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Collecting From Chronic Late Payers

Why are some customers chronic late payers? "Maybe they have cash-flow problems, or maybe they just don't accept your terms. Either way," says Credit Manager Michelle Booker of Ashland Hardware Systems (Lowell, Ind.), "while it may be tedious calling the same late-paying customers month after month, persistence pays off." Read on to learn:
  • The five key ways Ashland Hardware minimizes risk
  • The key clause in their credit application
  • What info (or lack of info) causes a CIA decision
  • Collection strategies: how soon they call when an account is past due and what they say when they call
  • How their past due letter campaign works
  • How payment arrangements are handled
  • How they leverage their sales reps to aid in the collection process; what's expected from sales
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