Be Consistent in your commercial credit policy
When creating your credit policy, establish a process, put it in writing, and stick to it. All clients applying for credit should go through the process and there should be a procedure for assessing their account. Don’t play favorites rather be consistent and fair. If you treat some clients in a favorable way and that knowledge becomes public, other clients will also expect that favorable treatment and in a worst-case scenario, some clients might feel cheated and you might lose business.
As one of long island’s premier debt collection attorneys, and business law attorneys, Taroff & Taitz stands ready to support you in creating your credit policy. The better you plan your commercial credit strategy, the less past due receivables you are likely to carry, the better your cash flow, and the less you will need to rely on a creditors rights attorney, like Taroff & Taitz.