« Phone Collection Procedures | Main | Is it worth it for me to try and Collect from my Past Due Customers? »

Sep 3
Steps to set up Your Credit Policy
Your Credit Policy is your guide or plan to let someone who receives your product or services that doesn't pay you at that time, know what and how this will be handled.

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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« Phone Collection Procedures | Main | Is it worth it for me to try and Collect from my Past Due Customers? »

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