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Follow on Google News | Michigan Debt Collection Agency Determines Best Credit Risk Management PracticesBy: Ross, Stuart & Dawson, Inc. Are you tired of late payments? Strengthening your credit risk management system can help. This system helps you sell on credit while maintaining cash flow, promoting financial health, and reducing late or non-payments. Here are some of the best credit risk management practices! Assessing Credit-Worthiness Before working with a customer, examine the company's:
How can you discover this information before the company becomes a client? RSD can help you receive an Experian business credit report to see their financial health. For more information, RSD can work with several investigative resources to provide background checks, asset searches, bank account verifications, and many other kinds of investigative data. Don't Extend Credit without a Credit Application Regardless of a customer's size or reputation, don't take a risk! A credit application can help determine credit-worthiness while also compiling the company's data that you may need if they decide to not pay. Include your credit and payment terms in the application to ensure the customer knows your expectations. Perfect Your Billing System An effective billing system can minimize miscommunications, late payments, or non-payments. Be sure to keep track of all purchase orders, send invoices promptly, keep copies of documents, and send a statement of their account if they haven't paid. In your invoices, provide instructions on how to pay and remind them of your payment terms. Partner with a Debt Collector At the first sign of non-payment, file a claim with your partnered debt collector. The debt collection professionals at Ross, Stuart & Dawson can do the work for you, so you can relax and continue growing your company! Credit collection services can include more than just debt collection! RSD provides credit collection services near Wyoming, MI (https://www.rsdcollects.com/ Contact RSD (https://www.rsdcollects.com/ About Ross, Stuart & Dawson, Inc: Located in Clawson, Michigan, RSD is a commercial debt collection agency that focuses on professionalism, kindness, and most importantly, results. RSD operates both domestically and internationally in over 120 countries. Locally they serve Detroit, Grand Rapids, Lansing, the Upper Peninsula, and more. RSD is 1 of 26 agencies considered a "certified agency" by the Commercial Law League of America and is endorsed by the International Association of Commercial Collectors. https://www.rsdcollects.com/ End
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