« Online Resources for Credit Professionals | Main | Do you want to be your own boss and make more money? »

Aug 1
My Customer Sold his Business, How can I Get Paid?
If a customer calls to set up a new account from a business that has a previous account, the previous account needs to be terminated and a new account opened for the new owners.  You must have them fill out a credit application just like any new customer.

If there is a balance due on the terminated account, you must attempt to collect from the owner.  Make sure the new owner did not purchase the accounts receivable balances at the time of sale, this will help you determine who is responsible for any balance due.

The new owner cannot use the same account as the previous owner, since all transactions are a credit history for another individual.

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« Online Resources for Credit Professionals | Main | Do you want to be your own boss and make more money? »

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