What you should know about collecting Accounts Receivable Collection of Accounts Receivable Scott W. Lee, Attorney, CPA, CCE Vice-President/Collection Manager 801-487-8781 ext. 106 The Collection Department of NACM provides an essential component to any credit department's tool kit. We provide the full range of services described below. These services can be integrated into your collection process allowing the ability to create the most effective collection system possible. NACM will intervene with its collection system and use of attorneys to improve your cash flow There is no reason to walk away from that customer who has the ability to pay but isn’t and we only get paid based upon what we collect. Using a 3rd party collector Before you choose a third party to help with your collections you should inquire about more than just fees and their success rate. Will the collector represent you in a professional manner? How are their collectors trained? Do they comply with FACTA and applicable FCRA and ECOA requirements? Will they work with you on disputed matters? Are they bonded and licensed? Do they use bonded attorneys? At NACM, we not only comply with all applicable laws, we provide training and education in the business community regarding applicable laws and regulations. (See our Education area.) We also make every attempt to deal with your customer in such a way that, in addition to collecting the past due balance, you and your customer may feel comfortable continuing your sales relationship, albeit that it may be COD. NACM Can Provide Training for Your Staff Not only can we collect for you, but we will provide training for you and your staff to help you collect more in-house and to recognize earlier those accounts that need to be turned over for collections. A combination of these two means more of your sales become collected sales. We also provide training for your sales staff (or combined sales and credit seminars), for CFO’s, CEO’s etcetera to help them understand the function and importance of credit to the welfare of your company’s financial future. Call us for a custom training program. NACM Can Provide Training for Your Customers Think about it! If your customer doesn’t know the right way to make a collection call, how is your customer going to get the money to pay you? Maybe it’s teaching your customer about placing mechanic’s liens or making bond claims on construction projects. We can tailor the class for your customers’ needs. You sponsor it and build good will for your company. Nobody else can help your business like we can. Article on Accounts Receivable