Search results for collection calls
Collecting from your large customers: Is it 'Collections' or 'Corrections'?
A few years ago I was at a major railroad company for imparting training sessions on the topic of Collection Skills and Receivable Management. On the first day of training a, I realized that the collections staff was made up of people who had a significant number of years of collections experience. The group was an enthusiastic batch; however most of the proven collections techniques were being met with...
Predictive Indicators - Learn how to read the signs and improve your bottom line
Managing your company’s exposure to risk has become a challenging task. There is more pressure to speed up the credit review process and more responsibility resting on your shoulders to be accountable for your decisions and improve company profitability.
Identity Theft - Practical tips for credit professionals
Every year, identity theft results in millions of dollars of reported losses for Canadians. This has serious implications for credit professionals when it comes to the collection, protection, usage and disposal of the information they gather on their customers. Whether your company accepts payment by credit card, by wire transfer, via e-commerce or by the ageless paper-based cheque method, you need to ensure that your department plays its part in having the necessary checks and balances in place.
Overview of Proposed PIPEDA Amendments
On May 25, 2010, the Minister of Industry tabled amendments to the federal private sector privacy legislation, the Personal Information Protection and Electronic Documents Act (PIPEDA). PIPEDA was introduced in 2001 and has been applicable to many private sector enterprises since 2004.
Supreme Court Rules Crown DoesnÃ¢â‚¬â„¢t Have Rights To GST And QST
In a unanimous decision on October 30, 2009 relating to the Goods and Services Tax (“GST”) and the Quebec Sales Tax (“QST”), the Supreme Court of Canada rejected the most recent attempt of the Crown to secure its position by recovering the tax portion of accounts receivable outstanding at the time of bankruptcy where the bankrupt had not made the required remittances.
Demand Promissory Notes and the (New) Ontario Limitations Act
Hare v. Hare (218 O.A.C. 164), a December 2006 decision of the Ontario Court of Appeal, has important ramifications for the use of demand promissory notes in tax planning. Legal and tax planners should be aware that standard drafting language used in promissory notes may bring about unintended consequences.
Debt Collection Rules
If you deal with consumers, you should be mindful of the debt collection laws in force in the jurisdictions where your customers are located. Adapted from the...
PPSA & Legislative Q's
Links to Debt Collection Laws and Statutes
Financial Ratios and Related Tools
A ratio by itself is an incomplete figure that could be misleading if analyzed in isolation. To perform an analysis, inter-related ratios should be examined and calculated over a period of time to see the trends, and then compared to ratios of industry or peers.
Role of the Credit and Collections Department in Business
Companies expect their credit department to be sales oriented. Put simply, this means the credit department should be looking for reasons to justify establishing open account terms and/or releasing orders pending, rather than looking for excuses to hold orders or to reject applicants for open account terms. Having this simple idea in mind can make
Webster’s dictionary defines ethics as: “ A set of moral principles or values”, and ethical as: “ Conforming to professional standards of conduct.” To help guide ethical behaviour in the credit department, it’s important to start with a written credit policy.
Role of the Office of the Superintendent of Bankruptcy (OSB)
The Office of the Superintendent of Bankruptcy (OSB) is part of Industry Canada. Their role is to ensure public confidence in the market place by protecting the integrity of the bankruptcy and insolvency system.
Free Fraud Detection Resources
One of the simplest ways to detect potential fraud is to confirm certain information provided on a credit application using easy, free resources on the Internet. As a commercial collection agency, we regularly get claims where this has not been done and we discover that the information provided was either misleading or outright fraud. In either case, it is...
https://creditedu.org/knowledgecentre/index.php/site/page/72Businesses may engage collection agencies to assist them in the collection of debts from both consumers and businesses. In Canada, agencies must be licensed in a province to operate there. The provincial governments have developed regulations that govern the activities of these agencies.
PIPEDA and Collections
Often, collection activity requires interacting with personal information about a consumer, in order to research, contact or collect from that consumer. Whether you are in an internal receivables department, third party collection agency, or you are a legal agent...
Understanding Accounts Receivable Metrics: DSO, CPI, CEI
Finance professionals calculate DSO by dividing Total Accounts Receivable (A/R) by Total Credit Sales multiplied by the number of days in the measurement period.
For companies using Collection Productivity Index (CPI), it is the amount of cash collected per collector as a % of the opening A/R for each fiscal quarter. As quarterly sales are not linear month to month, (heavily weighted in a particular month) you will find this to be...
What to do when a customer files for Bankruptcy
Find out exactly what the situation is. Most people when they think of bankruptcy only think of the final stage, where the customer is no longer in business. In reality there are a few different types and various levels of severity.
Cross Border and International Collections
https://creditedu.org/knowledgecentre/index.php/site/page/86You've serviced your client, you've invoiced the job, and you've not been paid. What can you do?
