A tip for those of you who don't want to or don't hink it is important to implement a credit policy in your business.
"Follow Up"!!! If you don't do anything else to keep on top of getting your customers to pay, if you follow up with them weekly or monthly, you have a better chance of getting paid or getting more paid orders than someone who doesn't.
For example, you make the sale, you send the invoice. Then what? Do you sit back and just wait to get paid? If you do, you might get paid, and you might not. Do you want to work for free or give your products and services away for free? I doubt it. All I can say is FOLLOW UP.
Call or send a letter to the customer when payment is due. Do not let them get away with paying late or not paying at all. All you have to do is call, and call again and again if you don't get the payment.
If you can't bring yourself to call or don't have the time to call, send letters. But keep in mind that calls get much better results. It is easy for a customer to throw your letter in the trash, it is much harder for them to avoid answering your questions when you are on the other end of the phone.
Good luck and happy collecting! 
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