Most businesses may face challenges in the near future in collecting past due accounts receivable. Being persistent generally will increase your productivity in collection and remaining positive will certainly help you stay in a better frame of mind! Statistics support the idea that most customers want to pay their past due accounts. Thus, being persistent in asking for payment generally …
North Carolina law provides that a business which operates in North Carolina and collects personally identifiable information (social security number, drivers license number, date of birth, etc.) on individuals (including employees and customers), the business is required to maintain an Identify Theft Policy. The Federal Trade Commission now requires businesses to identify “red flags” which are areas for possible identify …
It can be shocking, crushing, and, worse, financially devastating to have a valued customer declare bankruptcy. However, the ambitious credit manager and business owner should strive to be prepared for the bankruptcy of a customer. Careful planning can mitigate or even negate the economic impact of a customer’s bankruptcy. Yet to fully prepare for the worst, it is necessary to …
Preferential Transfers in Bankruptcy: How to Minimize the Preference Risk For suppliers of goods and services, nothing may be more unsettling than discovering that a customer has filed for bankruptcy. To add insult to injury, there is a risk that any recently received payment or settlement might be recaptured by the bankruptcy trustee as a preferential transfer or “preference”. Do …
