What does this mean to companies that extend credit? If companies try to manage their receivables as they have in the past, they could be heading for a rough ride. The good news is that companies do not have to revamp their entire internal processes but will want to monitor and adjust as the times change.
Another resource you will want to add to your credit department is a competent “commercial” collection agency. Ninety percent of the solicitations your company receives from collection agencies are not worth your time. You need to choose your agency wisely.
Jerry R. Smith, president of AIP Solutions, talks to many companies that have tried collection agencies and/or attorneys but were disappointed in the result. That is what prompted him to partner with buying groups, cooperatives and trade associations to establish credibility and emphasize educating their prospects/clients. They have introduced a series of online presentations and encourage you to visit the following link to learn more: www.brainshark.com/aipsolutions/whentouseaip.
AIP Solutions is a commercial collection agency specializing in the HVACR and plumbing industries. They are members of the International Association of Commercial Collectors (IACC).