The Guide to Getting Paid: Weed Out Bad Paying Customers, Collect on Past Due Balances, and Avoid Bad Debt

The Guide to Getting Paid: Weed Out Bad Paying Customers, Collect on Past Due Balances, and Avoid Bad Debt

by Michelle Dunn
Released May 2011
Publisher(s): Wiley
ISBN: 9781118011614

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Book description

Give your business a successful credit and collections plan with this easy and clear guide

Over 100,000 businesses have slow or non-paying customers. Yet very few actually have a workable plan for claiming the missing revenue that results. This book gives you a complete solution and tool set to ensure your business maximizes its collections while maintaining an effective, profitable credit plan.

You'll discover how to set up an efficient in-house credit policy that not only lets you collect more debts, but also boost sales, increase cash flow, and grow profits. Step-by-step credit management instructions show you how to weed out bad-paying customers, add more good-paying customers, collect on past-due balances, avoid bad debt, and limit credit risk.

  • Contains all needed forms to set up and implement an effective credit policy

  • Author is a popular columnist for several newspapers and national magazines, and appears regularly in the media as a go-to authority on debt

Get Paid enables you to decide what matters most to your business when it comes to billing, payment terms, pricing, cash flow, and more, then set up the systems to meet these goals and increase profitability.

Table of contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Dedication
  5. Foreword
  6. Preface
  7. 1: What Is Credit Management?
    1. OBJECTIVES OF CREDIT MANAGEMENT
    2. HOW CREDIT MANAGEMENT AFFECTS YOUR CUSTOMERS
    3. ELEMENTS THAT AFFECT CREDIT MANAGEMENT
    4. WHAT IS CREDIT RISK?
    5. WAYS TO LIMIT YOUR CREDIT RISK
    6. MANAGING CREDIT RISK
    7. CHECKING PEOPLE’S CREDIT
    8. WHAT TO AVOID WHEN EXTENDING CREDIT
    9. UNDERSTANDING DEBT AND BAD DEBT
    10. CREATING A CREDIT POLICY
    11. ELEMENTS OF A CREDIT POLICY
    12. CREDIT POLICY FOR ABC COMPANY
    13. SKILLS AND RESOURCES NEEDED FOR SUCCESSFUL CREDIT MANAGEMENT
    14. FOLLOWING FEDERAL AND STATE LAWS
    15. WHY SHOULD YOU HAVE A CREDIT MANAGEMENT PLAN?
    16. USING CREDIT MANAGEMENT TO IMPROVE COLLECTION PROCEDURES
    17. ACTION STEPS FOR YOU TO TAKE TODAY
    18. COMMON CREDIT MANAGEMENT MISTAKES AND HOW TO CORRECT THEM
    19. DEALING WITH BAD CHECKS
    20. TOP METHODS FOR IMPROVING COLLECTION PROCEDURES
    21. CREATING AN EFFECTIVE CREDIT POLICY
    22. REMEMBER
    23. WHAT NOT TO DO
  8. 2: How Credit Affects Businesses
    1. HOW A BUSINESS CAN OBTAIN CREDIT
    2. THE IMPACT OF BAD CREDIT ON YOUR BUSINESS
    3. WHY YOU SHOULD EXTEND CREDIT AND HOW TO DO IT
    4. BILLING AND PAYMENT TERMS
    5. INVOICING
    6. LATE FEES AND INTEREST
    7. DISCOUNTS
  9. 3: Effective Payment Arrangements
    1. OBJECTIVES OF PAYMENT ARRANGEMENTS
