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Some businesses have slow paying customers or past due balances because they didn't 'train? their customers in the beginning.
It is important that your customers know your credit policy andor terms of payment, BEFORE they become a customer. Reiteration of your credit policy, when payment is overdue, is a good step to take in trying to obtain payment. Always ask for payment when it is justly due.
You should never extend credit to a new customer without having them fill out a credit application and go through the credit approval policy. Once you extend credit, it is important to maintain accurate records on an accounts payment history.
Adhere to your collection policies no matter what. You cannot see the future or changing market conditions. Try to keep current with trade reports pertaining to specific companies and industries.
Change your collection letters frequently, you can make them stronger and more action oriented.
Discourage payments on account or changes in payment terms. To many payment plans or changed payment terms can impair your cash flow.
When you receive payments ?on account? be sure to follow up right way with a letter or phone call thanking them for their payment and telling them what their new balance is and when to send it.
On large accounts call or send a reminder just a few days after terms if they get delinquent.