Tricks of the Trade

While the techniques suggested on this WEB site have proven successful for others, we do not in any way endorse them. These ideas come with no warrantee or liability. If you decide to use the techniques outlined on these pages, please do so at your own risk. 

Approval Process:

• If a customer has 8 months on the job it probably means they like the job.
• If a customer has a bank account for 6 months it means the bank has not gotten fed up with him and closed the account yet.
• Telecheck will tell you the customer has bounced a check they have not yet cleared. They will help you collect the check, but will not guarantee the collection.

Collections:

• Customer issues a Stop Payment.  Don't throw the check away.  Some banks purge their stop pay requests within 6 to 12 months and you can redeposit them then.
• Collection letter suggestions.  Warn the customer that you are going to report the bad loan as income to them to the IRS as a 1099 Miscellaneous income item.

Payback Policies:

• Offer a discount if the customer comes in and pays off early.
• Let your customer tell you when they want to pay back, i.e., when they receive their paycheck.