On the surface, extending credit to customers seems like a no-brainer; it’s an incredible way to attract and retain customers and build long-term, profitable relationships – but there are significant risks involved too. Extending credit is easy, but…Read More
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Everybody at the Construction Payment Blog, and the whole zlien team, wishes you a Happy New Year. Make that resolution to improve your credit and A/R easy by instituting a thorough credit & lien policy and sticking to…Read More
A thorough Lien Policy can form the backbone of a strategic A/R collection plan. Implementing a lien policy can reinvent a company’s receivables, which leads to less bad debt and fewer write-offs.
Getting Paid in the Construction Industry Is Tough
Getting Paid in…Read More
Before getting into the ins and outs of Lien Policy, and lien strategy, it’s important to note that filing a lien is only one step in the larger scheme of lien strategy as it…Read More
Financial risk is an unfortunate part of every construction project, and it just gets riskier the further away a company is from the money.
“Financial risk” on a construction project is an expansive topic, and includes problems with under-funded or underbid…Read More
Unfortunately, the failure rate of construction industry participants is high. This means that the bankruptcy or pending bankruptcy of a contractor is more common than many people may think, and definitely not an unheard-of reason for payment problems….Read More
First, I’ll just get it out of the way and let you know I’m not talking about getting bailed out by the government. Although, becoming “too big to fail” is a good place to be.
So, what is the mechanism by…Read More
While it’s sometimes overlooked, or just ignored, a specific litigation policy is an important piece of a complete and thorough credit policy. Coupled with a good collection policy, and a thorough lien policy, a specifically followed litigation…Read More
The Payment Funnel is an important, and useful, concept that can reinvent your receivables and lead to less bad debt and fewer write-offs. But, before the specifics of the Payment Funnel concept are discussed, a little bit of background on the…Read More
At the start of a new year, many companies in the construction industry have made resolutions to increase profits and/or decrease bad debt. This seems like an obvious goal, but year after year after year…Read More