Designing Your Collection Classes

Multiple collection classes are needed when any debt class has different collection rules depending on the type of customer. If all customers within all debt classes are collected the same way, then you'll just have a single collection class (call it Generic). However, if you're like many organizations, you will have multiple collection classes.

Consider unregulated debt. For specific financial service industry customers, you probably don't worry until they owe you more than, say, $100 after 20 days. For other financial industry customers, you probably don't worry until they owe you more than, say, $5 after 20 days. In this situation, you will have at least two collection classes: one for specific financial service industry customers, the other for other financial industry customers.