Collection Agency East Africa

05/08/2022

One of the grave mistakes that we notice when a company gives credit, is the fact ,that due diligence is not carried out. Low business, and, competition, are the wrong reasons, to give unchecked ,credit for good and services.

Businesses extend credit to get rid of stock, or to sell more than their competitors and because they are friends with the buyer.

Most dangerous credit is that of boosting the sales ledger, to show you are a big supplier.

Our Advise...

1. Know your debtor. Does he sell his goods on credit too. If yes, then his answer when you ask for your money will be..HAVE NOT BEEN PAID BY MY BUYER TOO.. so we cant pay you.

2. What is his intention to buy a large quantity. Is it because they are selling on credit or is it because he has an order. Has he gone to your competition and was denied credit for any reason. This is a important question you must ask.

3. Know who signs the cheques at your buyers business. Ask them their policy and set your target collection date in writting, on your credit approval forms.

4. ASK FOR POST DATED CHEQUES.

5. Never be shy to ask for their suppliers contacts. You can varify if they are trust worthy.

6. Dicipline your sales staff to keep time lines of collecting payment & when invoices are due. Any invoice over 60 days needs to have red flags and pressure put to get paymemt in.

7.Give better discounts for big sales and give incentives for on time payments.

8. Never feel any apprehention in meeting with buyers company Directors when giving credit or asking for your payment.

9. Remember the goods are yours. The credit you give is your liability.

10. Most important,you have to pay for the goods you give on credit to the business you bought it from.

FOR MORE ADVISE HOW TO COLLECT YOIR DEBTS VISIT

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23/11/2020

An open and frank dialogue early on between the parties steered as a form of informal mediation or collaboration can quickly put an end to frustrations and disputes and lead the way for a successful, more cost-effective solution to any dispute that may arise, big or small.
Top tips

Parties should review their existing contracts and carefully consider the effect of COVID-19 when negotiating new contracts.

Parties should act fairly and reasonably when administering contracts, bearing in mind the impact of COVID-19. For example, how might additional costs be shared? Can works be resequenced or can sectional completion be added? Is a time extension needed? Have relevant notices been properly issued?

A conciliatory approach to unfulfilled commitments should be adopted to establish a dialogue. Parties should perform a reality test and optimise their position, weighing up the time and cost of an adversarial approach with the cost savings and benefit of a collaborative approach.

Careful records should be kept. Parties should document any discussions or agreements (eg, to suspend or vary works).

If an agreement cannot be reached or looks unlikely, parties should consider engaging legal counsel.

25/09/2020

The Advantages of a Collection Agency

A collection agency is a company you hire to go after debts owed to you by business or consumer customers. When you hire a collection agency, there is no guarantee you will get what is owed to you, but the agency will follow a standard processes in an effort to get your money. You normally pay a commission on the amount collected.

Expertise

When you hire a collection agency, you essentially outsource the process of aggressively pursuing collection on overdue payments. The expertise and experience of an agency normally exceeds what you have in-house. This improves your potential of getting some or all of the amounts due. Agencies pay professionals to collect your money and use proven techniques and systems to optimize success.

Get Paid

The primary benefit of a collection agency is improved chances of collecting money. Without a fear of collection agents, consumers may be less concerned about the risks of not paying you what they owe. The aggressive, consistent pursuit by collection agents pays off in you getting more of your money back and having to write off less bad debt.

Documentation

Even if unsuccessful in their attempts to collect, agencies normally keep records and documentation of collection efforts. These include logs of telephone, mail, email and in-person contact efforts and the result. They also note any comments or input from the delinquent borrower and any amounts collected. By tracking all efforts for collection, the agency essentially puts together your case should you decide to sue the party in court. Some amounts are too small or would require too much time, effort and expense to justify a lawsuit. Your agency usually conveys this to you at the time the collection processes ends.

Strategic Focus

A key reason to use a collection agency is to maintain focus on your primary business activities. As a service provider, for instance, you have to weigh your time and missed opportunities to perform your own collections against the new customers and revenue you can generate while an agency handles collections hassles. In some cases, customers get anxious about collections calls and may actually call you anyway to discuss payment options. Keeping a clear mind and concentrating on your core business activities is a major advantage of delegating collections to someone else.

23/09/2020

www.collectionagency-ea.com

20/09/2018

The Advantages of a Collection Agency

A collection agency is a company you hire to go after debts owed to you by business or consumer customers. When you hire a collection agency, there is no guarantee you will get what is owed to you, but the agency will follow a standard processes in an effort to get your money. You normally pay a commission on the amount collected.

Expertise

When you hire a collection agency, you essentially outsource the process of aggressively pursuing collection on overdue payments. The expertise and experience of an agency normally exceeds what you have in-house. This improves your potential of getting some or all of the amounts due. Agencies pay professionals to collect your money and use proven techniques and systems to optimize success.

Get Paid

The primary benefit of a collection agency is improved chances of collecting money. Without a fear of collection agents, consumers may be less concerned about the risks of not paying you what they owe. The aggressive, consistent pursuit by collection agents pays off in you getting more of your money back and having to write off less bad debt.

Documentation

Even if unsuccessful in their attempts to collect, agencies normally keep records and documentation of collection efforts. These include logs of telephone, mail, email and in-person contact efforts and the result. They also note any comments or input from the delinquent borrower and any amounts collected. By tracking all efforts for collection, the agency essentially puts together your case should you decide to sue the party in court. Some amounts are too small or would require too much time, effort and expense to justify a lawsuit. Your agency usually conveys this to you at the time the collection processes ends.

