anywhere you know they will be. The next most effective way to get paid is with phone calls and … Continue reading

Share
Posted in Being a Great Collector, Working at a Collection Agency | Leave a comment

Should I offer a Settlement Deal?

Collection agencies cannot make a settlement offer without a business owners or their clients permission or authorization. If you are willing to accept a settlement offer on a balance due, let your agency know.  Make sure you know how much … Continue reading

Share
Posted in Credit Crisis, Credit Policy Questions, Economic Crisis | Leave a comment