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How to effectively manage credit risk by customers
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[QUOTE="Alexandoy, post: 216945, member: 25510"] In my experience in business it is hard to refuse purchases by credit if the customer has been with us for a long time already. For new customers we do not allow credit purchases. They have to pay in cash (or by check) otherwise we wouldn't take in the order. There are times that a customer has no cash so he would request for a delayed payment. What we usually give is 15 days or 2 weeks but for valued customers it is 30 days. However, there are valued customers that wanted to pay in 60 days credit which is quite disadvantageous to us. That long term for payment is what made our cash flow tight that sometimes I had to borrow money to finance our own purchases. When the customer would not pay on the agreed date that would be the last credit purchase for him. We would be on the losing end if after 30 days we still could not collect payment. [/QUOTE]
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