Policy Powers Planning and Performance
Credit controllers need to be aware of their compliance duties particularly around treating customers fairly and reasonably at all times. This does not weaken the ability to collect any outstanding balances. A difficult debtor needs to be treated as fairly as any other.
The principles of Treating Customers Fairly (TCF) are to be Transparent, Compliant and Fair-Minded and these qualities should be central to the corporate culture.
In addition, credit controllers should be aware of the company credit policy and follow the processes defined in the policy for the escalation of any problematic debt.
Ensuring that they have followed due process and exhausted all efforts to resolve an issue to enable payment to be made by the customer (with a good audit trail to support that) will assist with any further recovery action required.
BackRecent Posts
COVID - One year On
As credit managers and credit controllers reflect on the challenges in managing their sales ledger asset over the past 12 months, we take a look at the various issues faced and how we expect that has changed the support needed from your credit control team moving forward.Entrepreneur of the Year Award
Thank you to all of our great clients and team. Without them, I would never have won this award.B2B Credit Control - Instalments & Late Payment Interest
"Historically repayment plan arrangements have been limited to the odd customer with cash flow issues, it is now more prevalent and credit control software needs to adapt to deal with that, free up the credit controllers time and provide accurate management information”. Janice Megram, Client Services Director, Veritas Commercial Services.