BizSugar.com › Finance › Better Collection Policies Are Past Due For Many

Small businesses are notoriously lax about their collections processes. Many worry about imposing strict payment policies or chasing deadbeat customers for fear they'll lose potential business. What's more, collecting money generally isn't too problematic when times are good.

But when the economy is bad, businesses that aren't savvy and aggressive about collecting payments get toppled by the domino effect of delinquent customers. Here are some strategies that collections experts say will bolster payment success in a bad economy: