The Collection Advisor

No Common Collection Agency Will Do: Choosing the Best Debt Collection Partner

Posted by Brian Summerfelt on Apr 24, 2017 1:27:21 PM

Search Google for “collection agency” and you’ll bring up about 73 million web pages. Collections can be a crowded space, and confusing territory for business owners or Accounts Receivable Managers looking for help recovering debt.

In Canada, there are not a lot of regulations governing collection agencies. As a result, many common collection agency problems continue to perpetuate themselves. The best agencies tend to rise to the top, but it’s not unusual for others to muddy the waters.

How can you tell the great collection agencies from the less effective, or even less ethical ones? Here are 5 things to look for:

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Topics: Collection agencies

Turning an Account Over to Collections Just Got Super Easy

Posted by Brian Summerfelt on Apr 18, 2017 2:15:58 PM

Paperwork is a pain.

It’s time-consuming, mundane, and a distraction from other things that need to get done.

So it fuels the procrastination that stops you from sending accounts to collections, and thereby increases the amount of bad debt you take on.

Until now.

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Topics: Commercial Collection Agency, Consumer Debt Collection, Collections

What’s Stopping You from Collecting Debt Now?

Posted by Brian Summerfelt on Mar 23, 2017 7:30:00 AM

If your business is like most, the majority of its receivables sit in the 0 to 30 days column of an Accounts Aging report. It’s comforting to know most of those will be good. But have a look at the 31-60 days group. What’s up with them lately?

You might see a few more than usual in 61-90, and a growing number in the worrisome 90+. How did all those billings get so far along?

For entrepreneurs or AR Managers, it’s a frustrating and never-ending preoccupation.

When those accounts start to go south, it gets expensive. It can become hard to pay your own bills, which harms your brand reputation. It can even put your business in danger.

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Topics: Collection agencies, Debt Collection

Why Use a Collection Agency? That’s Easy.

Posted by Brian Summerfelt on Mar 8, 2017 12:19:36 PM

 

I’m not hesitant to admit it. There is a longstanding stigma around my industry. 

It’s one I’ve been working my entire career to mitigate, while a few others have seemingly focused theirs on perpetuating it. And so, questions and misconceptions surrounding collection agencies continue to exist.

Despite that collection agencies are used by some of the biggest, smartest, most reputable businesses in Canada (many of whom I am proud to call MetCredit clients), from telecom giants to major banks, manufacturing leaders and retail chains, we continue to be a little misunderstood. And entrepreneurs still ask me: “why would I use a collection agency?’

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Topics: Collection agencies

The Call Centre Job That Made A CEO

Posted by Brian Summerfelt on Feb 22, 2017 11:35:38 AM

Some amazing success stories have come out of my career at MetCredit.

And I’m one of them.

I started in 1992 on the collection floor, in what many people perceive as a kind of call centre job, except possibly more difficult.

They’d be partly right. It isn’t the easiest work, but I loved it. And it was more fascinating and exciting than I could ever have imagined.

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Topics: Collection Agency Jobs

7 Surprising Money Sources for Paying Off Debt

Posted by Brian Summerfelt on Feb 14, 2017 9:24:27 AM

Life is full of surprises, isn’t it?

And the troublesome financial ones seem to strike at the least opportune time. That’s what Murphy’s Law is all about.

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Topics: Debt Management

The Dumbest Advice I’ve Ever Heard About Debt

Posted by Brian Summerfelt on Jan 25, 2017 10:37:36 AM

There are a lot of misconceptions about debt and accounts receivable management. It seems everyone is an expert, and has advice to share. 

But despite the best intentions, much of that layperson advice is either off-base, misguided, or altogether wrong. Here are the five worst pieces of debt-related advice I’ve heard over the years.

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Topics: Debt Collection

Credit Bureaus of Canada & Collection Agencies: How they Affect Your Future

Posted by Brian Summerfelt on Jan 9, 2017 1:26:34 PM

What’s the difference between a credit rating and credit score? What are “credit bureaus” in Canada, and how do they manage your credit file? What is the impact on your credit score if your account is assigned to a collection agency?

These are very important questions, attached to big consequences. Yet alarmingly few Canadians can answer them correctly. 

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Topics: Collection agencies, Credit Bureaus

3 Achievable New Years Resolutions to Make 2017 a Success

Posted by Brian Summerfelt on Dec 29, 2016 10:23:24 AM

Enough about going to the gym three times a week or sacrificing your love of wine. 

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Topics: Debt Collection, Business Strategy

Beat the Christmas Collection Crunch

Posted by Brian Summerfelt on Dec 13, 2016 12:27:00 PM

Ho, Ho, No!

If you’re a small business owner (with the possible exception of retailers) or an AR Manager, you know EXACTLY what I’m talking about. December can be the most distressful time of the year. 
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Topics: Debt Collection