Collections and repayments

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Created by
bal

Cards (14)

  • Collection Program

    Strategies, organization and procedures for recovery of receivables
  • Collection department

    Responsible for monitoring and following up on receivables
  • Credit manager

    Determine the reasons why accounts become overdue
  • Customers may be classified as
    Who honestly misunderstood the terms of sale
  • Customers may be classified as
    who overlook their accounts
  • Customers may be classified as
    Who disregard due dates
  • Customers may be classified as
    Who tend to stretch their payables
  • Customers may be classified as
    who usually pay but are temporarily illiquid
  • Customers may be classified as
    Who are deliberately delinquent
  • Customers may be classified as
    Who are insolvent
  • Preliminary stage

    Sending of monthly statements
  • Reminder stage

    reminder is sent to customer several days after due date
  • Follow-up stage
    Successive action are undertaken at regularly spaced interval
  • Drastic stage

    only resorted to if the company is ready to lose the customer(collection is through an ATTORNEY or COLLECTION AGENCY)