Payment plans and finance
Collections
The work of getting buyers to pay instalments on time: raising demands, reminders, receipts, follow-ups on overdue amounts and reconciliation.
Also called: CRM collections, post-sales collections
For a developer, collections fund construction. In a construction-linked plan, most of the price arrives after booking, so the collections team is as important to cash flow as the sales team.
- Raise demands as soon as a stage is certified
- Send reminders before and after the due date
- Issue receipts and update the ledger the same day
- Review overdue accounts by age every week
- Escalate long overdues with a clear policy on interest and cancellation
Collections data should be visible to sales. A rep who knows a buyer is three months overdue will handle that buyer's referral or upgrade request differently.