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 















 
 
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


 
 
Now is a time when you really need to get your records in good shape.  Poor record keeping is one of the main things that puts small businesses, out of business.  You can't be out of touch with the numbers. You should have solid record keeping practices year around, a user friendly software to track your expenses/taxes, a proper invoicing system, pay close attention to the aging of any accounts receivable, and much more.  

As you know these among other things are keeping Freelancers, Small businesses and the self-employed very busy. With so many other things filling their plate dealing with finances often gets put off.   Whether you are struggling, or making money hand over fist, you cannot put off having a strong grasp on your cash flow.  Regularly published statistics, as well as the data I personally keep, shows that freelancers are taken advantage of regularly when it comes to compensation. You may have also seen the "get paid not played" campaign that saw independent workers logging over sixteen million dollars in unpaid debts.


Dealing with unpaid invoices (debts) to your small business..

Regardless of how well you adhere to even perfect financial practices, late and non-payers will become an issue for all of us at some point.  At least those of us in industries where full payment up front is not the norm.  Whether clients come to me as freelancers or the VP of Finance for a mid-sized services firm, whether they come to us with one account with a $2,000.00 balance, or twenty accounts averaging $20,000.00 a piece; they all have the same problem.....

..sometimes people don't pay what they should, when they should!

I am actively handling these situations for businesses just like yours and I'd like to help resolve any problematic invoices you currently have, and then strengthen your processes so you can avoid non-payment as often as possible in the future.   I love sharing my first hand experience with these hard working, creative, professionals and know what it takes to minimize losses.



Don't make these common mistakes..


-Not using a proper signed and dated contract (where applicable).
-Straying from the terms of service, or scope of work, on projects.
-Not invoicing properly.
-Putting in thousands of dollars worth of time without any payment up front.
-Getting stressed, emotional, or angry with a client and making idle threats.
-Allowing "seemingly good intention" clients to endlessly stall your payment.
-Forgetting or writing off hard earned profit.



For more on what you SHOULD BE DOING...
be sure to read my blog, have a look over the Cambridge Receivable Solutions website, and contact me any time to discuss your situation.  Our specialized collection service is done on a contingency basis, meaning we don't get paid unless you get paid, so no upfront cost.  In other words you'll never have less for using us as your representation in speeding up and obtaining payments professionally.  

Big business style back up, that's specially designed for "Freelancers".  I am continually designing & developing more ways to help, and will keep you informed of some new offerings coming up.  

This will be a continued "grass roots campaign", if you will, that will help the ever increasing number of independent professionals get in the know BEFORE they lose thousands of dollars.  Use my personal information below to get in touch with me directly.

Anyone who has dealt with me directly knows that I care about each client and go beyond the call of duty for the good guys!  CRS is successful in recovering bad debts more often than traditional litigation, or small claims court, even when a judgement is awarded.  


GREAT NEWS!

You don't have to deal with the run around in dealing with large collection agencies that don't care about your business, you don't have to do your clients any injustice, and you don't have to waste more time and stress in vain.  You're simply choosing to have a professional ally to help ensure you are paid for your work in accordance to laws and facts.  Get in touch sooner rather than later, as the more time that passes, the less likely a recovery.



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

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

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










 
 
As the title of this post so obviously states, getting paid is how you stay in business!  It sounds like a simple concept right?  You would be very surprised at how complicated the issue really is.  I assist everyone from Freelancers to VP's of Finance, CFO's, and CEO's on A/R and Debt Collection best practices regularly, and have been in the business of getting the good guys paid for over sixteen years. 

So many experienced, as well as newly Self-Employed, Freelancers, Small Business Owners, and Professional Service Firms, struggle with unpaid invoices from clients; you're absolutely not alone. 

My goal is to continue to address the problems for these groups, as well as educate you on what you can do yourself, to help you minimize your losses.



In order to maximize your cash flow, you must first understand and accept the following;


1.)  You are responsible for seeking out, setting up, and adhering to the best possible in house practices with regards to ensuring payment for your business.  It's your first line of defense against inadvertently giving away time or resources that you provided with expectations of payment.  Whether every dollar is detrimental to your bottom line, or you're making money hand over fist, you should always be pushing to ensure that you don't leave hard earned profits uncollected.


