What is a collection strategy?

The recovery, or collection, strategy is the way in which a company or institution organises the collection of payments.

What is a collection strategy?


Do I need a collection strategy?

Most companies are very well organised when it comes to dealing with their sales, marketing, and production. Unfortunately, especially with small and medium-sized companies, it seems that the focus on getting paid efficiently is a much lower priority.

To manage this, companies develop a collection strategy. It sounds complex but is, in fact, very simple. You just make sure that you scrutinise and optimise all the steps that lead to a smooth payment.

1: The offer

To avoid discussions at the end of the ride, it is best to start by drawing up clear agreements. Make sure that both you and your customer know where you stand. (Find out more about this here).

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2: The invoice

A correct invoice with accurate payment information, the right order codes (if appropriate), a clear expiry date, etc., ensures that the invoice cannot become blocked inside a rigid administrative system.

3: Efficient debtor management

Are there clear agreements and guidelines within your company on how to react to unpaid invoices? Is everyone in the company who needs to know aware of these? Is it strictly followed? Good debtor management is crucial for collecting your invoices. Time is your worst enemy when it comes to a customer who does not pay. A waste of time should, therefore, be avoided at all costs. If you want to know more about setting up good credit management, be sure to read this article.

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4: The big stick

Despite all your efforts and reminders, is your customer still not paying? Then you must be prepared to take action. After all, an unpaid invoice has a huge impact on your bottom line.

At Unpaid, we can help you with this. If you have an undisputed B2B invoice that has not been paid you can submit it to us, quickly and easily, and we will get to work on it immediately.

Ready to start collecting?

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