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Posts from September 2018

Carrying out a Credit Search on a potential Customer is imperative, Companies who have been placed on stop with one supplier will seek supply elsewhere. There are other unscrupulous Companies and Individuals who have no intention of paying you for your goods or services from day one. Therefore, unless you are certain that your potential client is a household name or a large Government Organisation you should always check. 
Once you have received back your Account Application Form (See Blog 2) and depending on the levels of credit being requested you have the following options open to you. 
It is imperative that any business offering its Customers credit knows exactly who they are dealing with. Is your Customer a Limited Company, a Sole Trader/ Proprietor, a Partnership, a Registered Charity? The easiest way to find out is to send your potential Customer an Account Application Form, This Form can also be used to get your Customer to agree to your Terms & Conditions. Do not think it’s unreasonable to ask a customer to supply you with this information, they are applying for your Credit, imagine trying to get Credit from a Bank without supplying such information. 
Nearly all businesses are required to offer their customers credit terms, whether the terms offered are 14 days or an eye watering 60 days, there is no guarantee that you will get paid at the end of that period. Banks and Finance Houses can demand personal guarantees and other securities, but most small and medium sized businesses are not able to demand the same terms. 
There is still an attitude, particularly with small companies in the UK, that achieving the sale is the most important aspect to business. People celebrate winning orders, but never getting paid for delivery of that order. 


  • September 2018
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