If someone leaves without handing you money, you must make sure they know your payment terms. You can post your terms on invoices, the credit application, statements, and receipts.
Obtain a signed credit application and check all references.
When this customer leaves your store they must know:
- When they have to pay you
and
- What will happen if they don't
- When they have to pay you = your payment terms
- What will happen if they don't = small claims court/collection agency/repossession
Your most important tool when collecting on a past due account that you extended credit to is your Credit Application. ALWAYS get a signed Credit Application, even if you do not do anything else.
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