Happy New Year! Credit and Collections Resolutions for 2018

Posted by Marilyn Miller on December 29, 2017  /   Posted in Uncategorized

As you finalize business plans for 2018, keep in mind certain steps you can take to reduce delinquent debt in your business and boost your recovery of your past due receivables.

Here are  great credit and debt collection resolutions you can and should make for the coming year:

Use a written contract with all new customers that includes payment terms and addresses consequences of non-payment.

Standardize your in-house credit procedures and communicate to key people in your company

Construct an effective collection letter. You will use it again and again. Get to know your customers and how they pay. Extend credit accordingly.

Establish your deadline for how long you will keep accounts in house before sending to a collection agency and stick to it. Delay can cost you.

Remember that it is business, and never personal. No one says that you have to like it when customers don’t pay you, but instead of getting mad, get paid. Focus on recovering the money owed to you.

Make it easy for people to pay you. Give customers different ways to pay you. Use an online payment portal. Look into some of the newer forms of payment – PayPal, ApplePay, Venmo….heck, chickens if it works!

Document, document, document!

Hire a collection agency that fits your needs and can work with you to get the very best results.

Work with you collection agency and provide them with all information they need to get results for you.

What are your resolutions for 2018? We would love to hear!

 

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