Credit Policy for businesses and how to extend credit and manage credit risk

Never make a collection call without researching an account first. Check the account in the computer, make sure you know what the balance is for, when the last pay date was, the invoices etc. 

You need to have a plan before you pick up the phone.  Some things to look for BEFORE calling a debtor are:

• the invoice number
• date of the order, invoice and/or shipment
• the amount that is owed and the amount that is past due
• how past due is the account?
• the payment history
• details of the order
• have there been any disputes or comments put into the account?
  

When a debtor asks you a question about the account you need to be able to answer immediately.  Being able to answer immediately increases your chances of being paid.