ForumsFinancing Tips

Usefill info from Billcollector, thanks! . To add to his info, it should be said that the key to successfully collecting late receivables is to act on them quickly one way or the other, NEVER just sit on them. This means beginning your own internal collection efforts or contracting for professional services very early in the delinquency process, preferably at the 30 day but no later than the 60 day delinquency level. If you wait until your delinquncies become 90 days old or older, chances of collection fall to almost nonexistent levels regardless of how you attempt to collect them, including professional collection services. My credentials to make these statements are from a previous career many years ago when I worked as a small business consultant specializing in accounts with receivables problems.

An even better way to deal with past due receivables is to avoid the problem before it happens. More and more businesses of all kinds these days offer credit card acceptance as an effective means of avoiding receivables issues altogether. Obviously, 3% or so in processing fees makes much more sense then the cost of collecting receivables which easily can reach well in excess of 40% considering the cost of payroll to internal collection employees, cost of repeatedly sendout out statements and collection notices, collection agency expenses and so forth. I am in the processing business if anyone would lke to discuss this concept further.

Finally, if anyone out there has collection problems stemming from NSF checks, you should know that there are reputable firms out there who offer very effective NSF check collection services absolutely free of charge to the merchant--the bad check writer pays the collector which is the way it should be. Anybody interested in details is welcome to contact me.

Hope this is useful info. And happy birthday to me !!!!! 61 Sunday !

AMSPCS
www.MerchantServices-help.com