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It involves managing credit sales and making informed credit decisions, ensuring timely payment from customers, and minimising baddebt. This guide provides a comprehensive overview of credit control practices and strategies that your business can implement to mitigate credit risk, reduce debtor days and boost cashflow!
By avoiding the following common traps, or myths if you will, businesses can minimize the risk of non-payment or default and make better informed decisions about extending credit to other businesses that will boost sales and profits. Credit evaluations prevent more baddebts than collection efforts.
Indemnity Percentage: The indemnity percentage refers to the portion of the debt covered by the insurer. Exclusions: Common exclusions include pre-existing baddebts, disputes between buyer and seller and non-payment arising from unresolved contractual disagreements. Customer service is another critical factor to consider.
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