Commerce Glossary

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What is Collection?

col - lec - tion
noun
Also known as dunning, is the process of businesses communicating with their customers in order to collect their accounts receivable on goods or services provided in the past. The collection process involves sending reminders of different intensity levels, including emails, phone calls, letters, or even taking legal action against the liable customer. Uncollected payments affect all businesses, especially those functioning on a recurring billing basis, such as SaaS companies.

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