Debt collection
Debt collection Debt collection as a process and as a financial term construes the whole system of debt recovery practice techniques and proceedings for a successful default payments’ recovery. The recovery operation starts with the formation of bad debt, or with the genesis of a past-due payment. When the creditor undertakes primary collection steps, the process usually involves informative reminders and general phone calls to the subject of debt. If the operation is not prosperous, the creditor will typically turn to a third-party collection agency, widely known as a debt recovery company.
Past due payments
Collecting past due payments Collecting late/past due payments can be a cost intensive, time-consuming and frankly disappointing process. Many organizations struggle to collect past due payments because of the complexity of “classical” collection methods. Fact is, the collection process doesn’t have to be such big of a deal if you manage to create a slick workflow or find the right partner to manage it for you. The following article will give you some advice on how to create an effective strategy for collecting past due payments.