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A Credit-Positive New Year's Resolution

Posted Friday, December 5, 2014 by Andrea Schlack.

NY Resolution?

The year is rapidly coming to a close, and it’s not too early to start thinking about those 2015 resolutions! Here are some great tips from Andrea Schlack with Printing Industries Credit Bureau:

• Use credit agreements that clearly define your payment terms

• Make sure your contracts have a rock solid indemnification, dispute resolution statement, and a clear statement of limitation of liability

• Make sure ALL customers fill out and sign your credit agreements. Remember, an attached fact sheet is NOT binding to your terms

• Check the customers information by performing due diligence prior to granting any terms

• Remember credit is a privilege not a right

• Ask for cash when the risk outweighs any benefit

• Periodically re-verify the information to determine stability, viability, or any structural changes

• Maintain a good paper trail.

• If it was done with a handshake it cannot be proven!

• Do not be afraid to ask for payment when it is due

• Adjust terms if a customer is not doing as they promised

• Know when you need help and don’t wait to ask