Your small business accounts receivable and debt collection solutions...

Small business often faces big problems when it comes to accounts receivable and debt collections issues. Most of my articles are directed toward educating you on how to do things yourselves, and a little bit about how we can help you beyond that. 


Excuse me if this article is a bit self promoting, but what we offer to small businesses, professional service firms and freelancers is so unique and hard to find that if I don't toot our horn once in a while too many hard working businesses will lose money to difficult clients.



Here are some of the common problems you're facing, followed by the solutions (that's where we come in).  


If you're having one of these problems, match it up to its solution in the list below:


1.)  Accounting functions aren't your specialty.  Especially when it comes to asking for money.



2.)  You cannot afford experienced staff to do the tasks.  You don't have the square footage, payroll space, and don't want the cost and risk involved with bad hires.



3.)  Debt Collection agencies won't help you because you don't have hundreds of accounts to place, or your balances aren't sufficient.



4.)  You don't want to deal with the extra time and hassle of dealing with a debt collector company where you have to talk to a salesperson and don't know who is actually collecting your accounts and dealing with your customers.



5.)  You think that having a "collection agency" call your customers will hurt your relationships or reputation.



6.)  You're writing off costly losses at the end of each year and losing hard earned profit that you could be using to grow or simply sustain your business.



7.)   Your dealing with anger and stress over large balances that a client or clients owe you but you just don't know where to turn.



8.)  You think that getting a lawyer to litigate, or going to small claims court, will help your chances of recovery.






The solutions and how we can help you in an easy and cost effective way;



1.)  We know the best practices for accounting and back office procedures.  Having been in between hundreds of companies in dozens of industries, we've seen it all and know what works best for your specific type and size of business.   We are also well versed in accounts receivable and collections.  


We know how to speed up receivables and get you a cash infusion from your more delinquent and difficult customers.  We'll maximize every available dollar that's humanly possible to get into your bank account as soon as possible!



2.)  When Cambridge Receivable Solutions is your trusted accounts receivable and collection department, we represent you with expert level experience.  The person representing your business is professional, intelligent, and works with only your overall best interests in mind.  Our debt collection services are No Recovery = No Fee.  That means FREE if you don't get paid.  No more money out of your pocket.  


We'll get ourselves paid out of the recoveries at a rate that makes sense to your bottom line.  Our other services such as collection letter services and consulting offer easy to notice return on investment.  Either way the knowledge we pass along while working your accounts will pay dividends for as long as you do business.  



3.)  We accept single placement accounts because we care about small business. While we specialize in large balance claims we do accepts some minimum balances of $800.00 and there are some cases we won't accept, but we'll do everything possible to make sure you get the best information and solutions.  We want to help as many good businesses as possible get paid!  We take that seriously.



4.)  When you deal with us you are dealing with a small professional service provider. That's right we are a small business too.  We aren't a giant call center.  We are customized to help your business.  You'll deal directly with your personal cash flow consultant who will advise you on all aspects of your business AND be the one who deals with your customers!  This is the only way for small and professional businesses to go when it comes to debt collections.



5.)  The term debt collector or collection agencies comes with negative connotations thanks to the scores of low experience collection personnel employed by large corporations and predatory lenders.  Don't let that cost you money. I have created a professional option for small businesses to maximize their profits, keep their reputations and relationships in tact; all while making sure you're not going to go out of business due to losing hard earned money that you should have already.  


You can trust us to represent you strictly professionally and within the law.  We don't add to your headaches, we remove them!



6.)  The money that you "don't have time to deal with" or write off every year because you "don't think they'll ever pay" is the same type of truckloads of cash that we recover for your competitors.  This is such a misunderstood area of business.  It's no wonder that it puts so many new or small businesses OUT of business.  Let us put the money you deserve right where it should be, in your account.  All while you continue doing what YOU specialize in and getting more paying customers.



7.)  Too many small businesses have accounts receivable and debt collection issue skeletons in their closet.  Many times the business owner feels they did something wrong.  The past due client has a way of manipulating and stalling businesses into just never following up.  We know the way they operate.  We know how to get you what you rightfully earned, and show you how to strengthen your processes so you minimize coming across these difficult types as much as possible.  


The stress, anger and confusion can be bad for your health and your business. Offload this small percentage to us.  Dealing with them is our specialty.  That's how we add real value to your business.  It's not glamorous but someone has to do it.  We take pride in getting the good guys paid, the right way!



8.)  We are successful in recovering past due debts more often than winning a judgment in court is.  Not to mention it's costly, time consuming, very risky, and also is not even a viable option 98% of the time.  Let us orchestrate a pre-legal attempt.  If that doesn't work, and we think there is money to be had.  We'll let you know your next best option.  That shows good faith on your part!



So long story short, get to know our services.  No one has ever had less for having us as their secret cash flow weapon.


I'd love to have a no pressure, casual conversation about recovering your past due balances, strengthening your contracts, and making sure you have the fastest possible access to your earned income in the future.  




Author's contact information:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
or 
Toll Free: 1-888-908-3905  x 101
jlindsey@c-rsolutions.com
info@c-rsolutions.com

www.c-rsolutions.com 















 
 

Debt collections and accounts receivable can be a real headache for small business, professional service firms, and freelancers! How are you supposed to stay in business if you can't get paid for your products and services?



