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Our Subscribers Say...
I think Credit Today is fantastic. You cover many practical topics in the credit field that I use regularly. Just one recent example—a conversation on the ListServ about preferential payments—gave me tips that I used in an actual case. The specific information I picked up from this one discussion saved me $10,000, enough to cover my membership for many years!
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Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
Credit Today's Resource Directory and their online e-mail forum (ListServ) provide information on almost any credit-related topic you can think of. It is a great way to exchange information with other credit professionals. As the saying goes, "You don't know what you don't know."
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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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The Credit Today ListServ has become the pre-eminent online forum, providing an opportunity for discussion and comments (and occasional humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
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Corporate Credit Manager-World Wide
Thales Navigation, Inc.
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Corporate Credit Mgr
Fulton Paper Company
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Kimberly-Clark Customer Financial Services |
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Your One-Stop Resource for Collections Information - Tools, Tips, Tricks of the Trade
You've just found the ultimate resource for credit execs interested in reducing DSO. Everything you'll need to know about managing your collection function, from big picture concepts to specific details. What's working in business collections and what pitfalls to avoid. How to hire and train a collections staff, control slow paying customers, speed payments by phone, make better collection calls, negotiate better deals, and manage collection agencies and collection litigation. Actionable items to help you bring in cash faster!
Interested in collection training? - Click here to learn more.
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Credit Today Benchmarking, Part 4, Advice From the Trenches: Dozens of Great Ways to Improve Your Collection Performance
As with all of our benchmarking surveys, we wrap up with the opportunity for participants to weigh in on a broad range of issues. In this survey, we asked participants for both their top problems in the collection arena today, and more importantly, what they're doing to improve their collection operations. Read on to learn the most pressing collection challenges and further on, some really innovative solutions and improvements in collection operations being implemented by credit professionals today. Learn... - The top seven categories of collection operation problems faced by credit pros today - what's really driving others crazy?
- Get dozens of DSO-reducing, cost-cutting ideas, time-saving innovations and solutions from your peers!
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Measuring Collector Performance: Benchmarking the Key Metrics
By David Schmidt
Measuring the performance of your collectors is a critical task, and there are many metrics in use by credit departments today. This portion of our latest benchmarking survey takes a deep dive into the metrics being used. Learn: - What the most popular metric used to measure individual collectors' performancel; and is that really the BEST metric?
- How many metrics do most firms use to track collector performance?
- What are the primary metrics? How do they stack up?
- Which surprising metric is most popular with credit departments that are missing their collection goals?
- What is the minimum number of contacts expected of collectors? What is considered optimum? What is the range of these two critical metrics?
What is the impact of automation? . . .
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"I don't get no Respect!"
By Tim Paulsen
Does the name you use when collecting make any difference? Can you be as casual as you are in your personal life? Learn why this collection pro feels the name you use when collecting is important and why you shouldn't be too casual or informal. . . .
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Collection Communication Checklist
Have you reviewed your collection letter series lately? Usually, that's the type of thing you put on auto-pilot and then rarely - if ever - pay attention to it again. But it's important to periodi . . .
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Choosing a B2B Collection Agency?
By Loral Narayanan
The CCAA (Commercial Collection Agency Association) was established in 1972 to improve the quality and the reputation of the commercial (B2B) collection industry. It is part of the oldest creditors' rights organization in the U.S., the CLLA (Commercial Law League of America). The CLLA is well-respected organization of attorneys and other experts in credit, finance, commercial, bankruptcy and insolvency law that has been serving the industry for 118 years. . . .
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Writing Collection Emails for Maximum Effect
The skillfully crafted email has become the silver bullet in commercial collections. When major problems stem from errors and confusion between computerized billing and payment systems, it's the concise, forceful yet diplomatic email that can best penetrate through system complexities and achieve payment results without threatening the customer relationship. . . .
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When to Place Your Past Due Accounts with an OCA
December 11, 2012
Uncollected dollars nibble away at your company's cash flow and profitability. Over time, they can threaten its growth and sustainability as well. The solution is to adopt a proactive approach to dealing with past due accounts. . . .
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Putting the Hammer Down: Trucking Company Turns Collections into Profit Center
By Dean Kaplan
We have a client who actually makes a profit on the accounts they turn over to our commercial collection agency. By profit, I mean that we collect so much more than the initial invoice amount that even after our contingency fee our client receives more than they originally charged for their freight service. This is not a one-time deal. While we collect the vast majority of cases without going to litigation, it has been upheld in court many times despite vigorous attacks by debtor attorneys. In one representative case, we got a judgment and collected over $22,000 on an initial $11,000 freight bill. . . .
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Piercing the Corporate Veil: Fact or Fiction
By Dean Kaplan
We frequently get asked by new clients about piercing the corporate veil on owner-operated companies that go out of business owing money. Everyone's heard about someone else piercing the veil to create personal liability for business debts and getting paid. These 'stories' make it sound simple and a highly effective method for recovering receivables. . . .
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Simple Personal Guaranty Repeatedly Saves Client, Even in Court
By Dean Kaplan
At our commercial collection agency we always prefer having a personal guaranty. Years ago, a new client started sending us claims along with their very simple, one page credit application. At the bottom of the page, immediately above the signature block, it reads exactly as follows: . . .
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The ABCs of Telephone Collections
by Robert M. Tharnish
Anticipate your needs before you start your call. Have all of the information and tools you will require ready before you dial. Believe in your ability. If you have confidence in yourself, you will have a better chance of accomplishing what you set out to do. Read on for 24 more Collection Tips . . .
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Six Tips for Making Collection Calls that Get Results
by Robert M. Tharnish
For most people, picking up the phone to call a customer and ask them for money isn't the highlight of their day. In fact, in most over worked and under staffed credit departments, collection calls are placed dead last or fall off the "to-do list" altogether. Why? Reasons vary. But basically, the truth is that making collection calls takes most people out of their comfort zone. They don't feel confident with the process, so they fear embarrassment or failure. . . .
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You'll Get Paid When We Get Paid
By Dean Kaplan
This is one of the most common 'explanations' we get while providing commercial collection services. How the collector responds to this assertion can have a big impact on understanding what is really going on and figuring out how to get paid even if they don't get paid. Learn how this agency handles this common problem; how they use it as an opportunity; why their response is different than the "typical" response in this situation; what they are trying to learn and the questions they use to dig deeper; and what strategy they employ following their "fact-finding." . . .
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Economic Recovery Is Still Stalled
October 24, 2012
Annette Waggoner, Executive Director of the Commercial Collection Agency Association of the Commercial Law League of America, CCAA, states that CCAA members have reported a year-over-year decline of four percent (4.0%) in the volume of accounts placed for collection. . . .
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Bankruptcy Issues
