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

Having a credit policy is important to your business so you can prevent past due accounts and have fewer bad debts.  When you don’t have a credit policy you create more work, stress and aggravation for yourself or the employee that collects from your past due customers.

I recently wrote an article on this topic for Credit Professionals International, since this magazine, which is member based, is full of people who work in the credit industry and who have to do collections and make decisions that can make their jobs easier and more productive.

What have you changed this year in order to conquer or prevent past due customers, especially now with the economy slipping more and more each day?