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Spring Cleaning: Improving Collections Results in a Tough Economy (Business Credit)
May 1st, 2009
Business Credit Magazine, May 2009
Alex Coté, VP of Marketing, Cortera
Commercial collectors face one of the most challenging collections environments in a generation. With the economy now over a full year into an official recession and with many banks unable or unwilling to provide debt financing, companies are being forced to rely more and more on their vendors to finance their working capital. As a result, both collections departments and agencies are facing rapidly increasing volumes of delinquent accounts.
Lurking inside those increasingly delinquent portfolios are tomorrow’s deadbeats and bankrupt companies. However many of those accounts are just temporarily slowing their payments in an effort to manage cash and deal with their own downstream disruptions. How is a collector to tell the difference? How can a collections department maximize performance against key objectives such as Days Sales Outstanding (DSO) in such a challenging environment?
This article delves into these topics in detail and offers practical advice for collections professionals who are looking to mitigate the effects of the credit crunch.
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