Checklist Action to Improve Collection of Accounts

This checklist action to improve collection of accounts template has 1 pages and is a MS Word file type listed under our credit & collection documents.

Sample of our checklist action to improve collection of accounts template:

CHECKLIST Actions To Improve Collection Of Accounts Unfortunately, if your company extends credit to your customers it is inevitable that some of those customers are not going to pay you on time. In fact, you can be sure that some of those customers are not going to pay you at all! The following actions can help improve your chances of collecting your accounts. Require payment by cash or credit card whenever possible. Encourage customers to pay sooner by offering discounts for payment within a specific period of time. For example, you could offer a 2 percent discount if an account is paid within ten days rather than thirty. Discourage customers from paying late by charging interest or late fees on delinquent accounts. Be sure to consult with your attorney first to be sure you are complying with your state's usury statutes and applicable federal laws. Make a personal visit to your customer to discuss a past-due bill or talk to your customer when he or she visits your business, whenever possible.