Credit Policy for businesses and how to extend credit and manage credit risk

So many of you still do not have a credit policy, I hear every day from people who say, I don't need one, or I don't have any past due customers.

For your benefit I want to share with you a list of ways that you and your business can and will benefit from having a credit policy. I also want you to remember that your credit policy will be customized to your business, it can be as detailed or as simple as you decide. The main goal is the same no matter how simple or complicated the policy is, the goal is:

Collect the Money, No Matter What.

Benefits of a credit policy:

• Communication in the form of information sharing with all departments.
• More effective and quicker training.
• Save TIME! (which means: Save MONEY!)