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small business help - information - news and start up advice arrow Cash Flow Control arrow Collection Methods

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Collection Methods

Many a relationship has foundered on receipt of an arrears letter. However, it is not wrong to let your customers know when payment is overdue.

What you have to evaluate is how you are going to inform that 'very good customer' that they have arrears and still maintain that 'great relationship'.

This article will outline a number of options, for most situations.

There are seven collection methods:


Numbers 6 and 7 are covered in the section '

DEBT RECOVERY'.

The collection methods you use must be cost effective with an efficient system to identify, action, monitor and follow-up debtors.

However, some thought must be given to the industry in which you operate and/or the client base you sell to.



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