Late payments and unpaid invoices can greatly reduce the profits in any business. It is important to have a debt collection process in place that provides clear instructions to employees about the steps they should follow to collect these late payments.
This Debt Collection Policy walks employees step by step through the collection process: Starting with a friendly email and ending with a debt collection agency. The procedures are easy to follow and contain all applicable email and letter templates, as well as recommended phone scripts.
The procedure can be fully customized by replacing the tokens in brackets with the appropriate officers, names and numbers. You can further edit this procedure to include additional criteria and policies that are relevant to your company.
The “Debt Collection Policy” is recommended to be included within the Finance section of your Company Manual.
Word count: 1,161
