"Just because a customer is large doesn't mean it can pay its bills. Many large firms have gone bankrupt." The Lowdown on Credit "You're going to find that the process of extending credit is one of the most onerous aspects of running a business. If you can get away with being paid up front, or on delivery, by all means do it!" Credit Policies "You need to establish credit policies before orders start coming in. You need to inform customers up front if orders exceed their limits so that they can prepay the credit overage before shipment or scale their orders back." Invoice and Statement Suggestions "Be sure to follow invoicing instructions to the letter of the customer's instructions, even if they are cumbersome or if payment might be significantly delayed." The Check Is in the Mail "If you have to sell on credit, you need to focus on turning those receivables into cash as soon as you possibly can." The Successful Collection Call "When you place a call to collect on an overdue invoice, remember that being as pleasant as possible is the fastest route to getting paid as soon as possible." Successful Collection Letters Two sample collection letters Featured Book Streetwise Small Business Start-Up When you start a small business you soon discover that things just don't happen in the real world the way they tell you in business textbooks: Invoices don't get paid by their due dates, ads don't consistently bring in customers, sales don't continually rise, and profits aren't always there. In this book, small business maverick Bob Adams shows you how things really get done, and acts as your mentor by providing instant access to streetwise advice on every small business topic. Regular price: $17.95 Web Resources Creditfyi Internet service that sells business credit reporting, member may access credit reports through the Web. Credit Management Information & Support Learn more about important issues to consider when extending credit. This site also provides a credit reporting services. Collecting Debt without Losing Customers Learn ways to handle those difficult collections situations when you would like to continue doing business with the account. Collection Software Solutions Sells software designed to manage collections and recovery issues. DataMax Corporation Provides interstate credit and collections services. DataMax will help avoid the credit risk and get your money from past due accounts. Dealing with Deadbeat Clients Take the right step before you extend a customer credit by following this simple advice for avoiding and dealing with bad debts. Dun & Bradstreet Seller of business to business credit reports, they are one of the larger credit reporting services. National Consumer Credit Consultants Service providing credit, collections, and buy-here / pay-here solutions. Omnium Worldwide International collections service providing accounts receivable recovery solutions. The Small Business Journal Provides basic guidelines for granting credit and how to protect your business. Whitehall Consultants Ltd. Provides international credit reporting, country profiles, and debt collection.

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