If you can answer yes to these questions, you have set clear policies and standards for your customers and there should be little confusion about how, when and where you want to be paid, hopefully you have also let your customers know what will happen if you don’t get paid!
- Are your terms of payment clearly defined and communicated to your customers?
- Do you have more than one set of terms for payment?
- Do you have a clear credit policy?
- Have you set authority within your organization about credit?
- Do you have written policies and credit procedures?
- Do you have a collection department or person?
- When do you send your first overdue letter?
- Do you make collection calls or utilize letters or do you do both?
- Do you use a collection agency?
- How do you train your credit personnel?
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