Collections Policy

A Collections Policy is a set of guidelines a company uses to manage how they recover overdue payments from customers. It outlines the steps, timeline, and methods used to contact customers, request payment, and resolve unpaid bills. The policy ensures the process is fair, consistent, and compliant with laws, while also aiming to maintain positive customer relationships. Essentially, it provides a clear framework for handling unpaid accounts to ensure the company recovers what it's owed efficiently and ethically.