Here are 10 things that I can tell you with certainty will help smaller operations whose clients are the same.  Ask yourself these ten questions about your business and your clients.  Give them some thought before your next engagement with a new client. Adjust your processes a little bit.  You either have someone who owes you money and isn't paying or you will.  Be prepared for it.   


1.)  Are you looking before you leap into time consuming projects?  Don’t jump headfirst into projects.  People, companies, and shiny wordpress sites ARE NOT a guarantee of status or integrity.  ANYONE can have 500 Linkedin connections, thousands of twitter followers, phony Facebook friends/likes, and a well designed website claiming whatever they want; all set up within a week or so.  You need to verify that there is substance behind it!  

2.)  Do they have a phone number, address, email, and/or anyones name/s published on the site? Gather as much contact info for them, their company, and their associates as you can!  Cross reference it all online and fact check things that they tell you.

3. ) Is your contact easy to reach? Do you have any other contacts with their company?  How fast do they reply to calls and emails?  
Information is power, gather as much info as you can up front, then update and add to it as you go along.  Sometimes there may be only one person in the company and that's fine, just make sure that one person communicates properly and has an ounce or two of integrity. 

4.)  Are you documenting that you're the good guy?  Communicate clearly about what they want, how they want it, and when they expect it.  Discuss these things in detail, and document the agreement with a signed/dated contract, and then continue to document important things via an e-mail chain especially if the project veers even one iota off the original written agreement.  If you can’t prove it, IT DIDN’T HAPPEN!

5.)  Do some research on your client.  Google is your best friend, use it!  Many times there are immediate red flags.  You have to work smart on this process when you and your client are too small to operate based on credit ratings etc.  Remember many of these clients have no credit, and use no credit, you have to think ahead about what your leverage and recourse will be if they try to run off with your payment.

6.)  Do they have a current social media presence?  This one isn’t an exact science, but I can tell you the businesses we chase have usually gone quiet on all online avenues once they are facing financial trouble.  Having done this so many times, I can profile subjects extremely accurately based off a few simple factors.  You can too eventually.  On the flip side many unsavory scammers are out there posting bible verses on Linkedin the same day they steal thousands from a reputable business.

7.)  Do they have an office?  Believe me there are plenty of reputable businesses that are operated from home, small offices, remotely, whatever.  However, if a business professes to be an international corporation with say thousands of employees, and there address can be traced to a double wide on google maps, then that’s a red flag.  Basically, are they professional or are they at least what they claim to be?  I've chased plenty of "Chief (fill in officers)", people with glamorous online profiles that make them look rich claiming "I love my life", and so on only to find out I am chasing what is basically a career criminal who takes advantage of everyone within 5 feet of them.  Use caution or get burned.

8.)  Are they an actual legitimate business?  Knowing how their operation is set up from a tax standpoint can give good insight.  Are they a self employed contractor under their personal name?  Do they have a registered Corporation or LLC with the Secretary of state?  Is it in good standing?  How old is it?

9.)  WHEN will they pay?  Get paid as quickly as possible.  The less time and service you put out without payment the less you are at risk to lose!  Don’t do $2,000.00+ worth of work ahead of time without talking details and then get surprised when a problem arises.  Give it some extra attention, and recover $500 at four points in the project.  You give them an inch, they will take a mile!  So have them pay by the inch if it’s acceptable in your industry, or at least with high risk or new clients! 

10.)  Are you doing your part?  Remember that you must do your part as well.  If you aren’t performing as agreed and being reasonable as well, you cannot expect them to pay good money. 

So in closing, be thorough, precise, and do not leave any gray areas no matter who you are working for.  Listen to your gut.  We are all in business to get paid, and it is not unreasonable to take that seriously.  



If you need help with any of these things we have a menu of services designed specifically to take all the time, stress, and headache completely out of the equation for you.  You're not too small to have one of the countries best representing you in strengthening your cash flow processes and making sure you're not losing unnecessary profit.




Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
New Clients: 636-487-0986
or 
Toll Free: 1-888-908-3905 
jlindsey@c-rsolutions.com
info@c-rsolutions.com

www.c-rsolutions.com 


If you liked this article, help me share it with others who could benefit from it.  Share it on Twitter, click the like on facebook icon below, or....
 
Join my personal network by connecting with me on Linkedin

Follow CRS on twitter:  https://twitter.com/getpaidfaster

Follow CRS on Linkedin:   http://www.linkedin.com/company/cambridge-receivable-solutions-llc
 
 
Sometimes there's just not an app for that!


Making sure your business recovers every possible dollar it’s earned is one of those issues.  When thousands of dollars in accounts receivables go cold, whether from one or multiple clients, you are going to need a real live, good old fashioned human being.  Not only that but someone with deep real world experience in what it takes to turn nothing back into something.  Someone with tenacity, professionalism and all the tools it will take to make the impossible happen. 


The people or businesses who are trying to get out of paying hundreds, thousands, or tens of thousands of dollars for your hard work, are not swayed in the least by a friendly little reminder notice sent from your i-phone. 


You need a specialist.  A full service "do what it takes" ally who takes getting you paid seriously.

Cambridge Receivable Solutions, LLC is not what you typically think of when you think about a "collection agency".   We revolutionized this process for businesses like yours, the ones who need it most.  How is that you ask? 

1. We are not a call center.  Instead we are a small professional services firm of only highly experienced, educated professionals who operate strategically and intelligently on your businesses behalf.  

