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The sales staff is busy bringing in new business. Credit applications are filled out in their entirety. (It could happen!) You approve the account, and the sales department is thrilled. (It does happen!) The order is processed and shipped out on time, the invoice is generated with correct pricing, your customer understands the terms of sale, receives the invoice, pays the account on time and life is grand. Hey, this does happen, sometimes.
But what do you do when the customer decides not to pay on time, for whatever reason? If you are not communicating with your customer, you will never know.
The collection environment has changed with technology. ...
Source: HighBeam Research, Back to basics. (Business Credit Selected Topic).(collection)