Best Practices: In House Consumer Collections

Written by The Collector


Continued from page 1

7] Keep Accurate And Timely Payment Records

Once a new consumer customer is accepted on credit, it is vitally important to maintain accurate and timely records on their payment history. If you see any deviation from past payment patterns, and especially if payments become unusually slow, immediate follow-up is warranted. This not only gives you an early alert to impending payment problems, it also gives yourepparttar chance for early intervention if there is an outside influence.

8] Followrepparttar 111985 Collection Laws in Your State

In many states, businesses are governed byrepparttar 111986 same collection laws as are collection agencies. For example, calling customers at an odd hour or disclosing to a third party that they owe you money are just a couple ofrepparttar 111987 numerous collection practices that can cause serious repercussions. If you're not sure, call your state's department of finance which governs and monitors collection agencies. Click Here for a summary ofrepparttar 111988 Fair Debt Collection Practices Act.

9] Use a Third Party Sooner

If you've systematically pursued your delinquent consumer accounts for 60 to 90 days fromrepparttar 111989 due date, (and they still haven't paid) you're being delivered a message by your client. More than likely, you've requested payment four to six times inrepparttar 111990 form of phone calls, letters and statements. Statistics show that after 90 days,repparttar 111991 effect of in-house collection efforts wears off 80%". That means thatrepparttar 111992 time and financial resources budgeted for consumer collection efforts should be focused withinrepparttar 111993 first 90 days whererepparttar 111994 bulk of your consumer accounts can and should be collected. From that point on, a third party can motivate a consumer customer to pay in ways you cannot, simply becauserepparttar 111995 demand for payment is coming from someone other than you. Before paying a percentage to a consumer collection agency, or using small claims court or an attorney, check into using a fixed flat fee collection service.

10] Admit And Correct Any Mistakes On Your Part

Sometimes your consumer customers do not pay because they feel you have made a mistake. Unfortunately, many consumer customers believe that "the owner/president doesn't needrepparttar 111996 money". Denying an obvious error only fansrepparttar 111997 fire of resentment your customer may already feel. Ifrepparttar 111998 basis ofrepparttar 111999 non-payment is a dispute overrepparttar 112000 quality of your product or service, a mutually agreeable settlement between you andrepparttar 112001 customer should be arrived at promptly. The consumer customer may use a minor dispute to withhold substantial payment. Insist thatrepparttar 112002 undisputed portion get paid immediately, indicatingrepparttar 112003 balance will be negotiated. This will not only help to collect payment payment, it showsrepparttar 112004 consumer customer that you are listening to his or her concerns.

11] Remember that Nobody Collects Every Account

Even by setting up and adhering to a specific consumer collection plan, there are a few consumer accounts that will never be collected. By identifying these accounts early, you will save yourself and your company a great deal of time and money. Even though a few may slip by, you'll find that overallrepparttar 112005 number of slow pay and nonpaying consumer accounts will greatly diminish, and that's a victory in itself!

Courtesy of http://www.collectionagencyservices.net

An advocate for small business.


Global poverty - the greatest killer of all

Written by Doctor Edward C Hamlyn MBChB


Continued from page 1

In Islam this crime is punishable by death. We infidels look up torepparttar bankers as beingrepparttar 111984 cream of society.

We inrepparttar 111985 West are so rich that we can easily borrow money to service our debts. We just accept more credit as a loan. It is rare for our poor to starve to death. They become slave labour without really knowing they are enslaved.

One hideous result of this credit based economy, isrepparttar 111986 fact thatrepparttar 111987 value of our currency is pure guesswork.

The value of money is a gamble. Casinos come into existence called money markets. Insiders cream off billions of pounds for themselves, without lifting a finger to contribute torepparttar 111988 creation ofrepparttar 111989 wealth they misappropriate.

Withrepparttar 111990 National kitty robbed in this manner,repparttar 111991 lowest stratum of our society becomes impoverished.

We need Monetary Reform and that will eradicate poverty fromrepparttar 111992 whole world. It is very simple, instead of allowingrepparttar 111993 banks to create money by laundering credit, we restore torepparttar 111994 Government,repparttar 111995 sole right to create and issue new money and instructrepparttar 111996 Government on how to do this correctly, so that there can be no resulting inflation.

It seems to me thatrepparttar 111997 Medical Profession which is inrepparttar 111998 business of saving life and reducing suffering, should leadrepparttar 111999 world out ofrepparttar 112000 trap of poverty and death from starvation and preventable disease. Because it can be done, it must be done. Let us leadrepparttar 112001 way into a new Golden Age of Economics, in whichrepparttar 112002 superabundance of what we can produce is properly distributed and not allowed to waste for lack of money, which like poverty is man made stuff.

We have as much money or as little money as we choose, do not choose so little, that people live and die in poverty.

www.monetaryreform.org

Dr Hamlyn is a founding member of the Royal College of General Practitioners, a veteran of WW II, retired farmer and practicing medical doctor. He is a prolific and articulate voice on the subject of monetary reform.


    <Back to Page 1
 
ImproveHomeLife.com © 2005
Terms of Use