6 Keys to improving collections

6 Keys to improving collections

If sold but not charged in time, any business may suffer financially. Deal to improve the circulation of money increases the chances of survival and growth.

Put together a schedule of collections.

Ignoring collections can jeopardize a business. On paper or a spreadsheet, keep track of the information collection helps to track. Include invoice date, invoice number, amount, concept, within agreed payment, estimated for the collection, contact person and actual payment date, with data transfer check or if no date.

Establish payment terms according to customer profile. Some customers follow the rules, pay on time and no problems.

Others, however, may result in delays and complications, which cost time and money. Both groups identify you better organize your collections and provide conditions according to their behavior.

Accept several payment options. While cash, credit card or check may be preferable for certain businesses, a payment that none better. Give customers a variety of payment methods avoid excuses and facilitate collection.

Offer benefits to those who pay on time. Discounts, gifts or other incentives for a customer to prepay or cash can encourage the advancement of collections.

Study each case. Identify what are the reasons for which payment may be delayed or complicated allow a better approach to the problem is and, therefore, its solution. It’s not the same having a willingness to pay but has been delayed by your own collection, a client conforming is speculating not pay.

Insist. If there is a committed payment, it must be done. It is not inappropriate reclaim it! In some cases, you must have patience and tact to communicate several times to get your goal. It is important to identify the right person to talk to, that which has power to decide on payments.

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