Setting Up A Credit Policy
What will be the penalties and late fees? Know this “in advance”
The carrot driving the business is the credit terms while the stick to ensure conformance are the penalties, interests and late fees. There is a cost to your business of managing past due accounts and you should, therefore, have a system in place that clearly outlines how your business will be compensated/reimbursed.
While a written, as well as online, credit policy, may not be the magic that turns every customer into a responsible and paying citizen, it establishes your expectations in black and white. When your customers fail to meet the expectations outlined in the written credit policy, it may be time to contact a creditor’s rights attorney, such as the firm of Taroff & Taitz, LLP. Taroff & Taitz, LLP believe that creditors have rights, and they will work with you and for you to help recover the credit that you have extended to those who fail to follow the credit policy that you put in writing. They represent a variety of lenders, in various stages of collection. Contact Taroff & Taitz, LLP today to start taking back what is owed to you.