Best Practices for Commercial Collections

Effective commercial collections begin with organization. This doesn't necessarily mean just knowing who the debtor is and how much they owe, it also means gathering all the necessary information available to you that will answer a number of questions prior to you picking up the phone and calling your debtor. As an example, it is not only good to know who is the responsible party for paying your invoice but what is the best day to call that person and what time of day is best to catch him/her in the office. This information should be reflected in the debtor's file, which you should have obtained when asking that very question on the credit application the debtor completed before doing business with your firm.

• Who is the responsible party for getting invoices paid?
• What is the best day to contact this individual?
• What is the best time of day to contact this individual?

Also, having the correct phone number (and extension) to this individual should be obtained from the credit application. Once you have this information, review any prior calls made. Note any commitments or comments the debtor made. This will give you leverage in your collection efforts should commitments not have been met.

While there are many other factors that go into organizing your collection call, remember that writing down everything the debtor says during your call and reviewing this information before your next call, will give you a sense of not just what to expect but what parameters and challenges you will face when the debtor gets on the line.

You can be assured that we are working hard to provide your business with the needed financial and accounts receivables services you have come to expect from Burt & Associates. As always, should you have any questions, comments or suggestions, please do not hesitate to contact your National Account Executive today.