The Collection Advisor

Making Acts of Kindness Less Random

Posted by Brian Summerfelt on Feb 26, 2019 10:31:05 AM

Some things are just a natural fit. 

February 18 to 22 was Random Acts of Kindness Week: a time when we’re all encouraged to do kind things for others. Spontaneity is encouraged: there should be no reward or ulterior motive. It's simply about doing something unexpected and kind, and feeling good about making our communities a little better.

We create a lot of our own kindness initiatives every year at MetCredit. We do blood drives, where employees receive a paid day off for donating blood. We are longtime sponsors of Kidsport Canada, helping less fortunate young Canadians get involved in sporting activities. Last Christmas we donated to Toys for Tots and homeless families and youth shelters in Vancouver and Toronto. It never stops, and I love it.

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Topics: Community Engagement, Donations

When NOT to Use a Collection Agency

Posted by Brian Summerfelt on Feb 8, 2019 3:53:19 PM

 

For most business situations, it makes a lot of sense to send overdue files to a good collection agency for accounts receivable recovery. In fact, a number of business models that will probably surprise you (from law firms to funeral homes) do it all the time. 

But there are times when sending an account to collections may not do much good. Here are four good examples where a collection agency probably can’t help—and how to avoid such situations in the first place. 

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Topics: Collection agencies, Business Strategy, B2B Collection Agency

3 High-Impact Actions to Take Charge of Accounts Receivable in 2019

Posted by Brian Summerfelt on Dec 28, 2018 11:18:10 AM

A new year presents an opportunity for entrepreneurs to make a fresh start.

For many, the year that has passed was a challenging, difficult or even devastating one. We live in tumultuous times, and very few business owners have weathered the last 12 months unscathed by trade negotiations and tariffs, pipeline cancellations, service disruptions, global unrest and the overall economic slowdown. With 2019 being an election year in Canada, further uncertainty lies ahead.

Most of that, you I cannot control. But you can make decisions and take actions that will have a positive impact on your business and your overall success. I would argue that given all the events  and happenings outside your hands, it’s an excellent time to focus on the things you can indeed change.

Here are three high-impact actions to place high on your list of 2019 resolutions:

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Topics: Insider Debt Collection Tips, Debt Collection, Gestion de la réputation, B2B Collection Agency

Stolen Joy: How Overdue Accounts Can Spoil Your Holidays [video]

Posted by Brian Summerfelt on Dec 7, 2018 12:56:29 PM

Business owners have a lot on their minds at the best of times: Human Resources, expenses, inventory, a changing competitive landscape, rising costs and more. Plenty more.

During the month of December, it all tends to compound. From the increased staffing impacts of cold and flu season to extra costs surrounding year-end bonuses, Christmas parties and holiday downtime, it can be the toughest time of year for cash flow. At the very same time, costs at home blow through the roof.

So when there is a slowdown in receivables, entrepreneurs’ stress levels can go through the roof: at the very time when we’re expected to be overflowing with joy and goodwill towards all.

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Topics: Insider Debt Collection Tips, Commercial Collection Agency

Ethical Debt Collection: A Tradition of Excellence Centred On Respect

Posted by Brian Summerfelt on Nov 15, 2018 3:48:29 PM

At MetCredit, our Code of Ethics has three simple components—each of them articulating one of our most essential guiding principles:

The MetCredit Code of Ethics

  1. The individual must be respected at all times.
  2. The customer must be given the best possible service.
  3. Excellence and superior performance must be pursued at all times.

This clear and concise Code of Ethics affects everyone who works at and interacts with MetCredit: our management team, employees, clients and every one of the debtors with whom we communicate. It’s an integral part of our brand promise.

 

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B2B Debt Collection: 4 Dangers Owners and AR Managers Need to Recognize

Posted by Brian Summerfelt on Oct 29, 2018 10:42:38 AM

Cash flow is oxygen to business. Interrupt the supply, and the consequences are immediate and severe.

This is true for all business models, and for those whose customers are other businesses, a multitude of unique challenges exist. Specifically, there are four great dangers that make B2B debt collection very different from collecting retail or consumer debt:

 

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Topics: Commercial Collection Agency, B2B Collection Agency

4 Spooky Business Stories to Keep Entrepreneurs Awake At Night

Posted by Brian Summerfelt on Oct 23, 2018 10:31:48 AM

It’s the time of year again for artery-clogging pumpkin pie, toddlers in plasticky Costco costumes and debilitating coloured contact lenses. Yes, Halloween: that scariest of all seasons. 

For business owners, the likes of horror films, axe-wielding fiends and things that go thump in the night are child’s play. Know what is truly frightening?

Real-life business, that’s what! 

Dredged freshly from the MetCredit morgue, here are four of the scariest horror stories you’re likely to ever hear, made concise for sleep-deprived business readers:
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Topics: Collection agencies, Debt Collection

7 Sure Signs You Need a Debt Collection Agency

Posted by Brian Summerfelt on Sep 13, 2018 6:55:00 AM

If your business has never used a collection agency before—or even if you have—you may be unsure about when is the right time. 

How bad do things need to be in order to escalate matters and send an account to collections? In general, not very bad at all. In most Canadian provinces and territories, the statue of limitations on debt is a mere two years. What’s more, you deserve to be paid on time, always, so it should NEVER have to get that bad.

Here are seven sure signs it’s time to send a file to collections:

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Topics: Collection agencies, Commercial Collection Agency, Business Strategy

How Overdue Receivables Can Ruin Your Life (And What to Do About It)

Posted by Brian Summerfelt on Aug 14, 2018 12:47:17 PM

It’s a fact: business owners have a ton on their mind.

Entrepreneurs are statistically more likely to be worried, stressed or depressed than the general public, a fact that will come as no surprise to most owners. You have to manage partnerships and cope with lost deals, human resource issues, ever-increasing competition, shrinking margins, regulatory issues and a daily barrage of other surprises. You may be tough and smart, but you’re only human.

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Topics: Collection agencies, Business Strategy

New Brunswick Gets it Right on How to Deal With a Collection Agency

Posted by Brian Summerfelt on Jul 25, 2018 12:45:15 PM

When it comes to knowing how to deal with a collection agency, many people are unsure.

Sadly, the same applies to some governments. The rules governing debt collection agencies differ by Canadian province, most of which don’t do a fantastic job articulating what a consumer ought to do when a collection agency calls.

This is where New Brunswick is a standout. The province’s Financial and Consumer Services Commission (FCNB) posts some helpful information on its website, including this advice (posted here verbatim):

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Topics: Collection agencies, Consumer Debt Collection

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