Next Level Themesoasis, Slick And Paper
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Introduction
Collectors who excel are often stereotyped as slick talkers who can squeeze water out of a rock. In reality, those who know how to best manage their time – using this limited resource to stay on top of debtor communications while streamlining the collections process – consistently perform above the norm. At the same time, collectors that rely on paper-based tools such as calendars or ticklers, computer printouts, written notes, and paper files are hard-pressed to make the best use of their time.
Keep All Credit and Collection Information Together
Marking notes on a print copy of the receivables aging report remains common practice with far too many collectors. Doing this does not leave any permanent record of collection activities and even more, time is consumed if the notes are subsequently transferred to the next printout or a call log. Ideally, call notes should be recorded in the credit or receivables software system during the call. Even greater efficiency is achieved when payment promises and other follow-up activities are recorded within the software, and therefore available as triggers for an automated workflow engine.
Clear visibility of a customer’s status and past activities is a primary driver of collector productivity. The idea is to provide collectors with a single source for all customer credit information, so they can then use their time doing actual collections rather than a host of clerk-like support activities.
Make Sure Contacting Customers Comes First
With uninhibited visibility of their accounts, collectors are provided with actionable intelligence. Required with this is a commitment to contacting delinquent accounts. A simple way to start involves blocking out large chunks of time on your calendar for exclusively communicating with customers. Schedule additional time for follow-up activities to avoid interference with your collection efforts. When contacting delinquent accounts is the number one priority, collectors will facilitate increased cash flow.
It’s Just a Numbers Game
Since a collector can rarely call every single past due client during a month, many collection departments don’t consider an account past due until it has hit 15 or 30 days late. Customers aren’t stupid; they figure out this implied grace period and will withhold payment as long as they can (it’s so common it has a name: Payment Timing Optimization). What you need to do is figure out the most effective collections strategy. By streamlining all activities having to do with past due accounts and finding the best combination and sequence of automated correspondence and phone calls you can get full coverage of all your past due accounts without having to push back when you begin making contact.
Maximum Cash Flow is Achieved through Prioritization
To maximize your cash flow, debtors should not be contacted based on a scheme that involves working alphabetically through the AR portfolio or contacting accounts with the oldest balances first. Instead, accounts that have not paid as promised or who otherwise are scheduled for follow-up need to be contacted first. Then go for the largest past due accounts no matter how old they are. You should also breakdown your portfolio of past due balances by the type of task or contact needed. For example, with an automated collection software tool, you can initially contact via email or fax all your small balance accounts at once. Batching tasks help your time-management effectiveness.
The simple truth is, your collection efforts cannot be truly effective unless there is clear visibility of both individual customers and overall portfolio status. Because of this, collection processes that are reliant on manual tasks and paper documents are intrinsically inefficient.
Download David Schmidt’s whitepaper on, “The Imperative for Eliminating Paper from Receivables and Credit”
How thick are Fastedge and Fastcaps?
Our material thicknesses including the adhesive are as follows: PVC= .025' Unfinished Real Wood= .035' Prefinished Real Wood= .028'.
I am purchasing Fastedge for the first time. Is it better to buy a width that is bigger than the edge I am applying it to or should I buy the exact width I need?
Next Level Themesoasis Slick And Papers
It is best to buy a width a little wider than what you need so it is quick and easy to apply to the edge and trim it without having to stress about lying it down exactly right. We also strongly recommend watching ALL of our Fastedge videos (see the video tab). They are just a few minutes long and by the time you're done watching them, you'll be a Fastedge pro in no time!
I need to match a laminate for my project. Can you help me find a match to your Fastcaps and Fastedge?
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We have 70 stock colors in our Fastcaps and Fastedge and we can also match custom colors for you. If you know the laminate or melamine brand that will make matching much easier. Call us at 1-888-443-3748 with the color information and we can see what we have available. We also sell a Sampler Pack, PVC Sampler Pack and a PVC Color Sample Chain.
I just applied Fastedge to my project and there is adhesive oozing from the sides. How do I clean this up?
You must be very careful when you are trying to clean excess adhesive off when using any kind of chemical because you run the risk of causing the Fastedge adhesive to fail and start curling up on the sides. Try using a razor blade to carefully scrape the excess adhesive.
I need to match a laminate for my project. Can you help me find a match to your Fastcaps and Fastedge?
We have 70 stock colors in our Fastcaps and Fastedge and we can also match custom colors for you. If you know the laminate or melamine brand that will make matching much easier. Call us at 1-888-443-3748 with the color information and we can see what we have available. We also sell a Sampler Pack, PVC Sampler Pack and a PVC Color Sample Chain.
Does Fastedge work on exposed MDF edge and ABS edging?
Fastedge will work on exposed MDF, but there are additional steps needed to prep the surface before application. You need to apply a binder coat of 50% contact cement and 50% lacquer thinner with a roller and then let this binder coat stand for 10 minutes before applying the Fastedge. Fastedge does not work well with ABS panels. We do not recommend using our product for those panels. The adhesive will stick for a short time but will end up peeling eventually as these materials are not porous so there is nothing for the adhesive to bind to.
Can you use Fastedge for 1/8” solid edges?
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Yes, of course. You will have to order it wider than 1/8” – we don’t sell it in less than ¼” (its easier to apply wider than the material and trim anyway). So make sure you pick up a Quad Trimmer as well!
If I'm making radiused edge plywood, as in a kitchen stool, can I use Fastedge as one continuous piece? If so what is the smallest radius I can wrap it around?
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Yes, you can. Should be able to work on as small as about 3-5” radius. Using a De-Curl backward to actually create memory before applying it, to get it to naturally sit in the radius would be a good idea!