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Debt Collect - Credit Risk Management
Credit Management is implementing and maintaining a set of policies and procedures to minimise the amount of capital tied up in debtors and to minimise the exposure of the business to bad debts
money doesnt normally grow on trees
You can minimise your outstanding accounts and the likelihood of bad debts by implementing some standard credit management policies. Some of the following commonly used policies and procedures may be appropriate for your business.
keep acurate records
Prepare a written quote for clients specifying what will be supplied when the work will be done and when and how payment is to be made. Obtain a written acceptance of the quote. Revise quotes and obtain written acceptance for any variation to the original contract.
balance your money
Ask customers for a deposit to cover your costs and overheads as an indication of their ability/intention to pay.
Include your terms and conditions of trade in your quote and related documentation. If you intend to include a penalty for late payment this should be included in your terms of trade.
watch your money grow
It may be appropriate to include in your terms of trade a retention of title clause. This enasbles you to retain ownership of the goods until the goods are paid for which may be important if the client is unable to pay.
If credit is sought ask the client to complete a credit application.For our Customers we can devise this document to suit your needs free of charge.
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