Streetwise Credit and Collections : Maximize Your Collections Process to Improve Your Profitability

by Caplan, Suzanne

ISBN13: 9781593377373

ISBN10: 1593377371

Format: Paperback

Pub. Date: 2006-12-01

Publisher(s): Adams Media Corp

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Summary

The credit and collection function of any business is the nerve center of the Company. If proper records aren't kept and receivables closely monitored, a Company will have difficulty maintaining its cash flow and Operations. Streetwise[Registered] Credit and Collections provides you with the skills to manage your company's financial obligations, collect due payments, and avoid falling into debt.

Acknowledgments	p. ix
Introduction	p. xi
Why Credit Is a Business Necessity	p. 1
How Credit Creates Leverage	p. 1
The Leverage to Start a Business	p. 2
Cash Is a Timing Issue	p. 3
Turning Assets into Collateral	p. 4
Your Bank as a Source of Credit	p. 5
Securing Loans for Working Capital	p. 6
Selling an Account to a Factor	p. 8
Floor Planning Inventory	p. 9
Securing Credit from Vendors	p. 11
Establish Credibility	p. 12
Negotiating Terms	p. 13
Working with Consignment	p. 14
The Importance of a Track Record	p. 16
What to Do When Cash Is Tight	p. 17
Securing Discounts for Prompt Payment	p. 17
Providing Credit to Business Customers	p. 19
The Difference Between Consumer Credit and Business Credit	p. 20
Using Credit as an Incentive	p. 22
Who Carries the Paper?	p. 22
A Business Credit Application	p. 23
Reading a Business Credit Report	p. 25
Types of Credit: Short-Term and Long-Term	p. 26
Asking for a Deposit	p. 28
Make Sure Your Policy Is Evenhanded	p. 29
Credit Takes You Global	p. 31
Opportunities Through Foreign Trade	p. 32
Buying from a Foreign Firm	p. 33
Letters of Credit: Providing Assurance	p. 34
Standby Letters of Credit	p. 36
How Banks Protect Their Interest	p. 37
What Bank Should You Use?	p. 38
Providing Material to Be Fabricated in a Foreign Country and Shipped to You	p. 38
Your Business Sells Your Goods or Services in Foreign Markets	p. 39
The Export-Import Bank and Your Business	p. 40
Obtaining Credit Information on Foreign Firms	p. 41
Providing Credit to Consumers	p. 45
Understanding Consumer Credit Laws	p. 46
Applications for Consumer Credit	p. 47
Checking Credit Reports	p. 48
The Equal Credit Opportunity Act	p. 50
Can You Use Third-Party Financing?	p. 53
Collecting Through Professional Firms	p. 54
An Effective Credit Policy	p. 56
The Elements of Your Plan	p. 57
How Much Credit Can You Provide?	p. 58
Who Will Handle Credit Checks and Decisions?	p. 59
An Override Policy	p. 61
Personal Guarantees	p. 62
Periodic Recheck and Review	p. 62
When to Raise and When to Lower Limits	p. 65
Assessing Risk	p. 67
Can You Cover Your Costs?	p. 68
The Difference Between Secured and Unsecured Credit	p. 69
The Value of a Personal Guarantee	p. 70
Securing a Confession of Judgment	p. 70
Evaluating Trade Credit References	p. 72
Checking a Bank Reference	p. 73
Out-of-State Credit	p. 73
Asking for Financials	p. 74
Setting a Proactive Credit Limit	p. 77
Allowing Customers to Buy According to Their Need	p. 78
Special Deals Require Special Terms	p. 80
Secondary Protection: Using Outside Credit Resources	p. 81
Growing Customers Need Growing Credit	p. 82
Reducing a Limit or Requiring Cash	p. 83
Communicating Your Policies	p. 87
Put Your Policy in Writing	p. 88
Letters Granting Credit and Stating Terms	p. 92
Print Your Terms on Invoices and Statements	p. 94
Post Credit Terms and Return Policies in Your Place of Business	p. 94
Can You Charge Interest on Past-Due Accounts?	p. 97
Creating the Paper Trail	p. 99
Purchase Orders and Contracts Must Be in Writing	p. 100
A Sample Purchase Order and Confirmation	p. 102
Keep Track of Invoices, Payments, and Credits	p. 104
Change Orders Must Be in Writing	p. 107
Contact Reports on All Billing Inquiries	p. 108
Record All Statements and Letters	p. 108
Putting Policy into Practice	p. 110
The Collection Begins with the Safe	p. 111
Make Sure the Billing Is Accurate	p. 112
Learn What Constitutes an Acceptance	p. 112
Proof of Delivery	p. 114
Make Sure Your Customer Is Satisfied	p. 115
Handle Disputes in Writing and Issue Credit	p. 117
How Much of a Discount Can You Afford?	p. 118
Letters to Confirm the Outstanding Amount Due	p. 119
Dealing with Third-Party Funders	p. 121
Keep Your Source Documents after the Charge	p. 122
With Contract Financing, Proper Documents Must Be Submitted	p. 124
