One probably heard that once or twice, maybe even been the one who said it.
A payment policy helps companies get paid on time, knowing when to expect payments helps
planning for business expenses and investments. A bill payment plan also helps build
customer loyalty and simplify the buying process.
While Customers want to know how to pay for a company’s product/service, its policy should
include answers to customer bill payment questions:
– Include a specific payment date.
– Detail charges and interest rates for late payments.
– List the payment methods you accept, and the ones you don't.
– Note the address the payment should be sent to.
– Cover available online payment options.
– Add phone number, email, and website.
– Implementing penalties for late payments to avoid slow collections.
Talking with the client to make sure they are aware of the company policy, Providing
respectful verbal and written warnings, and reminding the general workforce of the
But when you see that there’s a policy adherence issue, you have two choices, The first is
simply to crack down, The second option is to change the policy so that you can be consistent
between what’s on paper and what you enforce.
The bottom line is, while there might be some exceptional cases where leniency is
appropriate, policies don’t exist to ignore them. They exist to ensure that a company stays on
track, not just in terms of basics, but also in terms of philosophy. Enforce what you believe,
and believe what you enforce.
– (Inc, 2019)