Credit Evaluation and Collections Leading Practices

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This tool features a number of leading practices to assist with improving the credit evaluation and collections process.

Leading practices include: generate invoices that are clear, accurate and comprehensive; offer discounts or other incentives to encourage customers to pay on time or early; provide a single point of contact for customer inquiries; document, communicate and evaluate the credit policy message; discuss and document credit terms with customers at the beginning of the business relationship; create customer-focused teams that align the sales and credit functions; reduce processing float with lockboxes; and post payments on receipts.

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