The Collection Advisor

Introducing MetCredit USA

Posted by Brian Summerfelt on Oct 8, 2019 8:35:31 AM

Partners and clients have been asking for years when MetCredit would be expanding to the United States. Well, the time is now.

Introducing MetCredit USA.

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Topics: Collection agencies, Debt Collection

How This Federal Election Impacts Your Business—And How it Doesn’t

Posted by Brian Summerfelt on Sep 18, 2019 8:34:38 AM

Here we go again.

In 2019, four provinces held elections: Alberta, PEI, Newfoundland and Labrador, and Manitoba. Now, all Canadian voters will head to the polls to “decide the future of the country in the most important election in our history.”

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Topics: Collection agencies, Business Strategy

When the Account is Dead: 5 Sure Signs

Posted by Brian Summerfelt on Jul 22, 2019 1:33:57 PM

As professional debt collectors, we’re pre-programmed with a deeply engrained “Never Say Die” philosophy. Tenacity and optimism are defining characteristics of successful agents.

But there comes a point when you’re trying to squeeze blood from a stone: when the debtor account is beyond recovery and no amount of skill, effort or good looks is going to bring it back. When the account has flatlined.

Here are 5 unmistakable signs that an account has crossed into no-man's land:

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Topics: Collection agencies, Debt Collection, Reputation Management

Why Waiting for a Turnaround Could Kill Your Business

Posted by Brian Summerfelt on Apr 26, 2019 2:43:29 PM
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Topics: Collection agencies, Business Strategy

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

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

5 Reasons Never to Use a Collection Agency (And Why They’re ALL Wrong)

Posted by Brian Summerfelt on Jul 23, 2018 2:48:38 PM

Any business that provides credit terms to its customers will face occasional challenges collecting debt. It simply comes with the territory.

Yet not all entrepreneurs are comfortable sending overdue debt to a collection agency—even when experience shows that aging accounts bear an ever-increasing risk of morphing into bad debt writeoffs.

Ironically, the most common reasons business owners and AR Managers give NOT to use a collection agency are based on old misconceptions. Here are 5 reasons to never use a collection agency, all of which are completely wrong.

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Topics: Collection agencies, Business Strategy

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