Posts Tagged ‘collections’
4 Ways to Improve Your Profits Through Strong Collection Practices
Wednesday, March 1st, 2017One major challenge in extending credit to customers is maximizing collection returns. Meanwhile, you need to have strong credit policies in place to minimize risk. Here are four ways business leaders can improve their profits: 1. Analyze collection trends. Collection trends provide great data about credit policies. Chances are you’ll see both positive and negative…
Fine-Tune Your Credit Risk Management Process
Tuesday, January 31st, 2017The start of a new year is always a good time to review your credit management and collections policies. Are your systems functioning properly? Are you managing risk in a way that makes sense for you and your business? If you answered no or are not sure how to answer these questions, now is a good time to fine-tune your credit risk management process.
Collection Agencies: Friends or Foes?
Wednesday, September 21st, 2016If you have heard anything about commercial collection agencies, chances are it was not necessarily positive. Maybe you heard collection agencies are expensive or their employees ruthless — or perhaps that they are simply unnecessary. As a result of these misgivings, collection agencies often suffer poor reputations. However, these agencies and the professionals their directors…
Should Your Company Outsource Collections to an Agency?
Tuesday, November 17th, 2015How many of your accounts are past due? How many are seriously past due? If you aren’t sure how to answer, you’re not alone. Despite having sizeable outstanding past-due accounts, many credit professionals in smaller and midsize companies still find themselves leery of working with commercial collection agencies. They may think that turning a customer…
Managing A/R Doesn’t Start or End with Collections
Wednesday, May 20th, 2015Late or missed payments are major pain points for any business. But maintaining a strong, steady cash flow doesn’t magically start when you send an account to a collections agency! That’s only one part of a full-cycle risk management process that begins when a prospective client first approaches you for credit. Rather than relying on…