Doing Business With a Nonpaying Customer

Two people shaking hands. Only their forearms are visible.A former customer – a nonpaying customer – called and wants to do business again. Should you do business again with the nonpaying customer?

For some, the answer is an unequivocal no. For others, it’s a maybe. Such was the topic of conversation at this past week’s LMNOP workshop. This is the dilemma for many inside and outside the New York real estate industry. Continue reading “Doing Business With a Nonpaying Customer”

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Does Bad Debt Necessitate a Larger Sales Team?

Drawing of a team layout on a table.Bad debt costs money.  But do you know how much? Not getting paid has cost you the anticipated profit, maybe some or all the cost involved in servicing the client, and maybe more. Projections did not account for the increased amount of the bad debt. Assuming you can recover some of the bad debt with the help of a qualified collection attorney, you will need to increase your sales team to make up the rest. Continue reading “Does Bad Debt Necessitate a Larger Sales Team?”

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Collection Tips: Emailing Invoices for Quicker Payment

Emailing invoices for quicker payment is the wave of the future. Have you received a request from your client to email invoices to them or a third-party vendor? If you haven’t, get ready – you will. Before long, mail or fax will no longer be acceptable. Given that, emailing invoices to customers will be the standard.

Here are debt collection tips to help you successfully collect by emailing invoices for quicker payment. Continue reading “Collection Tips: Emailing Invoices for Quicker Payment”

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Debt Collection NY/NJ: More Than a River Apart

Close-up image of the Statue of LibertyNew Jersey and New York can be – with no traffic – a mere 5 minutes apart via the George Washington Bridge. It’s about the same through the Lincoln or Holland Tunnel. Aside from their closeness as Hudson River neighbors, New York and New Jersey are far apart on their approach to debt collection.

Many companies dealing with customers in the Tri-state area might not realize the differences between these two states and how it will affect their debt collection efforts. In light of that, let’s look at a few examples. Continue reading “Debt Collection NY/NJ: More Than a River Apart”

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