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Business strategy
How to effectively manage credit risk by customers
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[QUOTE="Stena, post: 220143, member: 67486"] Most times it is difficult handling customers who default in paying off credits. This seems to be inevitable in businesses, as there would always be customers, especially long standing ones who would want to get products on credit and request for delayed payment. It is always difficult to refuse them. The problem lies in their inability to pay back, and when strict measures are followed, it makes the business owner look harsh. I have encountered a customer who purchased a hundred fingerlings from my farm and requested delayed payment, he told me what date he was going to pay and I agreed to follow him up. Prior to the said date, I sent him a reminder, and there was no response from his end. The said date for payment came and there was no sign of payment. I had to on my own give him a week more. The thing is, the man did not even come to state his reason for breaking the deal. To cut the story short, I had to get him arrested and made sure he paid every dime. He never made a comeback, and that was understood, I never wanted such customers. This issue of delayed payment by customers can make a business run at a loss, so its best to offer such privileges to very reliable customers or not at all. [/QUOTE]
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