Accounts Receivable Billing and Collections

Who is doing your billing, accounts receivables and collections?  Is it you, or do you have someone else doing this job? The people making the calls, doing the billing, and managing this part of your business MUST have the right personality.  I have seen companies perform poorly; lose customers and revenue because it was not a match. Your billing person can know how to “do it all” but lack real effectiveness when speaking to people in a way that causes them to pay.

On the other hand, you may have a person who is sincere and would execute the job perfectly, but they just need proper training. Learn to identify who has the talent for this task. Find people with a positive personality and while it’s preferably individuals with collection experience, you might find someone great with no experience. Almost 25 years ago, I was hired to work for the first time at a collection agency. I had no prior collection experience but after my first year I was one of the top 10 collectors in a company of over 700 employees and increased market share for major credit card companies by 2.4% nationally. I remember my supervisor telling me later that he thought I would never last. I used collection techniques that produced results and quickly became a supervisor and trainer. My strategies became the leading methods used by collectors in that agency. I continued my experience and went on to create a new multi-million dollar collection agency which had great success collecting some of the most difficult accounts.

Since 1989, CJM Billing Solutions, Inc. has produced millions of dollars for fortune 500 companies as well as small businesses.  Enjoy greater revenue through efficiency and proven methods. Christopher Mangan is the author of Top 10 Billing Secrets and he has been shown to increase earnings as much as 27% annually and companies are amazed. They had no idea such changes could be made. They spent years doing the same thing over and over and never realized their loss. Don’t you think it’s time to enjoy greater success?

 

Accounts Receivable Efficiency

People who run your accounts receivable department and work on collecting your past due accounts are the engine of your business. The better your engine, the greater your performance and this creates greater earnings. There are too many companies who are happy with an engine that is barely running. Most are coasting downhill and don’t’ realize they can turbo-charge their income and revitalize their earning potential. Some are even okay with poor performance and continue to lose valuable income for years. Complacency kills productivity and revenue potential. Many businesses focus a disproportionate amount of time getting new business and not enough time on the business in-house. While money is coming in, and that’s great, big money is being lost and unnoticed.

Some customers take advantage of your good nature and exploit loopholes in your process. Do they take too long to pay you?  Are you getting frustrated at the rate in which accounts become current do you fire customers or accept lower amounts for monthly payment just to keep them? You’re not alone. This is common to many businesses. The trick is to know how to condition them to stay current, appreciate you, and make payments on time. Most people have credit card debt. Do you know why? Because consumers have been conditioned to think they need something that they actually want…not need. Therefore they spend 12% to 24% more for an item and end up taking years to pay it off. That is just one tactic of how consumers are conditioned. In the same way, there are many methods to make customers’ pay. For example; return envelopes.  Many companies use them but this tactic eludes so many others. Customers are shown to pay much faster and more consistently if you provide a return envelope along with the bill. That is one strategy and a small piece of the many great methods used in this amazing eBook Top 10 Billing Secrets. 

Since 1989, CJM Billing Solutions, Inc. has produced millions of dollars for fortune 500 companies as well as small businesses.  Enjoy greater revenue through efficiency and proven methods. We have been shown to increase earnings as much as 27% annually and companies are amazed. They had no idea such changes could be made. They spent years doing the same thing over and over and never realized their loss. Don’t you think it’s time to enjoy greater success?

Past due Attitudes and Professional Debtors

Some people work hard at not paying their bill. I’ve seen customers spend $200 trying to get out of paying $100. They just cannot let go of that money, the money owed to you! It’s time for you to change that and understand what motivates them to pay their bill.

 Fact: People act and react differently when it comes to paying. Consumer habits have been studied for years. Studies have shown that people are stimulated and respond to a variety of tactics and strategies. In the same way marketing techniques are used to cause consumers to buy, you must use compelling techniques that cause customers to pay. Everyone is conditioned in ways that we don’t even realize, at the supermarket, on the cover of magazines, by what we watch on television and even by other people. You must condition customers with a habit of payment and your ability to keep the pressure where clients respond with a positive outcome. It’s important to create a sense of urgency in people.  Customers can exploit the weakness in your billing system which could cause a two-fold effect. You could lose the customer and the revenue when both of these actions could have been avoided. The idea of, “If they don’t pay, I will stop my service or product,” is self-defeating. It’s better to know how to keep the customer paying by billing them properly and building a relationship. As stated prior, collection starts from the beginning of your business relationship. Your first meeting, phone call or contract sets the tone. If you are laidback or sloppy regarding payment from the start, you can almost guarantee the receipt of payment will be laid back and sloppy. Have a policy in place and use specific dates and specific amounts to be paid on time. You must be consistent and professional. If money is owed, don’t take it personal; pursue payment quickly, politely and professionally. Christopher Mangan is a business process analyst and the leading authority on producing high efficiency billing and collections procedures. He is the author of Top 10 Billing Secrets and since 1989, has produced millions of dollars for fortune 500 companies as well as small businesses.  Enjoy greater revenue through efficiency and proven methods. He is the President and CEO of CJM Billing Solutions, Inc.

 

 

Habit of Payment for Past Due Customers

Habit of Payment for Past Due Customers

Companies are scrambling to get new business, keep business and get money in the door. The conflict exists because many customers are great at not paying. They take advantage of your good nature and neglect their responsibility. Several customers pay their bill late while others pay less and some don’t pay at all. They waste your time, cost you money, drain your energy and it can be very frustrating.

Your procedures make a difference

Some business owners quit because of these difficult issues. It’s time to change that! Many companies conduct business in a way that allows customers to exploit weakness in their process. You must identify loopholes and long term negative effects created by your own procedures. Do you fire the customer and lose that income source or do you continue to allow them to owe money month after month? The key is to break their habit and bring them into a habit of payment. Use proven methods to change attitudes toward payment and keep the customer happy. Your approach can have a great positive effect on your long term annual income.

Changes that increase revenue

You must focus on the customer and the immediate dollar but most companies cannot seem to bring the two into unison. In many cases companies are more concerned about the immediate dollar than the customer. While this attitude does have some benefit monetarily, it can have disastrous unintended consequences which are difficult to manage and sustain. If a customer has been lax for years, they fall into a tradition of non-payment that needs to be corrected immediately. Christopher Mangan is a business process analyst and the leading authority on producing high efficiency billing and collections procedures. He is the author of Top 10 Billing Secrets and since 1989, has produced millions of dollars for fortune 500 companies as well as small businesses.  Enjoy greater revenue through efficiency and proven methods. He is the President and CEO of CJM Billing Solutions, Inc.