AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Getting paid--it's a psychological thing.(collecting accounts )(Viewpoint essay)
I want my money! We all want our customers to pay us. What I have learned in the world of collecting accounts receivable, is that people have what I refer to as psychological breakpoints. ("People" includes businesses because it is ultimately some person who makes the decision.) What I mean by the breakpoint is what pressure point is it that makes the debtor "decide" (willing) to actually pay? Remember, there is a huge difference between "able to pay" and "willing to pay."
Breakpoints vary. Some people pay because they ordered the service or product. Some people pay because you sent them a bill or because you called and asked. But if you've been calling for 60-90 days and you've resolved any legitimate issues that were raised, chances are the debtor either can't pay or is one of those people whose "willingness to pay" needs to be worked on. People who say they "can't pay" usually have money--just not enough to pay everybody. So, you need to be moved up on their priority list. But remember, people pay people they like; be courteous. (The feature beginning on page 18 will help you.) Then, if you determine the person/company truly can't pay, work out a promissory note arrangement with payments to begin after a delayed time if it is a temporary situation. If it is permanent, move on.
What about the "unwilling to pay"? Same thing. If you have been calling and sending letters, what is the 14th letter or call going to do that the first 13 (or actually first three) didn't do? It's time to move to that next psychological breakpoint--send the matter out for collection.
Collection is one of the things we do at NACM. We don't yell or scream at your customer. If you want your customer to provide negative advertising for you, we feel that is your prerogative. Our job is to do our best to collect your money and to do it in such a way that the two of you can do business in the future, albeit perhaps on a COD basis. COD is always good--Burger King is COD and it seems to work for ...
- Lottery bets on new blood Series: THE NUMBERS GAME
- Newspaper article from: Chicago Sun-Times Lynn Sweet March 28, 1988 700+ words
...less than $10 million, the survey showed. "A double-digit million-dollar jackpot appears to be a psychological `breakpoint,' " the survey said. "Only about 8 percent now view a $1 million jackpot as being `big money...
- St. Louis-based Bryan Cave works on $16.8 billion UC Rusal loan restructuring
- Newspaper article from: Missouri Lawyers Media December 7, 2009 700+ words
...yesterday that it reached a restructuring deal of about 50 credit agreements with more than 70 lenders. The restructuring includes "pay-if-you-can" principal repayments based on the business's performance; the conversion of part of shareholder ONEXIM...
- Federal City builders use 'tilt-up' technique to meet deadline in Algiers
- Newspaper article from: New Orleans CityBusiness Ben Myers December 7, 2009 700+ words
...industry, which Sauter said is one of the "slowest to adopt new ideas." "If you have problems you haven't foreseen, who will pay for your learning experience?" Sauter said. But Federal City, along with similar projects, is helping to advance tilt...
- Offensive woes = kicker's success UCLA FOOTBALL: Forbath is 17 for 18 on field...
- Newspaper article from: Los Angeles Daily News October 22, 2009 700+ words
...I also spent a lot of time alone on my technique trying to get stronger and more consistent. I think it's starting to pay off." The biggest improvement in Forbath's game, he said, is the consistency of his swing. A kicker's leg swing is like...
- Gov't Pay For Abortion? No!
- Newspaper article from: Intelligencer Journal Lancaster New Era Saturday ed December 7, 2009 700+ words
...belongs to insist the government should pay for abortion. That's extreme.The Supreme...abortion. That doesn't mean I should have to pay for it. The Constitution also guarantees...course not. The government shouldn't pay for abortion either. Kathy Martin Manheim...
- Claremont board member believes art museum can be revived
- Newspaper article from: Inland Valley Daily Bulletin Wes Woods II December 6, 2009 700+ words
...quality type of museum we wanted to be," Chabre said. "That's the fundamental management policy we had. Whether it's pay or any expense." When asked if the drive to make the museum a "regional museum of international significance" negatively...
- Part-time Legislature initiative generating buzz
- Newspaper article from: Inland Valley Daily Bulletin Sandra Emerson December 6, 2009 700+ words
...be shown you don't get $115,000 a year for working 130 days a year. We reintroduced (the initiative) with the cut in pay and put it at a minimum of 50 percent, but the people who set those salaries at the state level can drop it even further...
- A fantastic resource
- Newspaper article from: Inland Valley Daily Bulletin Anonymous December 6, 2009 700+ words
...investigated and, if found derelict, be made to pay back the taxpayers or face charges themselves...program. We have paid high Medicare taxes and pay a monthly fee. Second, it will cost working...gives the "poor" more services than we who pay for our own. Also in reality many doctors...
Source: HighBeam Research, Getting paid--it's a psychological thing.(collecting accounts...