The Collection Advisor

Collecting Debt During the Holidays

Posted by Brian Summerfelt on Nov 9, 2017 6:58:28 AM

For many businesses it’s an all-too familiar story. A perfect storm that blows in every single year.

When times are good, it can be manageable. But when there’s a recession (or sluggish recovery from one), the impact can be devastating. It often plays out like a car crash in slow motion. You see it happening, but are helpless to stop it.

It’s a collision of 3 terrible forces, actually: increased costs, decreased efficiency, and paralyzed accounts receivable. But there is a solution.

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Topics: Debt Collection

Collection Agency Horror Stories (Updated)

Posted by Brian Summerfelt on Oct 17, 2017 2:25:12 PM
UPDATED: New Story Added Oct 2017
First published Oct 2016

Debt collection can be the stuff of nightmares for many business people.

Chances are, your receivables have kept you awake far more nights than fear of a zombie apocalypse or of chainsaw-wielding maniacs. Debt is terrifying, because it’s real life. (Even more so than those other things.)

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Topics: Collection agencies, Debt Collection

10 Businesses You’ll Never Guess Use a Collection Agency

Posted by Brian Summerfelt on Oct 10, 2017 10:21:41 PM

Quick, what does a typical collection agency client look like to you?

If you’ve ever received a collection call for an unpaid cell phone bill, you’ll be familiar with at least one type. Telecommunications companies, who need to collect overdue mobile or Internet bills, make up a substantial volume of our work.

Banks and credit unions are another. At MetCredit, we work with many, and have provided uninterrupted collection service on loan and credit card defaults to one of Canada’s Big 5 banks since 1974 (which was only our second year in business).

In short, the obvious guesses would be right.

But there are a number of unicorns. Here are 10 business types you probably wouldn’t expect to use a collection agency, but for whom my team and I have successfully recovered debt:

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Topics: Collection agencies, Insider Debt Collection Tips

8 Surprising Ways a Collection Agency Will Increase Your Profitability

Posted by Brian Summerfelt on Aug 29, 2017 7:51:00 AM

Why the heck would we pay a collection agency for something we can do ourselves?

That’s a question entrepreneurs often ask, and it’s symptomatic of not having worked with the right debt collection partner. The truth is, few businesses of any size are equipped to collect overdue debt effectively and consistently.

The reality is that a good collection agency complements your business activities and makes you more profitable.

Here are 8 ways a collection agency can increase business profitability:

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Topics: Collection agencies, Business Strategy

Only the Best: Recruiting Future Collection Agency Rock Stars

Posted by Brian Summerfelt on Aug 23, 2017 11:19:46 AM

A couple weeks ago, we launched a pretty unique kind of recruitment campaign at MetCredit.

The concept: a collection agency job at MetCredit probably isn't for you.

Let me explain.

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Topics: Collection Agency Jobs

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:

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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:

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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.

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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.

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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.

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Topics: Collection agencies, Debt Collection

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