What Happens If Your Client Does Not Pay?	p. 125
Credit Card Disputes Can Result in Charge-Backs	p. 127
Form Alliances with Funders to Access Credit	p. 128
The Fine Art of Reminders	p. 131
Send Regular Statements	p. 132
The First Friendly Request	p. 134
Making a Demand for Payment	p. 134
Making Contact via Phone	p. 136
Having a Salesperson Help to Collect	p. 138
Six Sample Letters	p. 138
Handling a Dispute	p. 143
Take the Time to Research	p. 144
Establish Your Side of the Story	p. 146
Compromise When It Makes Sense	p. 147
Get the Agreement of the New Terms in Writing	p. 148
Some Disputes Are Ploys to Not Pay	p. 149
Dealing with a Bounced Check	p. 150
The First Steps in the Collection Procedure	p. 153
Call the Customer Yourself	p. 154
Ask for a Payment Schedule	p. 155
Send Out Demand Letters via Registered Mail	p. 156
One Final Request Before the Account Is Turned Over	p. 157
A Postdated Check Is Only a Promise to Pay	p. 159
Aggressive Collections	p. 160
Collecting from a Consumer	p. 161
Understanding FDCPA	p. 162
The Collection Call	p. 162
Do Not Violate the Applicable Law	p. 164
What to Do When You Are Told to Cease	p. 165
Staying Polite and Providing Customer Service While Collecting	p. 166
Making a Decision to Turn Over an Account	p. 166
Collecting from a Business	p. 171
FDCPA Does Not Apply	p. 172
Calls Are Now Serious Business	p. 173
Document All of Your Demands	p. 174
Personal Visits Are Allowed and Might Work	p. 175
Can You Take It to Small Claims Court?	p. 176
A State-by-State Review of Small Claims Court	p. 177
Collecting from a Tenant	p. 189
The Terms Are in the Lease	p. 190
Residential Leases	p. 191
Commercial Leases	p. 192
Handling a Dispute	p. 193
Giving Notice to a Past-Due Tenant	p. 194
Negotiating a Settlement	p. 195
Handling an Eviction	p. 196
When to Hire an Agency	p. 199
Check Out Agencies Before You Need One	p. 200
Try One That Reports Credit as Well	p. 203
What Do Agencies Generally Charge?	p. 204
Do Not Hire an Agency That Poses as a Law Firm	p. 204
What Can an Agency Actually Do?	p. 205
When Is It Time to Turn Over the Account?	p. 206
When to Hire a Lawyer	p. 209
Get Something Filed Before It's Too Late	p. 210
An Ounce of Prevention	p. 211
Judgments and Liens	p. 212
When You Have a Confession of Judgment	p. 214
Judgments Are Not Money-They Must Be Collected	p. 215
Your Rights When a Debtor Fails	p. 219
Are You Secured in Any Assets?	p. 220
Three Types of Bankruptcy	p. 220
A Recent Purchase May Be Reclaimed	p. 221
Chapter 7-Get Your Portion of the Distribution	p. 222
Chapter 13-As a Creditor, Get Monthly Payments	p. 223
Chapter 11-Be a Member of the Committee When Possible	p. 224
Should You Do Business Again with the Same Customer?	p. 226
The Art of Credit	p. 228
The Psychology of Money	p. 229
Why Some Creditors Never Make Demands	p. 230
Customers Who Don't Pay Even When They Are Able	p. 232
Tips on Having Discussions about Money	p. 234
Know Whom You Are Dealing with First	p. 235
Discounting to Make a Friend	p. 235
When You Are the Debtor	p. 237
Always Communicate with Your Creditors	p. 238
Do Not Promise What You Cannot Pay	p. 239
Make an Honest Offer and Stick to It	p. 240
Don't Be Frightened by Threats	p. 241
How to Deal with Taxing Authorities	p. 242
When Money Is Tight, Prioritize	p. 243
Creative Credit Techniques	p. 247
Using a Factor	p. 248
Securing Deposits and Retainers Before You Work	p. 250
Floor Planning and Installment Loans	p. 251
Debit Cards, Credit Cards, and Electronic Funds Transfer	p. 251
COD: Cash on Delivery	p. 253
Progress Payments	p. 254
Credit Insurance to Rely On	p. 254
Operating a Financially Sound Company	p. 257
Profit Isn't Real until the Money Is Received	p. 258
Bad Debts Can Undermine a Good Business	p. 260
Your Credit Provides You with Options	p. 261
Credit and Trust Are Twin Values-Use Both	p. 262
If You Have Done the Work, You Are Entitled to the Money	p. 263
Epilogue	p. 265
Appendixes
Glossary	p. 267
Applicable Laws and Statutes of Limitations by State	p. 273
Consumer Credit Laws to Know	p. 297
Index	p. 329
Table of Contents provided by Ingram. All Rights Reserved.

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Streetwise Credit and Collections : Maximize Your Collections Process to Improve Your Profitability

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Streetwise Credit and Collections : Maximize Your Collections Process to Improve Your Profitability

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