The Guide to Effective Business Credit Management

THE GUIDE TO EFFECTIVE BUSINESS CREDIT MANAGEMENT

BUSINESS CREDIT MANAGEMENT As a businessman, you would know the importance of effective business credit management. It helps you protect your business from unwanted payment disputes and other financial risks. If you work on a credit basis with your suppliers and vendors, you would know that a streamlined process helps you avoid risks and challenges.

We’ll discuss how you can gain better control of money lent to other businesses.

FRAME A TRANSPARENT CREDIT MANAGEMENT POLICY When a vendor or a supplier approaches you for credit, make sure you dictate all the payment terms clearly and have a written contract made as soon as possible.

DOCUMENT EVERYTHING From saving invoices and payment records to documenting minutes of the meeting, you should do it all to ensure you’re heading in the right direction. When forming a partnership with a new client, you should check their business credit report and document everything right from the start.

REPORT YOUR PAYMENT DEFAULTERS If you’re facing trouble recovering money from your debtor, the best thing is to report them on the CreditQ platform. Not only do you get help in settling payments with your business credit defaulters, you ensure that your business is safe and secure against fraud.

HANDLE DISPUTES WELL If you’ve shaken hands with a new client, but now you’re facing trouble in payment settlement, it could lead to payment disputes. Well, it’s always good to avoid the dispute from payment defaulters and find other ways to settle things in business.

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