|
|
| www.1001TopWords.com |
|
|
How Not to Get Stiffed, Improving Your Collection Procedures
Some businesses have slow paying customers or past due balances because they didn't "train" their customers in the beginning. It is important that your customers know your credit policy and/or terms of payment, BEFORE they become a customer. Reiteration of your credit policy, when payment is overdue, is a good step to take in trying to obtain payment. Always ask for payment when it is justly due. You should never extend credit to a new customer without having them fill out a credit application and go through the credit approval policy. Once you extend credit, it is important to maintain accurate records on an accounts payment history. Adhere to your collection policies no matter what. You cannot see the future or changing market conditions. Try to keep current with trade reports pertaining to specific companies and industries. Change your collection letters frequently, you can make them stronger and more action oriented. Discourage payments on account or changes in payment terms. To many payment plans or changed payment terms can impair your cash flow. When you receive payments "on account" be sure to follow up right way with a letter or phone call thanking them for their payment and telling them what their new balance is and when to send it. On large accounts call or send a reminder just a few days after terms if they get delinquent. Ask to speak to a manager, or owner when making collection calls rather than speaking to a secretary or receptionist. Go right for the decision maker. If a customer disputes the quality of merchandise, or service, price or delivery, you should attempt to resolve this right way. Insist they pay the portion of the bill that they are not disputing while you work out the disputed problem. If all else has failed you may want to refer the account to an outside collection agency. For more information on Improving your Collection Procedures or collecting more money faster order Become the Squeaky Wheel, a Credit & Collections Guide for Everyone, ISBN# 0-9706645-1-6 $29.99 available at www.michelledunn.com or www.amazon.com or your local bookstore. Michelle Dunn has over 17 years experience in Credit and Debt collection. She is the founder and president of Never Dunn Publishing, LLC, is a writer, publisher, consultant and the Editorial Advisor for Eli Financial Debt Collection Compliance Alert Newsletter. Michelle started M.A.D. Collection Agency in January 1998 and ran it successfully until she sold it in December 2004. She owns and runs Credit & Collections.com an online community for credit and business professionals. http://www.credit-and-collections.com Michelle has been featured in Ladies Home Journal, PC World, Home Business Magazine, Home Business Journal, Entrepreneur, The Internet Web Source, Professional Collector, and in Home Based Business for Dummies, Shameless Marketing for Brazen Hussies, From the Home-Front The Simple guide to starting and Running a Home based business, she was a featured guest on (NPR) National Public Radio and has been in many newspapers nationwide. She has many published articles and 3 published books to add to her list of accomplishments.
|
|
|
|
RELATED ARTICLES
What Every Employee Should Know About Putting Positive Phrases Into Customer Service If you were a customer on the telephone with a question or complaint and were ready to make big purchase, which of the following phrases by this employee would make you feel welcome and want to complete your transaction? Which would drive you away? Say It With Humor When you own a business, you may find yourself in situations that may be a little tricky to handle. Dealing with customers who steal is one of them. Restaurant Scheduling for Success - Excerpt from Richard Saporito's latest e-book "How to Improve Dining Room Service" Clients - What They Want from You A growing number of individuals are finding themselves called to help others and go on to fulfil this call by training to become a practitioner in one of the healing arts. Making Customer Satisfaction Surveys Work Why bother? Accountability The Call Center world is an intense pressure-driven environment continually being shaped by pressure to ensure steady profitability and a secure competitive advantage. Transforming Disgruntled Customers into Your Biggest Advocates "I am writing to complain about the widget I bought from your site the other day." Got A Consumer Problem? Millions of people, just like you, end up with a consumer problem that they just can't seem to get resolved. No matter what they do. Even though you are in the right, even though you are being treated improperly. You may needle and wheedle them, bellow and battle, but your problem still ends up unresolved. Sound familiar? If so, here's a proven, effective FREE technique you can use that can help you get immediate corrective action for those ongoing unresolved frustrating, sometimes nightmarish consumer problems such as billing errors, disputes, complaints, defective products and other consumer rights issues. Minimize The Pain of Check Recovery $350 million in bad checks are written each and every week. That fact alone makes bad checks a serious problem for American businesses. It is almost inevitable that, if your business accepts checks, you have been affected by this. As well as being stuck with bank fees for depositing a bad check - and the very real possibility that the bad check could impact your bottom line - there is the time, aggravation and cost associated with recovering the funds. It is often the case that recovering the check can incur more in costs than the value of the original debt. Inevitably, many smaller businesses write off bad checks, believing that they cannot afford to pursue the debt. However, there are a number of ways your business can fight back and minimize the pain of bad check recovery. Customer Service: Why Bears Make Bad Customers Every business owner should have a picture of his or her ideal customer. When I picture my ideal customer, I see a business owner struggling to find time for all that needs to be done, someone passionate about what they do, someone striving to find answers to make their business run better. By picturing this person in my mind, I am able to develop products and services that I know will benefit that customer. But what happens when a not-so-ideal customer enters the mix? The Death of the Loyal Customer One of my classes in management focused on the repeat customer. The course stressed the importance of the repeat customer to the financial welfare of the business. We spent hours discussing ways to turn "first time" buyers into repeat customers. This is not a new concept. We've all heard the term "the customer is always right". And then there is the movie we watch every Christmas where Macy tries to out "customer satisfaction" Gimbel. I prefer to take that concept one step further with what I consider the most valuable asset of a business, the loyal customer. Committed To Your Customer? Prove It When They Complain! Businesses like to brag in their advertising about quality of work, commitment to their customers, and excellent service. These statements are also proudly advanced in Mission, Vision, and Values Statements. They are foundational to success. Stay - Say - Pay Would you like to have customers that stay with you anddon't buy from your competitors?Customers that say nice things about your business to otherpeople; pay you on time and accept the fact that you might be a bit more expensive thenother suppliers?Of course you do but how do we perform this miracle? It'sdead easy really; you only have to consider two factors: be Reliable and be Likeable. The Added Value - Is YOU! If there was a restaurant in your town that was physically attractive and clean, had a pleasant variety of entrées on the menu, served food that was prepared in an attractive manner, and the service was outstanding--the maitre'd greeted you by name, remembered which was your favorite table, stopped by later to inquire about your needs and satisfaction, the waiters and waitresses bent over backwards to make your dinner a pleasurable experience and always treated you as if you were their most important patron--would you be willing to pay a little more than other restaurants charged? 8 Critical Steps to Establish a Customer Service Culture "Every company's greatest assets are its customers, because without customers there is no company,"--Erwin Frand DONT Give Your Customers What They Want! One of the mantras we hear repeatedly in business is "The customer is always right." I'm here to tell you that if you want to build a thriving business you need to forget that saying, and take note of Payne's Law #1 "The customer is always right- some of the time." I'll explain why in a minute. Customer Service - A Sweet Essence First let us specifically define customer service. It is the performance of a duty or responsibility due to a customer as a result of selling them a product or service. Saying Thank You to Your Clients "Thanking your customers" - Why you should do it and how... How to Deliver Exceptional Customer Service Having been in business a number of years, I'm amazed at the number of people who don't have the slightest idea of what customer service is. Customer service is not a way of doing things ? it's an attitude. Creating the Right ?Viral Reputation? Unless you are brand new to business, or have been under a rock for quite some time - one key marketing technique (which isn't new) - is called 'Viral'.
|
| © Athifea Distribution LLC - 2013 |