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Business strategy
How to effectively manage credit risk by customers
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[QUOTE="Caramelle, post: 198294, member: 150"] [JUSTIFY]A business should always require and verify business references for customers who are requesting credit. Dealing with customers is a sensitive matter that we shouldn't take lightly. In practice, most businesses will assign different persons for the job of selling and collecting. The salesperson may help in the collection, but the receivables and collections employee will take a more active role in the collection. Salespeople can continue to do their PR, marketing, and selling job while the collections employee takes care of the collecting work. Credit terms and the credit relationship should be clearly stated in the contract, invoice, and statement of account. This ensures that the client is knowledgeable about the terms and will expect appropriate actions in case of default. Depending on the length of the term, the seller will usually send a reminder a week or so before the due date. A call is also made on or before the due date to follow up on the payment. In cases of delay, another call is made while a statement of account and a written reminder are also sent to the client. This is done on a weekly basis until the customer pays. Calls may also be made several times a week. The client should feel that the seller is not letting up on the collection activity. In all cases, the collector should always maintain professionalism in all dealings with the client. It also helps to establish a pleasant relationship with the collector's counterpart on the client's side. After exhausting all efforts to collect, the collector may inform the client that their account will be turned over to the lawyer for legal action. The collector, at this point, may still give the client a final option to settle.[/JUSTIFY] [/QUOTE]
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