Alerts Are Essential – When You Submit is Vital

Submit Alerts
Submit Alerts

Aside from supplying a case number, does it really help your fellow group members if the first alert you send out on a common customer is a Bankruptcy notice?

Alerts work went they are reported at the first sign of payment problems.  Would your exposure and possible loss be reduced if you received the information contained in alerts 1-3 below early in your dealings with the account?

Is there still time for action if the first alerts are #4 and #5?

Is this account doomed for a write-off if your first alert was #7?

Would you be optimistic of any recovery after alert notifications #8-10?

  1. Paid first order 45 days late

  2. Slowing, invoices are being paid 60-90 days beyond terms

  3. Constantly requesting copies of all invoices,.

  4. Phone calls and emails not been responded to

  5. A/P contact gone, calls go to voicemail

  6. 10 day demand sent

  7. Mail being returned, phone disconnected

  8. Salesmen reports storefront is empty

  9. Placed for collection

  10. Bankruptcy Notice Received

HAVE YOUR GROUP COMMIT TO SUBMITTING ALERTS AT THE FIRST INDICATION OF A PAYMENT PROBLEM?

by: Larry Convoy, Industry Credit Groups, Supervisor

 

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