HAVE A DEFINED CREDIT POLICY





The first step is to clearly define when accounts are to be paid.



If customers are not informed that accounts are to be paid on time, chances are they will pay late or sometimes not at all.



Make sure that your business's terms of payment are clearly stated in writing to each customer. Include any provisions for interest, late payment penalties, collection fees, legal costs incurred should the unpaid bill not be paid under the… Continue

Steps to choosing the appropriate collection agency to recover your bottom line profit dollars is an important step in any business.



* Most agencies work on a contingency basis and are competitive with another. Call around and setup sales calls, speak with the sales people so that you know what the rates are.



* If you have debtors nationwide, utilize an agency that works nationwide. Ask about their success rate.



* Ask about specifics. Procedures, reporting, etc.… Continue