Items related to Library of office management Volume 3
Synopsis
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1914 Excerpt: ...a way as to make a sale and still be safe. If his judgment places a prospective buyer in this class, the credit man probably will not wish to "turn him down"; he may come to be a good customer. The credit man must seek to bring the order to a safe basis. COLLECTIONS are the vital part of a credit man's duties--in no other line of business is close supervi-sion of this phase of credit work so important. The collection department of any business house should be closely allied to the credit department, but in no business is this so necessary, and in fact indispensable, as in an instalment house. A vigilant, sharp, intelligent collection policy and system will do much more to reduce the percentage of foreclosures and bad accounts than the best credit making, for not only can a good collection department save a doubtful account, but a poor one can lose many good bills. Even more important than this is the fact that prompt collections increase the volume of sales. A credit man who knows his collections are being well taken care of can make his terms a little more liberal, and can thus accept more orders and will in the end draw more trade. Then, too, a customer who gets his account paid up promptly will come back for a new purchase sooner and he will be more apt to come back anyway, for prompt payments are the easiest to make and cause the least trouble and friction between house and customer. Each account should be carefully watched, not a day's delay in payment allowed without the reason being known, and the circumstances and movements of customers zealously followed. It is the regular, permanent customer who brings the profit, and the regular customer is the one with whom the house never has the least trouble; customers can be trained to pay promptly...
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