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.
February 10th, 2010
When all other collection attempts fail, you have a choice: either let the matter (and your money) go, or take it to court. A written Final Demand Collection Letter is recommended by most small claims courts and required by a few, to file suit.
Keep in mind though that you don’t want to go to court, you want to collect the monies owed. The Final Demand Letter sells the need to pay while it fulfills legal requirements. A good letter results in payment in as many as one-third of all cases, probably because the written word is far more powerful than speech at this stage of the game. Read the rest of this entry »
Tags: Final Demand Letter
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February 6th, 2010
When all other collection attempts fail, you have a choice: either let the matter (and your money) go, or take it to court. A written Final Demand Letter is recommended by most small claims courts and required by a few, to file suit. This is probably the most important among collection letters.
Keep in mind though that you don’t want to go to court, you want to collect the monies owed. The Final Demand Letter sells the need to pay while it fulfills legal requirements. A good letter results in payment in as many as one-third of all cases, probably because the written word is far more powerful than speech at this stage of the game. Read the rest of this entry »
Tags: Final Demand Letter
Posted in Commercial Debt Collection | Comments Off
February 3rd, 2010
Collection Letter or Phone Call?
As a general rule in early collections, a phone call is ten times more effective than a written collection letter. This is mainly because at this stage a two-way dialogue is far more effective than a one-way communication.
But like many rules in collections, there are exceptions:
• You might need to send a first collection letter because you don’t have time to make all your calls that week.
• A letter will be less expensive than long distance calls to small balance out-of-town customers.
• If you do not have trained telephone collectors, it is better to use well-written letters and less telephone contact.
Your success rate using a letter with the format provided at the Stevens & Ricci Resource Center should increase drastically. The smaller the business you are sending it too, the more success you are likely to have. The larger the business, the less success you are likely to have. Read the rest of this entry »
Tags: First Collection Letter
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