How To Create Credit & Collection in MS Word
Credit and collection, as a whole, is defined as the overall process of tracking payments for debts owed by individuals or businesses. An organization that specializes in a debt collection is called the collection agency or debt collector. These agencies act as agents of creditors and collect payments for an agreed fee or percentage of the total amount owed.
Credit and collection documents such as collection letters and irrevocable letters are an important tool in reimbursing credit loans. These documents should be crafted professionally because what it entails are vital and confidential pieces of information. With the proper use of a reliable software editing tool such as MS Word, this task becomes more trouble-free. To help you get started, we have provided some useful guide steps below on how you can successfully make one.
1. Know Your Intentions
In creating a credit collection papers, you need first to determine your intentions as to why you are making it. Your set intentions should be professional yet firm. It should show your customers that you are very serious about collecting payments and at the same time, preserve the relationship.
2. Keep It Simple
Formal documents like these are important documents for any kind of business. And the number one thing that must be observed in constructing them is always to keep it simple. Simplicity with the context, design, and overall content would make it more professional and authoritative, which a credit and collection document should be.
3. Include A Summarized Statement
A credible credit collection document should be presented with supporting documents. You may opt to use an invoice as attachment material to better solidify your stand and to show the debtor that you are serious about settling the credit loan. But you are not just limited to invoice, you may also opt to use other documents such as a summarized statement of multiple outstanding invoices.
4. Include Your Company Letterhead
The credit collection process is usually done by different collecting agency. And these agencies make use of different debt collection methods to get their job done efficiently. An effective method that they usually use is printed documents like letters, forms, and memos which are all incorporated with a branding image. The branding image will state ownership to the document and is one way to help you establish a name for the agency.
5. Print And Send
After successfully applying all the steps above, make a final check and edit it first. Proofread everything starting from head to bottom and try to evaluate whether you have crafted it concisely. If you are confident about it, you may now print it in the preferred paper size and send it to its rightful receiver.