Credits, Collections & Finance; Organizing the Work, Correct Policies and Methods, Five Credit and Collection Systems (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1914 Excerpt: ... more orders and will in the end draw more trade. Then, too, a customer who gets his account paid up promptly will come back for a new purchase sooner and he will be more apt to come back anyway, for prompt payments are the easiest to make and cause the least trouble and friction between house and customer. Each account should be carefully watched, not a day's delay in payment allowed without the reason being known, and the circumstances and movements of customers zealously followed. It is the regular, permanent customer who brings the profit, and the regular customer is the one with whom the house never has the least trouble; customers can be trained to pay promptly as they can be encouraged to be dilatory. The longer a payment is put off, the heavier the burden becomes. The point, that the older a bill is the harder it is to collect, is especially well taken in case of instalment accounts, for delay on one payment is going to throw all those that follow out of gear and make their collection just so much more difficult. Foreclosures should be a last resort. Under no circumstances does it pay to force a seizure of the goods sold when there is the least possibility of peaceable settlement. It is much better to extend the mortgage, grant more time, coax the customer along as far as possible. Foreclosing invariably results in the loss of the customer, is liable to give the house a bad reputation, whether justly or unjustly, and is never profitable. The goods returned are always worn and must be resold at second-hand prices. The credit and collection department may have "no profit on account" chalked up against it, but any number of these show better management than a row of foreclosures. T ET your customer know that a personal interest attaches to hi...