Calculation of the Collection Effectiveness Indexâ€™s
https://creditedu.org/knowledgecentre/index.php/site/page/87Days sales outstanding - measures the time it takes a company to collect account receivables from credit sales. It provides a good understanding of the effectiveness of the account receivable collection policies and staff in charge of executing on those policies.
Credit and Collections as a Revenue Generator
https://creditedu.org/knowledgecentre/index.php/site/page/93Next time you are spending quality time with a client, at a board meeting, or getting an update from the CFO you may want to inquire about practices of their companyâ€™s credit and collections department. The credit and collections department is constantly interacting with the company's customer base. This provides them with opportunities to augment sales, identify customer needs and problems, and / or be proactive in collecting those slow paying accounts. A properly operated credit and collections department can enhance profits and earnings per share.
What are the 6 key steps in firming up a collection call?
What are the stages in an effective collection program?
http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/h_ca02149.htmlCollection agencies work on behalf of companies to collect the debts owed to the company. They are regulated provincially and operate under strict guidelines in every province. Here is the link to the Federal government site that contains information about collection agency legislation in every province.
Risk assessment is a step in a risk management procedure. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk (R):, the magnitude of the potential loss (L), and the probability (p) that the loss will occur.
Credit and Collections Department Should Be Generating Revenue
Next time you are spending quality time with a client, at a board meeting, or getting an update from the CFO you may want to inquire about practices of their company's credit and collections department. The credit and collections department is constantly interacting with the company's customer base. This provides them with opportunities to augment sales, identify customer...
Collection and Dispute Management
The objectives of the Collection team are to:
- Facilitate a seamless processing of Sales orders within a specific risk guideline defined by the Credit and Collection department
- Liaise with the Sales department and the credit department to anticipate any future discrepancy between the Sales plan and the maximum risk exposure
Letters of Credit
A letter of credit is a document that a financial institution or similar party issues to a seller of goods or services which provides that the issuer will pay the seller for goods or services the seller delivers to a third-party buyer. The seller then seeks reimbursement from...
Advanced Telephone Collections
https://creditedu.org/knowledgecentre/index.php/site/video/147Presenter: Derek Cherewick, Vice President, Commercial Credit Adjusters Ltd.
https://creditedu.org/knowledgecentre/index.php/site/video/152Formulas for Success in Credit Granting & Collection Presenter: Rodger Noel, ACI, Credifax Atlantic
US Construction Laws (US Bonds and Mechanics Liens)
https://creditedu.org/knowledgecentre/index.php/site/video/179This seminar will be of interest to credit managers, sales managers and anyone else with interests in selling to the US or planning to sell to the US construction industry.
International Debt Recovery, Legal Obstacles & Strategies
https://creditedu.org/knowledgecentre/index.php/site/video/187INTERNATIONAL DEBT RECOVERY, LEGAL OBSTACLES & STRATEGIES
Contract Law & Collections
This live webinar will give credit managers a brief overview of liens and how to achieve successful results. This presentation will cover: • How to be successful in your collection • How to avoid disputes and unnecessary costs • How to recognize the importance of solid contracts and record keeping
These Best Credit Practices in Brazil Will Keep You from Falling Downhill
https://creditedu.org/knowledgecentre/index.php/site/page/226Iâ€™m often asked by many overseas creditors about where to start when establishing a business relationship with a customer in Brazil. My answer is that it often depends on whether you are going to grant credit, and if so, how much.
Do You Have a Credit Policy for Your Organization?
If your business lets your customers receive goods or services now in return for a promise to pay later, then your business grants credit. And you are not alone. Most businesses grant a credit to their customers, especially if their customers are other businesses (B2B—business-to-business). In fact, this is the most common type of credit offered in the business world and most of the credit offered in this way is unsecured.
Waiting too long to collect
My colleagues think that my role is the worst possible in the company. This is mostly because my job involves calling customers for money. But I have a secret for you: I like making those calls. Rest assured, I’m not an extortionist who likes to torment poor souls. I just love what I do, especially knowing that I contribute to my organization’s success.
Q and A (1)
How many collection calls should one make before referring a file to a collection agency?
The best way to determine this is by establishing a process whereby a collector goes through a series of steps in which h/she establishes the ability and willingness of a debtor to pay the overdue bills. It’s quite possible to make a decision to escalate a file to a collection agency right after the very first call. On the other hand, if there are reasons to believe that a cooperative debtor is experiencing temporary cash flow difficulties, then it may take repeated calls to work out a solution over time.
https://creditedu.org/knowledgecentre/index.php/site/wiki/62A person who has taken possession pursuant to a security agreement of substantially all of the inventory, accounts receivables or the other property of the debtor. Receiver also includes a person who has been appointed privately pursuant to a security agreement or by an order of the court for the protection or collection of property that is the subject of diverse claims, usually to seize and sell the property of the debtor.