9. Decide “in advance” what penalties and late fees will look like.
Credit terms are the carrot that drives the business.Penalties, late fees, and interests are the stick that drives conformance to your credit terms. Your business has a very real expense in the management of past due business credit, and you should have a systematic and clearly defined way of ensuring that you are compensated/reimbursed.
If you are having trouble collecting on any line of credit that you have issued, contact one of our commercial debt collection professionals. your rate could be as low as 12%!
Owed money by another business? Call (804) 346-0302 ext. 222 or see our rates.