In today's economic climate it is vital to keep track of your debtors list. Whilst most of your debtors will pay within the agreed time, there will always be some who will need prompting and chasing.We find that a friendly phone call is almost always sufficient to prompt them into payment. To help tighten up your Credit Control. Here are a few hints:- - Do not allow your customer's to exceed your Trading Terms. If they are on 7 day terms, make sure they pay within 7 days, not 14, 30 or 60.
- Review your customer's Credit Limits, and reduce their limit, if you think your customer is struggling.
- Follow up outstanding debts (60 days and over) on a regular basis. Watch for signs that they are struggling.
- Don't be afraid to send overdue debts to a debt collector. It will be money well spent.
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