2.)  It is imperative that you perform as agreed and only seek out work for which you are qualified to live up to your end of the bargain on, per whatever terms are understood.  If you can't reasonably do that with each client, and prove that you did, it's irrational to expect payment for such products or services.


3.)  Regardless of how perfect you set up these processes, qualify your clients, and deliver these products or services, slow (and no) payers will be a fact of life for most of you.  The statistics are out there, and I quote them often. I am also privy to first hand data, based on those we work for and against, on a daily basis.  As I said before, you are by no means alone in not getting paid perfectly.


4.)  This is an important one, and the one I believe is the biggest factor in causing losses for the groups I am primarily addressing.  You MUST know your wisest, and most cost effective, options for dealing with these non-payment situations.  If you've accepted, and stuck to, 1-3 (above) then most of this is already in place. 


5.)  The final ammunition to combat potential profit loss is to stick to your well thought out plan.  Take proactive steps to minimize the threat of such loss-in a timely fashion.  Once you understand WHY it makes sense to your bottom line, and you've stuck to and accomplished all of the above, it's easy to proceed with confidence and reap the rewards of maximizing your profits! 




In doing all of these things, and making them a priority at the appropriate times, you WILL minimize your stress levels, you'll stop wasting time that you could spend attracting and nurturing new business, and ensure that you are depositing every last possible cent that you are entitled to-with no adverse effects.

There is a general lack of specialized "in the know" information out there for you to tap into on this subject.  There is also quite a bit of misinformation out there that seems to have many of our new clients unaware of their best options, until we begin working with them.  Don't give up on payment! We recover balances from 31 days past due, to over a year old, for all kinds of clients who otherwise would have written off significant losses unnecessarily. 



Thank you very much for your time, and may your cash -FLOW- in the proper direction in 2013! 

-------------------------------------------------------------
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


 
 
Today is International Freelancers day.  If you read my blog you know that I  have taken a particular interest in educating and helping freelancers get paid from their clients.  Having handled many debt collection cases for freelancers I am aware of the best ways to ensure payment, and what to watch out for from clients.

Do you remember the $16,000,000 posted on the worlds longest invoice?

-I am the President and Principal Consultant for Cambridge Receivable Solutions.

-I have made over 360,000 calls and collected over $20,000,000 for everything from freelancers to the largest, most prestigious, lenders on the planet in my 15 years in the business.

-I am well versed in all aspects of State and Federal laws and compliance.


In honor of International Freelancers Day I will respond to 50 debt collection questions from freelancers for free, via e-mail, in the order received.  I won't get to them all today, but quickly!  Ask me anything.  It can be about a particular situation you are dealing with now, or any steps throughout the entire "getting paid" process. 

Send your question to  freelanceally@c-rsolutions.com

All you have to do is be one of the first 50 e-mails into the inbox, and I must receive the question before midnight (central time) tonight to qualify.  That's it, nothing to buy, no list to join, just REAL help. 

If you would like, connect with me on LINKEDIN, and follow us on TWITTER.

Thanks and happy freelancing!


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 



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

 
 
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 


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Any business or Professional Service Firm that is owed money stands to gain by trusting CRS with their accounts.  You have extended products or services, and in many cases built a relationship in the process. Now that the money isn't coming in you aren't sure what your options are or what you should do.  Let our professionalism and experience go to work for you. 

Accounts placed with us are only worked by a veteran in the field of credit and collections with top level negotiation skills in the industries in which we specialize.   Our business is built on results for our select client base, we give your organization a more professional and thorough option than traditional collection agencies. Our process, resources, and approach (before, during, and after) are what sets us apart. 

You can trust your personal CRS consultant to guide you through your best options and put numbers back on the books where they belong.  It's no secret that, in this economy, this is a service businesses are in dire need of.  On cases like these we earn no fee unless there is payment. You have nothing to lose, and good funds to gain! 

Reach our Client Services Department at 636-487-0986 for a confidential consultation, or e-mail us through the
CONTACT page for more information and to request a rate sheet. 

**We also offer a Pre-Collect Letter Service for a small one time fee.