The Collection Advisor

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: Debt Collection, Collection agencies

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.

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Topics: Debt Collection, Collection agencies

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:

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Topics: Collection agencies

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: Debt Collection, Collection agencies

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

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

What to Do When a Collection Agency Calls

Posted by Brian Summerfelt on Aug 3, 2016 9:52:26 AM

It’s anything but a good feeling. 

Whether you’ve made a single mistake or it’s symptomatic of deeper financial hardship, getting a call from a collection agency can be distressing and worrisome. 

I started my career as a collector, and have initiated thousands of such calls. I know from experience that most debtors are good people just trying to make ends meet. Our job is not to cause you further grief, but rather to problem-solve and help find ways to honour your financial commitments. 

So, when the debt collector calls, what should you do?

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Topics: Debt Management, Collection agencies

Ontario Collection Agency Facts & Tips to Get Paid in Canada’s Debt Capital

Posted by Brian Summerfelt on Feb 9, 2016 9:39:49 AM

Ontario is Canada’s Debt Capital.

Closing on $300 Billion in provincial debt, it's a matter of shame and fury for Ontario residents, with nearly double the debt of of second place Québec and five times British Columbia’s provincial debt burden.

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Topics: Collection agencies, Debt Collection

10 Collection Agency Myths Exposed

Posted by Brian Summerfelt on Nov 9, 2015 11:28:02 AM

Collection agencies have collectively (pun intended) earned a mixed reputation over the years. It's not purely unjust, as the debt collection industry has seen all kinds of operators come and go, some exceptionally good and a few who have given life to a world of mythology through questionable practices, inflated claims and disappointing performance. 

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Topics: Collection agencies

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