Whenever the economy slows down or has trouble regaining its strength, credit and finance executives may notice troubling signs of a slowdown in payments from debtors. Slow-paying accounts can cost creditors extra time and money in collection attempts, fees for collection agencies and legal costs. All of this can be a drain on the company’s cash.
Therefore, it is essential that those in charge of the credit/collection function take extra care to make sure statements have clear payment terms on them. They must also make prompt phone calls on late-paying accounts and properly log all correspondence with debtors, noting the day and time each customer is called. Need assistance in developing an efficient and effective collection policy? Call 1-800-407-9044.
Furnished to you by Creditor's Edge, The Internet’s Oldest Daily Business E-Newspaper Providing News on Bankrupt and Troubled U.S. Companies http://www.creditnews.com FREE SAMPLE 800-407-9044 -- steve@creditnews.com
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