Commercial debt collection can be a real challenge. The fact is, paying your invoices is NOT a priority to your customers. On average, 80% of your customers will pay on time, while 20% will not. Why is this so? The answer is quite simple: it’s not a priority. Paying YOUR invoice is not your customer’s top priority. In fact, many of your customers rely on this free-float to help finance their business. This strategy, known as Trade Creditor Financing, can hurt your bottom line if not controlled and managed. Read the rest of this entry »
In the face of today's changing economic climate, recognizing and managing future risks becomes a priority for credit professionals. Stevens & Ricci business credit solutions can provide a business with products and services to enhance cash flow. For corporate solutions, see our Resource Center. For third party collection services, see our section on Commercial Debt Recovery.
Commercial Debt Collection Is Not A Priority
March 3rd, 2010The IRS Advantage Collection Letter
February 27th, 2010Get the IRS to help you collect from your most delinquent accounts using a revolutionary new collection letter.
At some point every business will encounter this problem: the customer who refuses to pay. You’ve tried every tactic at your disposal, but to no avail. The account is still outstanding and the customer isn’t paying anytime soon.
What else can you do prior to placing the account with a collection agency? You can have the IRS help you—in a round about way—to get your customers to pay. Read the rest of this entry »
Tutorial: Judgment Collection Letters
February 24th, 2010When you reach the point where you feel a judgment is uncollectible, there is one last strategy that you can try. Contact your Small Claims Court (or the court you obtained your judgment in) and obtain the appropriate forms and information to serve your debtor with a Debtors Exam Order (or what it’s referred to in your particular state). Then go to the Stevens & Ricci Resource Center and download the judgment collection letters and generic (sample) lists for both corporate and individual debtors. These lists spell out in great detail each and every asset that your debtor must reveal and document to the court under oath at this Exam.
The key to this technique’s effectiveness is that after you read off then fax to your debtor all of the asset documentation they are going to have to bring into court under oath, they are more than likely going to pay you off instead. Further, you should mention if they don’t show up for the Exam, a warrant will be issued for their arrest similar to an outstanding traffic violation. This can cause them to be taken off to jail the next time they’re pulled over for a traffic violation. Read the rest of this entry »