Strategic Focus

A key reason to use a collection agency is to maintain focus on your primary business activities. As a service provider, for instance, you have to weigh your time and missed opportunities to perform your own collections against the new customers and revenue you can generate while an agency handles collections hassles. In some cases, customers get anxious about collections calls and may actually call you anyway to discuss payment options. Keeping a clear mind and concentrating on your core business activities is a major advantage of delegating collections to someone else.

23/12/2017

One of the grave mistakes that we notice when a company gives credit, is the fact ,that due diligence is not carried out. Low business, and, competition, are the wrong reasons, to give unchecked ,credit for good and services.

Businesses extend credit to get rid of stock, or to sell more than their competitors and because they are friends with the buyer.

Most dangerous credit is that of boosting the sales ledger, to show you are a big supplier.

Our Advise...

1. Know your debtor. Does he sell his goods on credit too. If yes, then his answer when you ask for your money will be..HAVE NOT BEEN PAID BY MY BUYER TOO.. so we cant pay you.

2. What is his intention to buy a large quantity. Is it because they are selling on credit or is it because he has an order. Has he gone to your competition and was denied credit for any reason. This is a important question you must ask.

3. Know who signs the cheques at your buyers business. Ask them their policy and set your target collection date in writting, on your credit approval forms.

4. ASK FOR POST DATED CHEQUES.

5. Never be shy to ask for their suppliers contacts. You can varify if they are trust worthy.

6. Dicipline your sales staff to keep time lines of collecting payment & when invoices are due. Any invoice over 60 days needs to have red flags and pressure put to get paymemt in.

7.Give better discounts for big sales and give incentives for on time payments.

8. Never feel any apprehention in meeting with buyers company Directors when giving credit or asking for your payment.

9. Remember the goods are yours. The credit you give is your liability.

10. Most important,you have to pay for the goods you give on credit to the business you bought it from.

FOR MORE ADVISE HOW TO COLLECT YOIR DEBTS VISIT www.collectionagency-ea.com

14/11/2017

According to research, mor than half of consumers (57%) don’t have enough cash to cover an unexpected expense of 15,000 or more. Remedy: It’s impossible to predict unemployment, car accidents or busted plumbing, which is why every home needs an emergency fund. Experts say put 3-6 months of expenses aside for emergencies. It might take a while to get there, if you’re focused on paying off debt, but again, it has to be part of your monthly budget. Set aside at least 5% of your income in an emergency fund, at least until you have three months of expenses covered.

14/11/2017

According to research, more than half of Kenyan consumers (57%) don’t have enough cash to cover an unexpected expense of 15,000 or more. Remedy: It’s impossible to predict unemployment, car accidents or busted plumbing, which is why every home needs an emergency fund. Experts say put 3-6 months of expenses aside for emergencies. It might take a while to get there, if you’re focused on paying off debt, but again, it has to be part of your monthly budget. Set aside at least 5% of your income in an emergency fund, at least until you have three months of expenses covered.

14/05/2017

DEBT AS IT IS
Debt , like success always has a foundation. One must understand what leads to debt. Success comes with planning to do the right things , while debt is not accrued necessarily by bad decisions. Market forces and dicisions can be factors... One has to get to the root cause if the debt. One has to analyse their actions that lead to the debt. Over spending is a decision not a coincidental action that happened overnight. Market forces are there to guide us not there to force us .

Secondly debt is not always deliberate it can be not your choice but it is surely your responsibility. One bought many cars to resell because the investment was sound but devalued shilling made that stock expensive to move.

Once you take responsibility of your debt you will recognize the foundarion of that debt. Your image in the mirror becomes clearer . Do you arrest that situation or due you brush it of for the ego is bigger than reality.

Thats where debt collectors, lawyers and court cases originate from when your ego is bigger than your debt.

So find out the building blocks of success and also in the same breath remember DEBT HAS A FOUNDATION ..Find where yours began. Arrest that before like a ego debt consumes you.

13/04/2017

DEBT AS IT IS
Debt , like success always has a foundation. One must understand what leads to debt. Success comes with planning to do the right things , while debt is not accrued necessarily by bad dicisions. Market forces and dicisions can be factors... One has to get to the root cause if the debt. One has to analyse their actions that lead to the debt. Over spending is a dicision not a coincidental action that happened overnight. Market forces are there to guide us not there to force us .

Secondly debt is not always deliberate it can be not yiur choice but it is surely your responsibility. One bought many cars to resell because the investment was sound but devalued shilling made that stock expensive to move.

Once you take responsibility of your debt you will recognize the foundarion of that debt. Your image in the mirror becomes clearer . Do you arrest that situation or due you brush it of for the ego is bigger than reality.

Thats where debt collectors, lawyers and court cases originate from when your ego is bigger than your debt.

So find out the building blocks of success and also in the same breath remember DEBT HAS A FOUNDATION ..Find where yours began. Arrest that before like a ego debt consumes you.

13/04/2017

Debt , like success always has a foundation. One must understand what leads to debt. Success comes with planning to do the right things , while debt is not accrued necessarily by bad dicisions. Market forces and dicisions can be factors... One has to get to the root cause if the debt. One has to analyse their actions that lead to the debt. Over spending is a dicision not a coincidental action that happened overnight. Market forces are there to guide us not there to force us .

Secondly debt is not always deliberate it can be not yiur choice but it is surely your responsibility. One bought many cars to resell because the investment was sound but devalued shilling made that stock expensive to move.

Once you take responsibility of your debt you will recognize the foundarion of that debt. Your image in the mirror becomes clearer . Do you arrest that situation or due you brush it of for the ego is bigger than reality.

Thats where debt collectors, lawyers and court cases originate from when your egi is bigger than your debt.

So find out the building blocks of success and also in the same breath remember DEBT HAS A FOUNDATION ..Find where yours began. Arrest that before like a ego debt consumes you.