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How to effectively manage credit risk by customers
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[QUOTE="funmi, post: 216668, member: 38880"] We all know it is almost inevitable to sell goods or service without selling on credit, as some customers will always come and apply for credit facilities due to the economic sitations in the country at this time. hence we must look for every available avenue to secure our business from risk that might arise from selling goods or services to a customer that may eventually become untrustworthy. I have seen people who have done the mistakes of issuing out a good or service on credit that later regretted that actions as the customers turned out to be a troublesome one. This has made it eventually impossible for the business owner to retrieve his or her money because some customers might even refuse to pay for what they bough on credit. This will make the business to suffer bad debt. Hence it is advisable to always check the track records of the customer to.ensure they have a very clean profile and that they will.be capable of paying back as at the agreed time. Infact it will be wise sometimes to ask the customer to bring some sought of guarantor or a collateral just in case they fail to keep to keep to their promises. [/QUOTE]
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