Definition: A Correspondence is a written form of communication between two parties. In other words, it is way to pass on ideas in writing.
What Does Correspondence Mean in Business?
Correspondence is a commonly used form of communication in business. In the past, correspondence was mostly exchanged through written physical letters or telegraphs. In today’s world, the definition of correspondence has expanded by the inclusion of digital media. E-mails, text messages, documents exchanged through social platforms and digital agreements are new ways to deliver correspondence.
The formal element embedded into these written methods of communication makes them appropriate to transmit important business information between businesses or from businesses to clients. Written letters, bills and invoices are still sent physically sometimes but many companies are migrating their correspondence to digital since it is cheaper and easier to track. Business correspondence also helps as evidence to solve misunderstandings. By having a paper trail, any of the parties involved in a transaction can review the previously stated information to ensure who misunderstood the situation. This is particularly important in conflict resolution procedures or legal disputes.
Let’s take a look at this example for further illustration.
Fantastic Body Co. is a local gym located in the city of Memphis. The company has more than 350 subscribers that pay a fixed monthly fee to enjoy all the services provided by Fantastic Body. The company currently offers three payments methods: credit card, wire transfer or PayPal. The company’s payment procedure starts with an invoice being sent by e-mail to the subscriber the first day of each month and the client has 5 days to pay for it before the subscription is considered to be inactive. What would be the correspondence in this paragraph?
According to the concept we previously discussed, a correspondence is a written form of communication between two parties. In this case, the invoice sent by e-mail would constitute a correspondence between the company and the client.