The Collection Advisor

6 Debt Collection Stereotypes That Are Dead Wrong

Posted by Brian Summerfelt on Jul 28, 2017 8:48:40 AM

There's unquestionably a stigma associated with collection agencies, and I believe it is up to people like me within the industry to change it.

Here are 6 commonplace debt collection stereotypes that business owners and AR managers should stop believing:

Read More

Topics: Debt Collection, Collection Agency Jobs

Why (Most) Collection Agencies Fail to Deliver

Posted by Brian Summerfelt on Jul 11, 2017 9:29:37 AM

There’s a problem with collection agencies, and I‘m not afraid to say it.

Most do a lousy job. 

And failing to collect a debt wastes precious time, which hurts your business. It’s also hard on my industry’s reputation, because there really is no more effective way to collect business debt—but only when done right.

Here are four reasons ordinary collection agencies fail to collect debt for their clients:

Read More

Topics: Collection agencies

The 4 People Who Don’t Pay Your Bills (And How to Deal With Them)

Posted by Brian Summerfelt on Jun 26, 2017 2:51:38 PM

It’s like déjà vu. Once you’ve been in business a while, you notice things repeating.

Certain cycles, similarities and repetitive elements appear. Similar patterns play out time and time again. It’s why experience is so valuable, if you utilize it well.

And when you analyze the situations where debt goes bad, you are likely to recognize it’s seldom completely unique cases, but often eerily similar ones that result in serious debt collection issues. In many ways, it’s as if the same four problem customers come back to haunt you, again and again, wearing different clothes.

Read More

Topics: Commercial Collection Agency, Collections

Landlord & Tenant Debt Collection 101: Avoiding Rental Property Disasters

Posted by Brian Summerfelt on Jun 19, 2017 8:53:24 AM

My strongest advice to most people considering becoming a landlord?

Don’t do it.

Seriously, for the few much-hyped benefits (regular income, having someone else pay your mortgage) there are myriad pitfalls: runaway tenants, damaged and destroyed property, disruptive parties, late payments, broken contracts, unauthorized sublets and even basement grow-ops. No one should consider putting a house, room or condo for rent without knowing the risks—and how to collect the almost inevitable overdue rental arrears.

Read More

Topics: Landlord & Tenant Debt Collection

Getting Stiffed? Here’s What You Must Do Now.

Posted by Brian Summerfelt on Jun 6, 2017 11:20:12 AM

Few business situations are more stressful or frustrating. 

You’ve done everything right. Prepared the most thorough proposal. Sold your product like a champ. Provided fantastic customer service. Delivered as promised. Sent the bill. 

Radio silence.

Read More

Topics: Collection agencies, Debt Collection

10 Debt Collection Hacks: The Expert’s Cheat Sheet to Always Get Paid

Posted by Brian Summerfelt on May 10, 2017 10:41:40 AM

Commercial debt collection is a complicated, sensitive and high-tech industry. I’ve been working in it my entire career, and am still learning new things daily.

But for business owners and Accounts Receivable Managers, collecting overdue accounts does not have to be rocket science. By leveraging a few expert hacks, you can collect on time consistently, with minimal grief.

Read More

Topics: Collection agencies, Debt Collection

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 numerous regulations governing collection agencies, but oversight is limited. 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:

Read More

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.

Read More

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.

Read More

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?’

Read More

Topics: Collection agencies