Wachovia thinks so. I just read an article titled "Tips on Setting Your Credit Policy" on the Wachovia website. This is really a great article and I was happy to see Wachovia giving this subject some attention.
They explain how bigger companies use their suppliers to borrow money by paying late, and how this affects all companies but especially smaller companies. They offer advice on speeding up how quickly your customers pay you by raising your finance charges to encourage them to pay you quicker than someone who charges less.
One thing to remember is that when someone gets past due or is late they do not want to admit this, though that is the easiest way to resolve the problem. there is alot of feeling of failure and embarassment that goes on.
Comment Preview