    2. HOW PAYMENT ARRANGEMENTS AFFECT YOUR BUSINESS
    3. ELEMENTS THAT AFFECT PAYMENT ARRANGEMENTS
    4. WHEN TO SET UP PAYMENT ARRANGEMENTS
    5. HOW TO SET UP PAYMENT ARRANGEMENTS
    6. WHY TO OFFER PAYMENT ARRANGEMENTS
    7. DECIDING WHO NEEDS A PAYMENT PLAN
    8. SKILLS AND RESOURCES NEEDED FOR SETTING UP REALISTIC PAYMENT PLANS
    9. ELEMENTS OF A PAYMENT PLAN
    10. WHY SHOULD YOU OFFER PAYMENT PLANS?
    11. TRACKING PAYMENT PLANS
    12. MISSED PAYMENTS AND HOW TO CORRECT THEM
    13. TOP METHODS FOR IMPROVING PAYMENT PLANS
    14. FOLLOWING UP
    15. PAYMENT ARRANGEMENT CHECKLIST
  10. 4: Handling Customer Deductions
    1. SENDING LETTERS TO PAST-DUE CUSTOMERS
    2. SAMPLE COLLECTION LETTER
  11. 5: Debt Collection Calls
    1. MAKING QUALITY COLLECTION CALLS
    2. YOUR OPENING LINE
    3. FOUR TIPS TO IMPROVE YOUR PHONE DELIVERY
  12. 6: Using E-Mail in Collections
    1. DIFFERENT TYPES OF E-MAIL
    2. PRIVATE E-MAIL
    3. SOCIAL NETWORK E-MAIL
    4. USING E-MAIL TO COMMUNICATE WITH YOUR CUSTOMERS
    5. WHAT YOU CAN DO
    6. WHAT YOU CAN’T DO
    7. OBTAINING CONSENT TO USE E-MAIL
    8. LAWS PERTAINING TO E-MAIL
    9. CAN-SPAM RULES
    10. THE FEDERAL TRADE COMMISSION
    11. HACKING AND IDENTITY THEFT
    12. SENDING INVOICES VIA E-MAIL
    13. DO I NEED PERMISSION?
    14. SENDING ATTACHMENTS
    15. DO I NEED PERMISSION?
    16. VERIFYING DELIVERY
    17. CORRESPONDING THROUGH E-MAIL ABOUT PAST-DUE ACCOUNTS
    18. SENDING BACKUP DOCUMENTATION THROUGH E-MAIL
    19. PROOF OF DELIVERY
    20. PROOF OF SALE OR ORDER
    21. DUNNING NOTICES
    22. FINAL NOTICE BEFORE FURTHER ACTION
  13. 7: Using Social Media in Collections
    1. WHAT ARE ONLINE COLLECTION TECHNIQUES?
    2. FINDING DEBTORS USING SOCIAL NETWORKING WEBSITES
    3. THINGS YOU CAN FIND ON SOCIAL NETWORKS THAT CAN HELP YOU AS A COLLECTOR
    4. FACEBOOK
    5. MYSPACE
    6. TWITTER
    7. SOCIAL MEDIA SUCCESS TIPS
  14. 8: Third Party Collection Services
    1. HOW TO CHOOSE A COLLECTION AGENCY
    2. WHEN YOU SHOULD USE A COLLECTION AGENCY
    3. WORKING WITH A COLLECTION AGENCY
    4. HOW COLLECTION AGENCIES GET PAID
  15. 9: Debt Collection Laws, Rules, and Regulations
    1. FDCPA—THE FAIR DEBT COLLECTION PRACTICES ACT
    2. FCRA—THE FAIR CREDIT REPORTING ACT
    3. WHAT LAWS ARE CHANGING AND HOW IT AFFECTS YOU
    4. THE END DEBT COLLECTOR ABUSE ACT
    5. THE CONSUMER FINANCIAL PROTECTION ACT
    6. HOW FINANCIAL REFORM AFFECTS YOUR BUSINESS
    7. BANKRUPTCY
    8. DEATH
    9. SKIPTRACING
    10. AN IN-DEPTH LOOK AT SKIPTRACING BY RON BROWN, A PROFESSIONAL SKIPTRACER AND THE AUTHOR OF THE BOOK MANHUNT
    11. LOCATING AND TRACKING CUSTOMERS USING SOCIAL MEDIA
  16. Conclusion
  17. About the Author
  18. Index

Product information

  • Title: The Guide to Getting Paid: Weed Out Bad Paying Customers, Collect on Past Due Balances, and Avoid Bad Debt
  • Author(s): Michelle Dunn
  • Release date: May 2011
  • Publisher(s): Wiley
  • ISBN: 9781118011614