Payment collection is the awkward elephant in the living room that every business must eventually master. Payments made on time are the lifeblood of the company, guaranteeing a steady stream of cash flow to cover operational expenses and invest in growth without squandering credit lines.
Because making payments on time are an important matter, it is vital that businesses have the necessary information and documentation in place to assist in the process of collecting payments. Documents like contracts and credit policies, for instance, can go a long way in reminding customers of the terms of the credit arrangement and schemes of payment. Stricter protocol on credit should also be put in place to reduce the likelihood of extending credit to clients incapable of paying on time.
Though it may be awkward for everyone concerned, making a collection call or following up payments remain at the forefront of ensuring that payments are made. It immediately provides feedback and allows for some degree of flexibility to reach a compromise when the situations demand it.
Finally, businesses should not hesitate to call in the services of a collection agency should the customer prove rather difficult to collect from. Far too long a delay may make further attempts at collection difficult. Having a competent collection service on call can prevent further losses to delayed and missing payments down the line.
Brennan and Clark goes beyond collections in providing clients with the needed assistance to secure cash flow and eliminate credit losses. For more on the company and its services, visit this Linkedin page.
Image source: entrepreneur.com
Because making payments on time are an important matter, it is vital that businesses have the necessary information and documentation in place to assist in the process of collecting payments. Documents like contracts and credit policies, for instance, can go a long way in reminding customers of the terms of the credit arrangement and schemes of payment. Stricter protocol on credit should also be put in place to reduce the likelihood of extending credit to clients incapable of paying on time.
Though it may be awkward for everyone concerned, making a collection call or following up payments remain at the forefront of ensuring that payments are made. It immediately provides feedback and allows for some degree of flexibility to reach a compromise when the situations demand it.
Finally, businesses should not hesitate to call in the services of a collection agency should the customer prove rather difficult to collect from. Far too long a delay may make further attempts at collection difficult. Having a competent collection service on call can prevent further losses to delayed and missing payments down the line.
Image source: thestashed.com
Brennan and Clark goes beyond collections in providing clients with the needed assistance to secure cash flow and eliminate credit losses. For more on the company and its services, visit this Linkedin page.
No comments:
Post a Comment