2.  We do not, never have, and never will work for credit card companies, telecom, payday loans or any other predatory lenders.

3.  We only help the good guys!  That's right, the good guys.  We only take on quality clients with good honest businesses who deserve to get paid for their products and services.  We operate with integrity and expect the same from our clients.

4.  We do not use automatic dialers. The business we handle needs a personal touch, the extra element of professional representation. 

5.  Our letters are on heavy stock paper with our letterhead, not multi-colored generic form letters. 

6.  Our calls and letters are tailored to each individual account specifically, which increases our recovery rates high above the industry standards.



How do you do it? They won't even respond to me, or they are just plain refusing to pay what they owe.


We use facts, evidence, the law, and persistence.  Not to mention we have the luxury of spending more quality time with your accounts than the sweat shop, archaic, collection agencies you might be thinking of. You get to rest easy knowing all possible avenues are being taken, and that if there is a chance for recovery, we'll be there to get it for you.  We take as much time as necessary to get you paid.  

We have so much experience with the psychology of recovering past due funds that we are able to do so most of the time with minimal resistance.  It really is an art form and one that we have mastered. We are professionals performing a crucial business function.  We assist small businesses who don't have the time or expertise to minimize losses effectively. 

We encourage communication, get the owing party talking wherever possible.  We present them the facts and give them a chance to do the right thing on their own which many times is all they are looking for-at least once they realize you have escalated the issue.  Also, the harsh truth is that many people and businesses stiff people all the time.  It's their way of building businesses on the backs of others.  


Some people lack integrity, so they take a "make me" type of approach to paying their bills. Some just don't have the money so until they feel it's urgent, for example getting a letter from a company like ours, they put it on the back burner.  We are proficient in getting you made a priority.  Something you just can't do with these types on your own.

We can't divulge all of our secrets but the best way to sum it up is, if there is any possible chance for you to get paid, we'll get it paid, with no hassle for you.

As a small business owner, freelancer, or professional service provider you need real, quality debt collection solutions.  That's why CRS was created to fill that void and allow you to take advantage of a smart money, cost effective way to offload some of that stress and headache and turn your stalled profit back into money in the bank.

Let us help....

How many services can you think of that only get paid IF you get the desired results? Do you have to pay a doctor if you don't get well soon? Yes.  Do you have to pay for that crappy HP printer even if it breaks after a year?  Sure do.   Do you get a refund on that produce you bought at a premium price after you get home and notice it's rotted?  Doubtful.  You see where I am going with this.  

We are one of the last real refuges of accountability.  If you don't get paid, neither do we! You pay nothing up front.  As long as you understand the following you'll know you are making a smart business decision by having us manage your past due balances...

Something > Nothing

Whether you have accounts just over 60 days past due, or over a year, we can talk about getting them resolved.  Not only that we'll be here to help you with questions on other problem accounts and to help you firm up your processes so that going forward you need us less and less.  So don't get stalled and let past due invoices sit there aging.  The older they are, the less likely you'll ever see your money.  

The sooner you take action the more we can help.  The stronger your in house processes are, the more effective we can be when the inevitable happens.  We can also help to make sure you are taking steps to minimize problems by helping you tweak your procedures, contracts, and follow up process as well.

We are successful more often than going to court and winning a judgment when it comes to recovering past due balances. Yes you read that correctly.  Not to mention you'll save a ton of time, headache, and out of pocket money.  If it has anything to do with a business owing another business money, we know the best ways to handle it and if we don't think we can help you we'll let you know that too and point you in the right direction.   

Remember our contingency collection services are No Collection = No Fee.  So you won't have to spend any more money just to find out IF they'll pay.  You literally have nothing to lose and everything to gain by using this smart money approach.  

Good luck and contact us when you are ready to maximize your cash flow.  We will take the time to answer any questions you have and make sure our business to business relationship will thrive. We won't make you the bad guy, but we won't let you be a sucker either!


Thanks for reading!


Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
New Clients: 636-487-0986
or 

Toll Free: 1-888-908-3905 
jlindsey@c-rsolutions.com

info@c-rsolutions.com

www.c-rsolutions.com 


If you liked this article, help me share it with others who could benefit from it.  Share it on Twitter, click the like on facebook icon below, or....
 
Join my personal network by connecting with me on Linkedin

Follow CRS on twitter:  https://twitter.com/getpaidfaster

Follow CRS on Linkedin:   http://www.linkedin.com/company/cambridge-receivable-solutions-llc


 
 

A good portion of our private practice collection agency business comes in from Freelancers and small to mid-sized businesses (like these).  If you fall into these categories, you’ve likely realized that getting paid at all, let alone on time, can be a challenging task.

Having an interesting perspective into thousands of similar non-payment situations over the past 16 years, I can tell you that many businesses are having big problems with late and non-payers. Many times we are collecting for businesses that are in a cash crunch, against businesses that are in a cash crunch!  While that is a sign of the times it's our mission to try to stop, or at least improve, this vicious cycle.

In a perfect world every business would be able to have processes in place to minimize against non-payment, to include a vetting (or credit) procedure of some kind to ensure that you are doing business with the most qualified clients possible, followed by proper documentation, invoicing, follow up, and where needed; debt collection escalation. 

