Dear Clients, Colleagues, and Friends,
Without question, whether it’s customers or suppliers, everyone is concerned about their business and how other businesses may affect them.
With the latter in mind, I am pleased to inform you that as your collection outsourcing partner, CMI is fiscally strong and operationally solid due to our long-term disaster risk management planning. All funds collected on your behalf are deposited into the client trust account and held until they are remitted to you as per our normal semi-monthly remittance schedule. In addition, CMI’s certification through the Commercial Collection Agencies of America is current, and our bonding and other licensing requirements are all up to date.
CMI is working very hard to walk a fine line during this period and have two objectives when speaking with your customers. The first objective is to treat them very understandingly, which we believe will support the second objective — that they will be encouraged to prioritize payment of your account.
Specifically, when we initially speak with your customers, we naturally inquiry as to their health and safety, since no one can do anything when one’s health is compromised. Knowing that everyone is presently quite stressed, our soft and empathetic tone deepens the communication and trust. Subsequently, when the time is appropriate, we inquire as to their status, and if they are still reasonably operating, we will try to confirm the possibility of payment in part or full. Fortunately, with our decades of human relations experience and know-how, this has been working.
Furthermore, during this trying time, we have informed your customers that interest on past due accounts has been suspended, which is also an incentive to prioritize payment. Finally, due to this unprecedented situation, we have paused on the reporting of any new accounts placed with CMI to the Experian Credit Bureau.
Cash flow is the life blood of all businesses and if each of us do our part, some cash flow can be maintained to hopefully get us through this pandemic.
Please stay healthy, keep smiling, and don’t hesitate to call us if we can help you in any way. Above all, please remember that CMI is always here for you.