![]() How they should be contacted, how disputes are resolved.Generally, a collection policy systemizes the steps taken to recover amounts due prior to litigation. This includes: Like a written credit policy, a collection policy serves as a window into the company philosophy as far as how credit and debt are treated.įurther, strict compliance with the collection policy as it’s written allows the business to be more streamlined, with no time wasted on deciding when or how to respond to a certain debtor situation. Similar to the credit policy as a whole, the collection policy should be written and strictly followed. A collection policy is the set of procedures a company uses to ensure payment of accounts receivables.
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