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If you offer credit to your customers, chances are you know all about the revised guidelines issued in 2014 by ASIC and the ACCC designed to encourage reform across the debt collection industry.
In July 2014 revised guidance was issued to help Australian creditors and collectors understand (and adhere to) acceptable standards in the collection of debt. To avoid significant penalties from unintentionally breaching the law, businesses involved in debt collection are encouraged to familiarise themselves with the major changes and implications of the revised guide.
We all know that cash is king, or rather – cash flow. In today’s volatile economic climate it’s more important than ever to have a good handle on your company finances. Without appropriate systems and processes to maintain positive cash flow, finances can quickly spiral beyond control.
It sounds simple, right? Pick up the phone, ring your customer and let them know you’re expecting them to settle their overdue account. Unfortunately, it’s not always easy. If you haven’t prepared, the call can quickly take a wrong turn. Or, an emotional reaction from the recipient can easily throw you off your game.
Getting a debtor to pay a delinquent account can be tricky, especially if they’ve left town with no forwarding address. There’s no need to write off the debts of a missing debtor. Often you can track them down as long as you know where to look.
Do you worry about how well your children will manage debt? Never before has money been so abstract. With our reliance on internet banking, direct deposit of payroll cheques, and standing orders to pay bills via direct debit, it’s likely your children have no concept of how money actually changes hands. Banks are quickly doing away with the signature on charge cards, removing any obvious sign of personal responsibility of debt.
‘Cynical’, ‘unconscionable’ and ‘clearly unfair’ are words most business owners never want to hear. When a federal court justice uses these very terms to describe your debt collection activity, chances are it’s going to be coupled with a hefty fine that could financially cripple your business and the individuals involved in it.
If used correctly, social media channels like Facebook can play an effective role in your debt collection strategies.
Struggling to recover debt from your Gen Y customers? If you understand their spending attitudes, you can work on planning to help motivate them to pay.
As a small business, you often find yourself doing consulting work or providing goods and then invoicing for the work. This is providing goods or services on credit, just as any other credit provider. This article discusses how you should implement credit terms for your business.
With the Privacy Act amendments coming into effect early next year, it’s important to know how the changes are going to impact your business’s debt collection practices.
Most businesses have to chase debtors at one time or another, so a debt collection strategy will go a long way in helping to recover monies owed.
Natalie Walker from BCM gives a few tips on how to make a successful debt collection call.
Natalie Walker, Managing Director of BCM, gives advice on when a bad debt becomes uneconomical to pursue.
Natalie Walker, Managing Director of BCM, gives advice on how to make sure you get paid by your clients.
Are you losing sleep over your debtors? Natalie Walker, Managing Director of BCM, provides 5 useful tips to help you get paid.
BCM has announced it will be attending the Nifnex Small Business Expo in Perth as a premium exhibitor on Friday 24th May 2013 at the State Tennis Centre, Burswood, WA.
BCM welcomes the new ASIC national business names register. The new register replaces the existing state and territory registers..
BCM announces the opening of its new debt collection centre, at Level 1, 251 Hay Street, Perth.
BCM announces the implementation of new debt collection client software.
The Australian Institute of Credit Management (AICM) has formally welcomed BCM today as a state sponsor of the WA division.
BCM collectors have attended training on the new Personal Property Securities Act legislation due to take effect in October 2011.
BCM joins ACA International - the world's largest debt collection trade association.
BCM is pleased to announce that it is a corporate sponsor of the Australian Institute of Credit Management's WA division in 2011.
BCM is proud to launch its new website.