In this utopia every business or client you dealt with would have the funds (or cash flow) to back up the products and services they are taking advantage of, in a timely manner.  Your clients would all communicate effectively and then pay as agreed.


Here are three quick tips, directly from the trenches of non-payment, for our friends in Freelancing and Small businesses.


                   
1.) 
Have a signed and dated contract! 


Working without a proper, enforceable, contract is dangerous!  Also, depending who you are dealing with, how they are set up, and what kind of funds/assets they have behind them; even a contract doesn’t guarantee payment with or without collection help and eventual litigation (to include small claims court).  Keep in mind too that Cambridge Receivable Solutions is successful in recovering debts more often than the legal avenues, even when a judgement has been awarded. 

There are many ingredients a contract must have.  They are specific to the type of business you do, the scope of work, payment terms, cancellation terms, and much more.  A crude proposal or terms of service might cut it when the client intends to pay and does the right thing, but if you really want to minimize your potential losses you have to be thorough. Every detail is important. Communicate throughout the process and don’t start until it’s understood by both parties and the contract has been signed.



2.) 
Be cautious when working for startups of any kind, and/or small, un-established businesses!


Working with startups of any kind (businesses that are new or un-established) is risky!  Everything may seem fine, up until it’s time to pay that is!  You absolutely would not believe the situations we see and what lengths some will go to stall or avoid paying you all together if possible.  Many freelancers can’t completely avoid these types of clients and I would be happy to share some more safeguards with you if you have a specific situation you’d like to contact me about.

Many situations we deal with could have easily been avoided had the client been more in tune with some simple red flags to watch out for.  We see web designers, software developers, copywriters, and many more get caught in this trap when helping "companies" get set up in lieu of payment. 



3.) 
Never judge a book by its cover…..its Linkedin page, or its shiny website!


Think a friendly voice and a verbal promise to pay is enough?  It's not!  We see many situations where what appears to be “reputable business people” acting in good faith quickly turn into strategic non-payers, conveniently ignoring all the facts, and discounting any rapport you have built through your hard work.  Many have cash flow issues, but will never admit it. Instead they continually hide behind something being wrong with your services even when obvious proof to the contrary exists.  Don’t let your payment become a hostage to unethical people who want to build a business on your back.  

Never get excited about starting a new project and blindly start spending time on it UNTIL the business end is secured (See #1).  LOOK before you leap.  Gather details, do some research, find out who and what are behind this business.  Who will be responsible for payment, and how will you reach them when the crickets start chirping after you've invoiced?  Gather as much contact info as you can for your contact and their associates.

Does it feel like they have something to hide?  Does anything not ad up?  Listen to your gut and be honest with yourself about the risks.
  Do not start until all the I’s are dotted and the T’s are crossed.   If you don’t get paid, you go out of business.  This is the most crucial part of what you do, mind it!  There are always two sides to every story, you need to be able to prove yours, and leverage it to get what you earned if necessary.



The good news is that there are best practices for being able to minimize issues with these types of problems and also to deal with them when necessary, but you must get educated about the ways to protect yourself.  There are so many different factors and unique situations it’s difficult to pack all the details and advice into one article.

Once you have a set procedure in place it doesn’t take much extra effort or time to enact these safeguards throughout the project.   Then, when a problem does arise, you can lean on the fact that you’ve taken the proper steps to increase the likelihood of turning that tough situation back into acceptable compensation.  Even if that means getting professional assistance, it’s worth it.

Non-payment is a huge issue for the “little guys”.  The stress and setbacks it can cause can be debilitating for any business owner.  Help us help you by taking a pro-active approach throughout each deal.  Beyond that, realize that you have an ally with deep experience, tools, and firsthand knowledge about what it takes to collect what you’re owed.  We know all the laws, we know the games, we know the psychology.  We’ve seen it all, and conquered it all. 

Whether you have the forethought to get armed for these issues up front, have some unaddressed issues from the past, or are dealing with it now; we have cost effective solutions just for you as well as no recovery=no fee debt collection options. 



Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
Toll Free: 1-888-908-3905 Ext.101
jlindsey@c-rsolutions.com

www.c-rsolutions.com 






If you liked this article, help me share it with others who could benefit from it.  Share it on Twitter, click the like on facebook icon below, or....
 
Join my personal network by connecting with me on Linkedin;
http://www.linkedin.com/pub/jason-lindsey/44/567/165/

Follow CRS on twitter: 
https://twitter.com/getpaidfaster

Follow CRS on Linkedin:  
http://www.linkedin.com/company/cambridge-receivable-solutions-llc





 
 

             This article relates to freelancers, small to medium size businesses, and professional service firms. 

Today I want to talk about the main myth with regards to debt collection agency contingency (no fee if no recovery) rates, along with what we are doing to ensure value to our clients.
 

    The myth:  "Collection agencies typically charge 30-50% fee on recoveries"
        

                                                 Who perpetuates this myth, and why?

-Collection Attorneys.  Collection attorneys help in spreading this myth in order to warm you up for their costly fee structure.  Legal action will take up more of your time and resources than the more logical third party collection intervention.  A solid pre-legal, collection attempt will, more often than not, increase your return.  If the effort is unsuccessful, you pay nothing, and legal action is always available as a last ditch effort.  In fact, having attempted an amicable pre-legal solution will strengthen your case if it must go there.  Tapping into decades of experience, we'll be the first to point you in that direction if that's what it will take. 

