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Mar27
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Collecting from past due customers is not fun. I don’t know any business owner that really likes to do it, especially when you have to learn so many laws and regulations in order to pursue money that is rightfully yours. The Top 3 ways that you can maximize your cash flow while collecting your money and stay out of trouble are: - Stay on top of your accounts payables and receivables. Have a meeting once a week and set aside a certain amount of time to do this. It is worth it.
- Use a personal approach. Make a list of everyone who is past due and call them. If you get voice mail, leave a message but don’t say anything about a past due bill.
- Follow up. If you call, and leave a message and don’t receive payment, follow up with a certified, registered or priority mail letter with delivery confirmation.
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Mar26
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Bad Checks. When you hear that you think of a returned check. But why was it returned? There are different types of bad checks and the laws are different for the different types.If you accept checks you need to know...
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Mar25
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There are some things you can look for if you accept checks as a part of your business. Sometimes it is hard to tell if a check is fraudulent but here are some tips that will help you: The check writers...
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If you are a landlord that is trying to collect from slow or non-paying tenants you might be interested in the legislation that has recently been reinstated that requires a landlord to give a tenant 60 days advanced written notice...
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Mar20
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If you accept checks as a form of payment from your customers, make sure you look for some simple things that can help you avoid bad or NSF checks, and fees. Some things to keep an eye out for are:Name...
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Mar15
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Most people get a check for payment of services or merchandise and deposit it into their account and then forget it. Suddenly the check is returned for insufficient funds! Most people don't know what to do when this happens if...
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Mar14
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How can you avoid having your dunning notices or collection letters thrown away without even being opened? This is something you need to know, so many debtors already know what the collection letter looks like without opening the envelope and...
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Mar13
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I recently did a survey with credit managers, business owners and collectors asking what kinds of things are the most important when they are looking for debt collection software to help them with their collection efforts. The results were surprising...
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Mar12
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I have run across a great blog and am so glad I found it, and want to share it with you. It is called Americans in Debt: Stories from the hill by Alan Dyckman.I found his post titled "The Evolution...
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The Fair Credit Billing Act is a law that explains what to do if a customer claims you made a mistake in your billing. The customer must notify you within 60 days after you mailed the first bill containing the claimed...
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Mar 6
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Get the following information from a business and/or consumer seeking credit: • Business’ and owner’s name • Length they have been in business • Address, length of time at that address and a former address • Balance sheets and/or...
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Mar 5
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Sponsored Review When I owned my collection agency I did collection work for many payday loan companies. I had always thought they were similar to a rent to own type of business. Payday loan companies have a bad rap. ...
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I have just added two sample credit applications for the readers of this blog to be able to download immediately so that you can start implementing a credit policy RIGHT NOW! Having every customer fill out a credit application is the...
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Extending credit works in your favor in many ways. It increases customer loyalty. Taking a financial risk for your customers demonstrates you trust them and are willing to accommodate them. If you extend credit be sure you have a credit...
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Mar 1
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Small business owners sometimes make some common mistakes when just starting out, and trying to get paid. Some small business owners depend on that income more than someone who gets a check each week. This is because when you work...
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