Building for the future of credit solutions''Despite the recession

In periods of great concern, is important to strengthen the recovery process. If the economic outlook is uncertain, as now, it is essential that strategies are reviewed and edited collection to meet current challenges. It is not enough to send another letter or another phone call to a customer in arrears. We must conduct a comprehensive review of policies Removal and return to rational performance goals. For example, each time a sale is made it are four possibilities to reaffirm the terms and conditions and to highlight special conditions of payment.

1. Confirmation of order: a first opportunity to avoid any confusion about the terms and conditions of payment limits.

2. Warning: Key Account conditions.

3. Bill: Who to pay, where wages and the time to pay. Make it easy for their customers pay on time, the status of a specific date. Be clear and useful.

4. Declaration: Useful as a summary of the company, a tool for reconciliation and a subtle reminder of

date payment. At all times, keep clients informed and updated the credit policies of your organization. Let fi rm, fair and continuous monitoring. It is important to develop a relationship with your customer.

• Importance of accurate information. Follow the adage on Wall Street, "Know Your Customer." Who is my client? What is its legal form? Where are their main operations base? What are your trading style? Personal guarantees are required? In event of nonpayment, he said a cons? Simple questions and so often have problems and delinquency in the wake of poor information credit on the buyer / customer.

• Start the collection cycle before the money is owed. A simple service call from the client to establish the point of contact to ensure that the services performed with the specifications or the receipt of goods, the invoice has been received timely and that there is no reason to refuse payment. There is also a good opportunity to reconfirm the date of payment and method of payment. Do not assume your customers know your credit policy and payment preferences. Establish a reliable contact business and remember that you owe money, but people who pay the bill! Continue the collection cycle after payment has been received. Why not thank the customer for payment? Kevin suggests the reason is that the total solution to the collection of funds consists of three main objectives:

1. To collect the most money possible today. Communication is an important part of the credit controller's ability to collect more money available today. Reach a compromise to pay more than one customer has at his disposal will inevitably lead to a broken promise.

2. goodwill Preserve customer. Professionalism in professionalism is to collect money on your business as a whole, so that relations can improve and improved through better management practices of the credit.

3. Tell your customers to pay promptly. Nothing less than this is not the total solution for specifications. Just do not want to go through the collection process with clients in several occasions.

• Solve problems and issues quickly. Time is money and we must find a solution to a problem, the less likely it is to find an amicable solution. Faced with problems immediately, preferably before the due date of the invoice. If the base non-payment is a dispute about the quality products or services, pricing or delivery, an amicable settlement was reached in the period. The customer may use a dispute less to maintain a substantial payment. Insist that the undisputed leader immediately indicating that the small amount will be negotiated.

About the Author

Kevin Terrell is the CEO of Harvest Credit Management HCM are the Spanish partner of Global Credit Solutions and collect money in 78 countries worldwide. For more information visit www.gcs-group.com

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