-The uninformed.  This is to include authors and bloggers who are simply regurgitating dated untruths they got from other unreliable sources, in the name of content, which has watered down the little known reality of debt collections.  The spreading of this misinformation is hurting your bottom line.  The crucial and necessary profit maximization, through specialized A/R management and collections, is a highly misunderstood and underutilized business function for businesses of all sizes and industries.

                                                        The Truth

To say this myth is an incorrect, dated, and an overly broad assumption, would be an understatement.  The fact is your cost will largely be a direct reflection of how you have handled the invoices to date.  If your waiting until your invoices are over a year old, then you may be in the neighborhood of 30%, for good reason.  Already have judgements? Then they will be in the 40% range.  Again, for good reason.  80% of judgements go unpaid and can require extensive expenses to attempt to recover.  The majority of placements that need a collection intervention won't fall in those high fee categories.  A proper collection strategy through a firm like ours will never leave you with less than you would have without us. 

The main factors at play with our rates are in your hands.  Most   agencies base their rates on the amount of time and resources they will   require to be cost effective for BOTH parties, obviously.  The amount  of  time it will take us to turn your coal into diamonds is what decides   your rates. Average age, average  balance, and volume of accounts are  the key factors that will decide  your fee structure.  Help us help you by getting us involved early and  often.

                                                                              Facts
-Having a specialist involved to ensure your cash flow management is structured appropriately throughout the entire cycle is a crucial first step. 

-Knowing when, and why, to allow professional help to proactively address problem invoices as they pop up, will always ensure you have more than you would without their assistance.


-DRUM ROLL~~~~~ Rates for top notch collection assistance are primarily BELOW 30%, in many cases as low as 10%.  If your agency can't show you why their rates make sense to your bottom line, call us, we can!  If we can't, then we'll make some suggestions and point you in the right direction.  If our relationship won't MAKE you money, we don't want to waste either of our time.  Taking on clients for whom we won't be an asset would be completely counter productive for us.


                       How do we specifically ensure value for our clients? 

-We are a highly experienced and specialized partner for the industries we serve.

-Our unique set up was built and customized to ensure you more time and money to invest in the business you're in. 

-A full service, consultative approach, ensures that you capitalize on our knowledge and experience at every stage of the process.

-Our more cost effective rate structure, and low overhead, ensures our clients top quality service and results. 

-While there are some bad collection agencies out there,  Cambridge Receivable Solutions is the answer to changing economic times.  We are providing innovation to the typical archaic recovery model.

   
                                                       Click   >HERE<   for more information
             
Get to know us better by having a quick look at our home, about, and services pages.  Please contact us with questions or for a free, confidential consultation on how we can help you.....at rates that you can be excited about.


Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
Toll Free: 1-888-908-3905 Ext.101
jlindsey@c-rsolutions.com

www.c-rsolutions.com 




If you liked this article, help me share it with others who could benefit from it.  Share it on Twitter, click the like on facebook icon below, or....

 
Join my personal network by connecting with me on Linkedin;
http://www.linkedin.com/pub/jason-lindsey/44/567/165/

Follow CRS on twitter:  https://twitter.com/getpaidfaster

Follow CRS on Linkedin:   http://www.linkedin.com/company/cambridge-receivable-solutions-llc




 
 
Collections
Time is money...why wait?
Maximizing your profits, and access to earned income, should be a top priority all year. Don't forget the obvious; getting paid is how you stay in business. Time is money, and we are here to get you more of both. 

Top reasons to address your past due accounts now, as opposed to year end:
(In no particular order)

1.) Waiting until the fourth quarter, or (cringe) December, sends a message that you don't expect timely payment. 

2.)  Your clients financial standing may deteriorate over time. 

3.)  You have less leverage over the clients the longer you wait, especially if services are completed.

4.)  Clients will forget how well you worked for them, or how important the product or service you provided was. 

5.)  You don't want to have to "make deals" to get the money in before year end.  By doing so they may expect lower rates next time.

6.)  Other creditors likely started earlier and are already in line for payment, get the jump on all available funds as soon as possible.  Don't get moved to the back of the line!

7.)  Statistics show that troublesome invoices become less collectable with every passing month.  See the Collectibility chart below, keep in mind it will vary by industry, economic conditions, etc. but it gives you an idea (visually) how time IS money.

8.)  You should be thanking your clients at year end, not pushing for payment and making compromises.

I could go on for days, but you get the point. Contact us today to capitolize on top-tier assistance and experience, at below average rates.  Our small firm, consultative approach, affords you terrific client service and results.  Let us know if you have any questions in regards to your active receivables, or more severely past due collection accounts.  We look forward to speaking to you about your needs, call anytime or use our quick consultation form for your convenience. 

Thanks for your time!

Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
Toll Free: 1-888-908-3905 Ext.101
jlindsey@c-rsolutions.com

www.c-rsolutions.com 



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So many people are writing articles on how to get paid, or get paid faster, these days.  Some of them are decent, and they are giving you the very bare basics that everyone should already be doing.  They don't really go deep into detail about why and how to do it, what happens if you don't do the things they discuss, or most importantly what to do when you have taken all the right steps and STILL have non-payers.  I've published the statistics over and over.  Many of the articles I am talking about are nothing more than traffic generators to get business people to their site for "other" products.  You aren't getting detailed advice from an experienced professional.

