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Credit Management: Lien Policy or Other Security Can Help Collection Policy

Recently we have been examining collection policy in the context of a company’s overall credit management scheme. Having a written lien policy with a set and strictly followed procedure is important not only to recover the money owed to the business, but also for the sake of efficiency. If the proper steps to be taken, and […]

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Collections: Why A Company Needs A Collection Policy

In every industry there is a need for collections. Most companies that I see from day-to-day are completely reactive in the collections approach. This is the company who waits to not be paid, then tries to do something about it last minute. This tactic is not a smart one to live by. Be Proactive Regarding […]

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Collections: In-House or Outsource?

I’ve mentioned that a collection policy is an important part of a company’s overall credit management scheme. And, that a good collection policy, coupled with a thorough lien policy, may enable a business to generally avoid getting to the litigation portion of their credit policy. An integral part, and a good first step, of a collection […]

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Collections: Retainage – What Rules Apply And How To Get Your Hands On The Money?

The word “retainage” can strike fear into the heart of anyone in the construction industry. The tool is a necessary evil, but it is often abused and almost always the source of job site confusion. This article aims to describe key features of retainage laws across the country and explain how to use, but not […]

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Collecting and keeping the relationship

Collections: Considering the Relationship When Collecting Payments

When you’re running a small business, you know one thing: relationships are key. Your customers are what fuel your business and you really can’t afford to lose even just one. That’s why when it comes to talking to customers about late payment, you often find yourself hesitating. You never want to do anything that could […]

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Collections: An Overview

Quite a bit of space on the Paid Blog lately has been used to discuss credit management, including credit policy, lien and notice policy, securing debt, litigation policy, and more. Throughout these discussions, however, very little time and space has been given to collection policy. A collection policy, though, is an important piece of a […]

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Why Customers Don’t Pay And What To Do When It Happens

Businesses of all shapes and sizes are confronted with two challenges:  (i) Getting more and more business; and (ii) Losing less and less money. It’s funny, but running a successful company really boils down to doing these two things well. Your company probably has something it produces, and if the customer pays for it your […]

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Tips In Making A Payment Bond Claim

I love the start of Craig Martin’s article – Compliance is Key – Proving Your Bond Claim – on his Construction Contractor Advisor blog:  ”Bonding companies can make it difficult to pursue your claim.” The statement is unfortunate, but true. Whether the difficulty is created by design or if standard bureaucratic disorganization is to blame, the fact […]

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Creative Options To Secure A Party’s Promise To Pay

Promises PromisesFielding excuses for non-payment and promises of future payment is a fact of life in the construction and building supply industry. We’ve published two helpful articles about this here on the Lien Blog:  (1) Dealing With Excuses When Trying To Collect Your Construction Debt; and (2) Promises To Pay Mean Squat To Your Mechanics […]

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Dealing With Excuses When Trying To Collect Your Construction Debt

“The check is in the mail.”  You’ve heard that one before, right? This phrase has become a legend in the debt collection industry, as well as a rallying cry to describe the frustrations one experiences when trying to collect a debt. The frustrating isn’t exclusive to debt collectors. Credit managers, accountants, small business owners and […]

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