How can you maximise your chances of getting paid? Include these three elements, the “Three C’s”, in your business processes to increase the likelihood of getting paid:
1. Credit Policy:
Establish, maintain and comply with a credit policy designed for your company. The policy is designed with consideration of the company’s tolerance for risk, growth and financing.
2. Collection Policy:
Your collection policy must provide for timely invoicing, documentation, periodic follow up and contact. Have a pre-established time frame to outsource claims. This insures in-house efforts are used to maximise the likelihood of payment.
3. Collection Agent:
Choose a collection specialist who is the right fit for your company based upon customer sensitivity, approach, performance and ROI (return on investment).
If you need help incorporating any of these elements into your business or have a claim to collect please contact us.