Articles About Finance And Refinancing

Commercial Collections: Business Finance Booster Shot

Commercial collections: fixture of the new B2B culture

If you're in the business-to-business field, or even if you're a consumer products business that works through third-party distribution channels, you probably know what it's like to check your mail anxiously each day, sifting through all the bills for that payment that was supposed to have been in months ago.

It wasn't supposed to be like this. If you were a good, honest businessperson who dealt with other good, honest businesspeople, "commercial collections" wasn't supposed to be part of your vocabulary.

Back in the good old days, an invoice or purchase order that had an established company listed in the "bill to" field was almost as good as a cashier's check. Nowadays, if you're in the business of serving other businesses you may find that your cash flow is less reliable than a small-time bookie's.

Commercial Collections: A Personal Story

This past April I finally got the $2,000 a client owed me for work done in December, after spending almost as much money's worth of my time reminding them to pay.

No, this wasn't one of those hand-shake deals-we had a 5-page contract specifying net-30 payment terms. Nor was this some guy with a lemonade stand. It was the media division of one of the largest retailers in the United States.

The worst part was, I trusted this client based on my experience working with them a few years before. I actually spent the money on Christmas presents, fully expecting the payment to come in before my credit card statement.

Avoiding Outstanding Invoices

Of course, you can nip this problem in the bud by cultivating strong relationships with clients who pay on time. But those clients are getting few and far between-and, as I found, the good can go pretty bad pretty fast.

Worse, it seems that the larger the business, the less likely they are to pay on time. "Net 10 days" might as well be a foreign language in Fortune 500 land. The long-standing advice given to B2B businesses and self-employed people is that the money is in big corporations. But good luck getting it from them before your rent is due.

What I Should Have Done

Looking back on my experience with the deadbeat corporate client, my biggest mistake was doing it all myself, with writing the letters and making the phone calls. With an hourly rate of about $75, I ended up spending the time equivalent of a large chunk of my $2000 fee. I should have gone to a collection agency. I just didn't know then that were collection agencies that would take on small business debts and run the whole process for you for as little as $20 per debt.

Of course, I also didn't know that going to a collection agency didn't necessarily mean "putting an account in collections." Many collection agencies are in fact refashioning themselves as "accounts receivable management" specialists; they'll even manage your invoicing from end-to-end if you want. The client may not even realizing that the person on the phone is from an outside agency and not your own personal assistant.

When I think of all the value of the time I spent collecting that last $2,000, I could kick myself for not handing it over to a collection agency. But, I can always look forward to putting this knowledge into practice the next time I have a client who's slow in paying.

Steve Austin is a regular contributor to Let No Debt Remain Outstanding (http://www.let-no-debt-remain-outstanding.com/), a website with articles on choosing a collection agency, along with recommended the best collection agencies.

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

MORE ARTICLES:

How to Find Lower Interest Rates on Bankruptcy Car Loans
Sadly, bankruptcy has become more common in recent years. Finding loans has gotten easier over the years as well. The loans are easily available but it is the interest rates attached to them that most people try to avoid. It doesnt make sense to get approved for a loan but not be able to make the monthly payments because the interest rates cause it to be so high. Educating yourself is the best defense in not being taken advantage of. Make sure you do the research and be patient when looking.

Low Home Mortgage Interest Rate - Finding the Best Mortgage Rate
Interest rates are at an all time low, making now the perfect time to purchase a new home or refinance your existing mortgage. The interest rate you receive will depend largely on your credit rating, monthly debt, and your income.

Student Loan Financial Group Announces Interest Rates on Variable-rate Loans Increasing July 1st
Student can take advantage of the lower rate if they apply before June 30th.

Low Interest Rate Auto Loan - Increase Chances Of Getting Approved For A Low Rate
Getting approved for an auto loan is easy. However, obtaining a low rate auto loan may be a bit more challenging. When financing any sort of merchandise, the interest rate received makes a huge difference.

Refinancing Mortgage Loan - Get The Lowest Interest Rate You Can When Refinancing
Refinancing can be a very simple process. You fill out a few applications, take the best offer and you're done.

Credit Heaven Announces their Rate Busters Program to Slash Interest Rates for High Interest Loans and Credit Cards
The Rate Busters program is designed to achieve affordable and sustainable payments for borrowers by negotiating lower interest rates or periods of no interest on existing credit card, auto loans and mortgages. This in turn will maximize consumers' ability to reduce monthly payments, reduce debt, maintain or improve consumers' credit as well as reduce creditor's bad debt.

Auto Loans Low Interest Bad Credit: Car Loan without Credit Problem
Owning a car is apart from necessity enhances your status in the society as well. Driven by the urge due to either of the two reasons, you may wish to own a swanky car but are restrained by financial constraints. Going for loans is a good option but if you are a bad credit holder than a fear psychosis of exorbitant rates or being discriminated may check your advances for the quest of normal loans. This myth is now unshackling as bad creditors like you can approach for bad credit auto loans available at low interest rate. These loans are especially fabricated for people having CCJ?s, arrears, any default payment or due payments. Some facts and figure The lender is more interested in your current repaying capacity rather than seeing the ...

Refinancing Mortgage: Low Payment And Low Interest Rates
Those seeking a financial alternatives are often caught thinking that low payment refer to low interest rates. They should be aware that low interest rates vastly differ from low payment. With this in mind, they can veer away from dubious loan agents who will rush them to a new mortgage with high interest rates and add-on fees.

Get Personal Loan, Home Loan, Car Loan after Bankruptcy at Low Rate of Interest
Do you feel your chances of getting approved for a loan after filing bankruptcy is bleak. Wait for a while, bankruptcy loan can help you even after filing for bankruptcy, getting approved for funds after a bankruptcy is not that daunting as you think.

Secured Loans: High Amount at Low Interest Rates
People avail secured loans for various reasons. Secured loans are loans that need collateral to be pledged. The collateral can be your house, property or any high value possession. There are various advantages of a secured loan which are discussed below:

Mortgage Loans, Construction Loans, Refinancing Mortgage Rate
TheLoansStore.com was created with the interests of the consumer in mind. If you have ever wondered if owning your own home or refinancing your current home would be possible, dont wonder anymore. From new Construction Loans to Mortgages Loans, Bad Credit Home Loans and Refinancing Mortgage Rate. Whether you have great credit, marginal or bad credit, theLoansStore.com can help. We know one size never fits all borrowers.

High Interest Rates Mean Mortgage Refinancing According to GuideToLenders.com
Professional master of business administration (MBA) role models such as Kathy Giusti and Rich Fairbank provide mentorship and advice online through education sites like MBA-Business-Schools.com. Future and current MBA students can prosper from the wisdom of successful business professionals and boost their careers through invaluable learning tools and resources.

Interest Rate On Refinance Home Loans Explained
The interest rate issue is the main problem when one wants to refinance a home loan. This is because the costs associated with home loans are high and thus, a single point raise on the interest rate can cost thousands of dollars. There are different reasons why one may want to refinance but the interest rate is always an important variable.

Types of Mortgage Loans with the Lowest Interest Rate
When you're shopping and comparing for a mortgage loan there can be a lot of discrepancies between what lenders offer. Some may offer lower rates with strings attached, others can offer the same terms but with a much higher rate. Shopping around, comparing and negotiating are key skills in getting the type of mortgage loan with the lowest interest rate.