Hello – Physic Hotline

“HELLO – PHYSIC HOTLINE”

“Please hold….” 

If this is how the phone is being answered when you call a client to inquire about your past due receivables, then you need to realize that you have other and better alternatives. 

Cultivate a degree of paranoia.  Keep in mind that if they are really out to get you or rather, not pay you, it is not being paranoid, It is just good common sense!  You can hope for the best, but you damn well better prepare for the worst! 

As the economy continues to stink no matter how the government tries to spin the story, all things being equal, if you continue doing business as you have, your risk factor increases by very frightening numbers.  The signs are there.  Read them. 

Not only do you have to stop counting chickens before they hatch, you have to be sure of the eggs getting to the incubator, that means front end protection.  If you have not been severely slammed yet, it is nothing but luck, and it is a safe bet your turn will come. 

Start looking at sales like a cop stop.  No matter why you are stopped – license, registration and proof of insurance, that is their big three.  

Your big three should provide you with a livable comfort zone.  

1.  Credit Application:  I say “credit app” and everyone goes “yep, got that one covered”.  You would be surprised how many credit applications get rammed through by heavy handed sales managers prior to verification.  So, just what is it that gets verified?  The correct corporation name and address, if the corporation is in good standing, and more available information free from the corporate division of most Secretary of State Offices.  Insist on more information.  Credit rating and references anyone? 

2.  Personal Guaranty:  Do you have a Personal Guaranty (PG)?  Was there verification of a driver’s license and social security number?  Does your PG have a stand alone section to be signed by an individual?  If their signature includes their position or title, then they signed as an officer not as an individual. 

3.  Proof of Delivery: What about Proofs of Delivery and the fact that post dated checks are not checks but merely promissory notes.  Have you deposited your bad checks the second time?  Does your client agreement have a clause pertaining to bad checks?  To maintain any profitability at times such as these, you must stay on top of your receivables, not the client’s excuses!  

Finally, do your terms include an interest rate in line with banks and credit cards?  Can you afford to without this legitimate source of revenue?  Your kindness and generosity for allowing over extensions of dollars or days will more likely result in a bankruptcy of one sort or another instead of payment. 

Call us!  Let us lead you through the maze of excuses that stand between you and your money.  You don’t need a physic, you need International Recovery Services!!!