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Drafting a written collections policy is good for business

from By Nate Budde

While sometimes overlooked — or just noticed but ignored — a strong collection policy is an important piece of a complete and thorough credit policy. A well-conceived collection policy, coupled with a detailed lien policy, will save a business much of the time and expense taken up by the litigation that sometimes seems necessary to get paid. Some collectors and collection agencies have rightfully gained a less-than-stellar reputation, and it's understandable if companies want to keep the collections process in-house. Either way, a good in-house or outsourced collection program can benefit your bottom line. more

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