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Time is as much an enemy as anything else when you are charged with collecting past due accounts receivable (AR), so it is crucial you don’t waste time by making mistakes, which will also serve to elongate the collection process. Who to contact should be information requested on your creditapplication.
Delinquent accounts increase the amount of baddebt your company accumulates and its perceived risk for investors. Manage customer credit risk Maintain a clear credit history for each customer so that you can make informed credit decisions and minimize risk. Company valuation. Reduced liquidity.
Granting credit is an important tool for attracting and retaining customers. However, it is crucial for businesses to perform a credit check on the customers before extending credit, to avoid loss of revenue by way of baddebts. Digital signature in place of a manual signature on a paper application.
Credit risk pertains to the potential financial loss that arises when a borrower fails to repay a loan. It involves the risk of lenders failing to receive the principal amount and interest owed, leading to disrupted cash flows and additional expenses for debtcollection. What is Credit Risk Management Best Practices?
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