Debt Collection Strategies
In A Retail Store

by Saravanan
(Pollachi)

Being an owner of a grocery outlet I have enough customers who visit the shop regularly and purchase goods on installments. I promote my business by providing installments. But there is always a risk of a customer the paying first month installment and abscond somewhere without paying the remaining amount. The strategies I follow are:

1. Allow only the regular customers to avail of this offer.

2. Will ensure their place of stay by sending one of my labor to verify their residential address.

3. Collect their office and home phone numbers.

4. Will be in constant touch with them through phone or in person and keep reminding them about their balance payment.

5. Will ensure their place of work by visiting their office and get to know few of his/her friends.

6. Will allow only for a limited amount. In other words, the credit limit would be very less.

The above are the debt collection strategies I usually follow and have been successful in collecting the debt from my customers.