It's time for straight talk from a specialist in every aspect of these difficult situations. Someone who has actually been in the trenches indetifying and solving real problems, the right way, for almost 2 decades. I've recovered tens of millions of dollars in payoffs for some of the largest lenders on the planet, as well as some of the top Corporations in the fields we specialize in, with no ill effects for my clients.  I also still take the time to educate and assist the little guys, freelancers and small business.  When a feel good article that doesn't get you anywhere just isn't enough anymore, my company is who you turn to.  So for those of you who still have receivable skeletons in your closet, this article is for you. 

Keep in mind that different size/type companies, and different industries, needs will slightly differ.  That's what we're here for, if we can't help we'll point you in the right direction. 

Note: Larger companies, and high ticket items/services will obviously start with a credit and/or reference check. 

Step 1 - Have a solid Terms of Service contract

a.) Edit it specifically for each job if it is outside of what the basic terms cover.  You don't need to be a lawyer, you know what you expect.  Make sure your client understands too.  Discuss exactly what they expect, and what you plan to deliver.  Discuss any potential "what if's" ahead of time. Anything else that goes outside of the norm needs to be addressed in an e-mail or an addendum to the contract, as it pops up, to avoid confusion or misunderstandings (two things that are a non-payers best friend).

b.)  Set your payment terms in the contract. Explain your cost/fee structure, and when it's due.  In the same article explain in plain English that you'll be due the maximum interest rate allowed by law plus collection costs, and legal fees pertaining to any necessary steps that need to be taken to obtain payment.  Don't be afraid that they will see it, in fact point it out!  If they run, you just avoided working for free.  If you want to do more than "play business" you need to attract, service, and be paid by REAL clients with REAL money, and good intentions. 

You may even consider setting your terms with a reasonable margin for error, so that if they make minor mistakes they can fix it in a timely manner without massive penalization.  That way you also know that when a red flag does pop up, it's time to address it seriously.  In other words if you start getting on everyone's case at "one minute" past due, you may seem unreasonable or unattractive to do business with.  However, keep in mind that when you give an inch, they may take a mile.  So find a good middle ground for your industry based on experience and business needs.

c.) Get it signed and dated.  This validates the above and along with you delivering on your promises, documenting all activity, and proper follow up, covers you when non payment issues come up.  You have laid the foundation for maximizing your cash flow and profit. Congratulations!



Step 2- Deliver and Document! 

a.)
Do your part, deliver what YOU promised.  

b.) Keep the communications open, and make them happy.  This is your part of earning timely payment.  Document that you delivered according to terms in any way possible. 



Step 3- Timely and proper invoicing.

a.)  Know ahead of time where you need to send the invoice, and what the monthly cut off date is for payment.  Get the invoice in the right hands, at the right time.

b.)  Your billings should be concise, accurate, and provide the necessary information to enable the client to pay you properly, on time.


Step 4- Follow up 

These can be flexible to your comfort level based on experience, and industry timeframes.

a.) Have a procedure in place to identify and flag anything that goes beyond your net terms.  Have someone qualified follow up immediately.  Point out that it's past due, ask what you can do to expedite payment, & explain how non payment will affect future work planned, act accordingly.  This is your chance to nip further possible problems in the bud. 

b.)  Be persistent.  Casually remind them of the terms, and stick to your guns.  How they react, and what they promise will determine your next step. Feel free to work with them if you are comfortable, but keep in mind that all of this takes valuable time away from you doing business.  Also, document, document, document.  Every conversation should be documented as to what was discussed, every e-mail saved, and copies of statements (date sent) kept on file.

*This is where many companies allow invoices to derail because they don't know what to do, and aren't equipped to handle the issues effectively.  Call us asap!  If you just let them go cold here they are a rapidly depreciating asset.  Don't wonder about it, worry about it, or be too optimistic.  Give it to the pro's and move on.  If you have time and energy to stay with it, keep reading.


Step 5-  ACTION

a.)  Payments still aren't coming in, promises have been broken.  You need to figure out what your staff is capable of handling effectively as far as collections chops and available time.  Every organization is different, but you need professionals or funds will still be stalling out and become a loss for your company.  We can show you why it's cost effective to outsource to a specialist like us at any stage of the game.  We know, however, that if the front lines do their job effectively; it helps us help you.  Rather than wait until year end and turn over a portfolio of ice cold accounts with little chance for recovery, work with us to establish a cost effective action plan to always be strengthening your numbers, and maximizing your time and cash flow cost effectively.

Most companies are operating like this.....

Provide product/service - Invoice/Letter process - Weak/Lack of follow up - Invoice goes cold =
LOSS

It goes that way because there is lack of knowledge about collection outsourcing & it's effectiveness, or an unwillingness to address these losses for unfounded reasons.Thanks to companies like ours you now have a professional and ethical go to partner to help maximize your access to earned income and profits.  Most of the time there won't be any litigation on non-payers (depending on size and industry), and either way a professional collection strategy is a necessary step prior to legal action.

Once you partner with us and allow us to share our expertise, our resources and experience quickly go to work to get back your hard earned profits. 
Now the flow goes more like this........

Discuss arrangemnt/payment - Obtain signed Terms of Service strengthening your position should non-payment occur - Provide product/service - Invoice/Letter process - Strong, persistent, and effective follow up to resolve any minor issues =
RECEIVE PAYMENT AND RETAIN CUSTOMER 

-OR-

Payment continues past due beyond 90 days - Turn over to CRS for collection process - You save time and headache - We go to work for you to maximize your cash flow and recovery percentage before it's too late = MAXIMIZED RECOVERY AND MINIMIZED LOSSES

It never ceases to amaze me how companies are unaware of how much money they are leaving on the table. There aren't many highly experienced professionals with a debt collection and A/R background who are out there writing and educating financial decision makers the way I do.  I have found that by doing so we not only attract great new clients, who we are able to help, but we make our job easier by ensuring that organizations do the right things ahead of time to help us be even more effective when the need arises.  It's truly a win win.

Companies of all sizes are sleepwalking through their collection procedures & don't realize it.  Regardless of whether you are a small business who depends on every dollar (as soon as possible), or if you are a large corporation whose profits are through the roof regardless; there is never room to allow unnecessary losses.  What would you do with the money we pump back into your books?  Whose salary could you pay?  You would have so much more valuable time and money to put back into your business that the benefits of our services REALLY compound over time.

We offer a confidential and concise consultation to determine if, and how, we can help you prior to engagement. The majority of our services are done on a NO RECOVERY = NO FEE basis.  You literally have nothing to lose and both time and money to gain!  We are not your typical collection agency, we are a highly specialized, top-tier firm, who you can trust as part of your organization.

Thank you for your time and best of luck!


Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
Toll Free: 1-888-908-3905 Ext.101
jlindsey@c-rsolutions.com

www.c-rsolutions.com 


If you liked this article, help me share it with others who could benefit from it.  Share it on Twitter, click the like on facebook icon below, or....
 
Join my personal network by connecting with me on Linkedin;
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Follow CRS on twitter:  https://twitter.com/getpaidfaster

Follow CRS on Linkedin:   http://www.linkedin.com/company/cambridge-receivable-solutions-llc

 
 
Cambridge Receivable Solutions Pre-Collect Letter Service

Cambridge Receivable Solutions knows how to help organizations increase cash flow by leaps and bounds in a wide variety of industries.  Today I want to talk about our Pre-Collection letter service which is available for purchase HERE.

I designed the pre-collect letter based on seeing the need for such a function within our diverse client base.   Rather than stick to a particular menu of services, we are always looking to identify common business cash flow problems and create cost effective solutions to fix them. 

Our pre-collect letter is just another tool in a wide array of cash flow maximization solutions that we offer.  On accounts that have become past due approaching 90 days, you obviously begin to wonder if you will ever get paid.  This is a point where you may have heard every possible excuse for non payment, and had several broken promises to pay.  Even if you have had no contact since invoicing, this is when you should take some proactive steps.  Be honest with yourself, did you want to wait 90+ days to get paid?  Do you want non payment to your business to be someone elses cash advance?

What you need to know is IF this account needs to go to collections.  Normally you can't do that without actually "placing it for collections" and paying a percentage of the recovery to an agency. This means you don't get the third party involvement effect without paying contingency on all collections.  While that's a no-brainer for "most accounts" over 90-120 days there are some exceptions; such as smaller balances, single accounts, or if it's a rare occasion that you get a past due invoice at all.

Here is how our pre-collect letter works. It's fast, it's simple, and it's cost effective.


1.) You have an account (or accounts) that are approximately 60-90 + days past due. You aren't sure that you want to place it in collections, but you also don't want to wait too long.  Your in house efforts are not getting results.

                         ***This is when you need a CRS pre-collect letter***

2.)  We have a quick conversation with you to gather the necessary information about the past due invoice/s in question. 

3.)  We mail them a letter on our letterhead explaining that the account has reached X days past due.  As a courtesy we are giving them X (you decide)  days to pay the balance, OR we (CRS) will be activating it for collections.   We instruct them to pay by your desired method, or payment address. 



The one time cost of this letter is $50.00    Purchase and submit HERE
 

If the "third party involvement effect" works you will receive your money by the deadline. This will surely get the attention of anyone with the means and intentions of paying you for your goods and services. Our letters cost 65% or more less than an attorney would charge to write a letter, we take less of your time, it's far less intrusive, and it's more effective because we specialize in getting these accounts paid. We can also be there to further assist you if it doesn't pay since you won't be going to court on these size invoices.

If the payment does not come in in time, you choose what to do with it from there. Smart money would tell you that they ignored you, they ignored the courtesy of a pre-collect notice, and you are now on "their time". At this time we would recommend that you activate the account for our collection service. This is done on a no fee if no recovery basis. We then attempt to expedite your getting paid. Once we have earned $100 or more in fee, we will credit you back the cost of the pre-collect letter.

If you have listened carefully to our previous blogs, you will also have a signed "Terms of Service" allowing the addition of interest, collection costs and legal fees which we will calculate and pursue.

This letter is offered on balances of $3,000.00 and under.  If your balance is higher please contact us immediately to discuss the proper steps to recover larger amounts.  Now dust off those old invoices and let's turn them back into cash!!! 

Purchase and submit your letter/s HERE today. 


Call our Client Services Department:  636-487-0986


-OR-

Toll Free 1-888-908-3905          Ext. 102



Thanks for your time!





Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
Toll Free: 1-888-908-3905 Ext.101
jlindsey@c-rsolutions.com

www.c-rsolutions.com

 
 
Like any organization offering products or services without full payment up front, architectural/engineering firms often face the daunting task of dealing with past due invoices.  Many times these situations are overlooked for too long before being addressed and end up costing tens of thousands, to millions of dollars in unnecessary losses per year. 

Proper discussion of all the possibilities and specifics on a project, sound contracts, and contract negotiations are among the important things to address up front.  Depending on the size and type of client you obviously want to perform the proper credit analysis and/or reference checks prior to engagment as well.  This is extremely important when dealing with residential clients and developers, rushing in can be a crucial mistake.  Contracts should speak to all possibilites under the scope of work, and the lines of communication should remain open throughout the project to avoid any unforeseen discrepancies.  This pertains to the work itself as well as the payment for services.  All billings and correspondence should be done in a timely manner, and kept on file. 

Regardless of your diligence in the areas discussed above, statistics show that you will still have past due invoices.  While solid up front procedures minimizes your losses, it unfortunately doesn't make you immune to troublesome accounts.  When these arise it's imperative that you have a solid process to quickly address and recover stalled funds.  You're ready to move on to the next project, and your in house staff has exhausted their efforts. With every passing day your chances and rate of recovery dwindles.  You need a collection partner, it's time to turn it over to a specialist.  This time consuming process must be handled pro-actively, with care.  Regardless of the size of your firm, not being paid for services is unacceptable.  However, being in the professional services industry requires that you approach these issues with tact and professionalism. 

Cambridge Receivable Solutions fills that need.  We bridge the gap between you and your clients to help maximize your recovery rates, while preserving your reputation for professionalism.  We're fine tuned to assist top Architectural/Engineering and Design firms.  We stay up to date on industry standards, trends, and participate in your industry groups and communities to ensure a seamless integration of our services.  

By partnering with us you can rest easy while recovering what's owed.  All of our communications and correspondence with your past due clients are top notch.  We operate using a forensic, fact based approach, to bring them to the table and recover as much as possible, as soon as possible.   As the President and Principal Consultant here at CRS, I developed this top tier service with your specific needs in mind.  Having dealt with many large and complicated non-payment issues and disputes for large firms, we are prepared to assist your company in recovering what you've earned, but not yet received.

This is an essential financial managment function that many firms haven't taken advantage of yet.  Please contact me with any questions, or for a confidential consultation regarding your specific needs. 

Thank you for your time, and best wishes!

Sincerely,

Jason Lindsey
President and Principal Consultant
Cambridge Receivable Solutions, LLC
Direct Ph: 636-238-3843
Toll Free:  1-888-908-3905 Ext.101
Email: jlindsey@c-rsolutions.com
www.c-rsolutions.com


Keywords:  Architects, architectural, design, building, infrastructure, green, civil engineering, structural engineering, collections, accounts receivable managment, cash flow consulting, American Institute of Architects, International, Commercial debt collection.
 
 
When it comes to Career Colleges, there is a unique need for tight financial procedures. CRS has proactive recovery solutions to help maximize your cash flow with regards 90/10 compliance, books, tuition, and room and board.  These services are highly effective for active, graduate, and dropped students.  We act as a financial management company on behalf of these institutions.  Rather than an invasive "collections" approach we encourage contact with students through persistent, yet courteous, correspondence.  Through these strategic campaigns we are able to maximize your access to earned income and provide out of this world return on investment.  We do so while educating students and promoting responsible financial behavior.

We have found that by helping educate the students on what, why, and when they owe, we are able to increase the flow of payments amicably.  Your institution benefits from our extensive experience in implementing strong and financially beneficial processes.  We also save your staff a tremendous amount of time by allowing you to furnish our phone number on your outgoing correspondence such as billing and past due notices.  We direct all payments to your desired location, and can assist them with payments by phone. 

Having been a part of maximizing cash flow for several large organizations, we offer you a myriad of possibilities when it comes to boosting your profits through efficient cash management and collection procedures.  Our fee structure ensures that this is a "smart money", cost effective, solution for your school.  By having an outside specialist who is not only well versed in financial aid procedures at for profit schools, but is also highly experienced in getting payments throught the door, you see an immediate increase in cash flow without any negative side effects.  We take considerable stress off of your staff's shoulders, and are able to offer valuable insight to management regarding potential fixes to procedures along the way.

If you are a financial decision maker at a for profit Career College, contact us today for more information and a free consultation on exactly how we can help you.  As with every potential new client, we will look over every aspect of our potential relationship, run through a quick phone consultation, and offer you a cost benefit analysis as to why we are a smart choice, before we proceed. 

At a time when for profit learning institutions are under heavy fire, it's nice to have a specialist on your team who can not only ensure compliance, but also maximize your cash flow and profits.  Most importantly we do so while maintaining an ethical and professional reputation, and helping you retain students.  You retain full control, and posess the ability to customize our solutions to fit your specific needs. You've had the meetings about increasing your numbers, here's your chance.  Contact me using the information below, or through our website contact page, for informational slides or with any specific questions you have. 

See further explanation of these services by clicking the link below;

http://www.c-rsolutions.com/1/post/2007/08/gap-loan-receivables-management-and-9010-compliance-career-colleges.html

Sincerely,

Jason Lindsey
President
Cambridge Receivable Solutions, LLC
PH 636-238-3843
Toll Free 888-908-3905 Extension 101
jlindsey@c-rsolutions.com


www.c-rsolutions.com