{"id":4483,"date":"2019-05-19T22:20:54","date_gmt":"2019-05-19T22:20:54","guid":{"rendered":"https:\/\/picb-us.com\/?p=4483"},"modified":"2023-08-14T20:30:26","modified_gmt":"2023-08-14T20:30:26","slug":"the-profitability-of-the-ho-hum-and-hum-drum-of-credit-practices","status":"publish","type":"post","link":"https:\/\/picb-us.com\/the-profitability-of-the-ho-hum-and-hum-drum-of-credit-practices\/","title":{"rendered":"The Profitability of the Ho-hum and hum-drum of Credit Practices"},"content":{"rendered":"

[vc_row][vc_column][vc_single_image image=”4488″ img_size=”full”][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”The Profitability of the Ho-Hum and Hum-Drum of Credit Practices” font_container=”tag:h2|text_align:center|color:%231199c2″ google_fonts=”font_family:Chivo%3Aregular%2Citalic%2C900%2C900italic|font_style:900%20bold%20regular%3A900%3Anormal”][vc_column_text]<\/p>\n

Have you ever looked at your receivables and asked \u2018Why bother\u2019, stressing that your efforts are wasted?<\/h3>\n

[\/vc_column_text][vc_column_text]<\/p>\n

REMEMBER<\/span><\/h2>\n

 <\/p>\n

The majority of customers do pay timely – some may need extra prodding to get the money – and there will always be a small percentage of those who never intended to pay seeking to profit at your expense, and some money will simply be lost to attrition. Understanding all of these experiences and how each can affect your business will enable you to better define your own credit policy and practices which will reduce the costly unnecessary risks.<\/p>\n

 <\/p>\n

PRACTICES THAT LEAD TO PROFITABLE POLICIES<\/span><\/h2>\n

 <\/p>\n

    \n
  • Use credit agreements that state clearly your payment terms, dispute resolution, and mutual obligations<\/li>\n
  • Pre-screen prospective customers to make sure they are viable and worthy of your loan<\/u><\/li>\n
  • Seek cash terms when necessary \u2013 not every customer is worthy of credit terms which you are funding from your own cash flow<\/li>\n
  • Trend customer payment habits, watch for anomalous payment behavior, and if the trend is a slow-down in payment be proactive and be prepared to take appropriate action<\/li>\n
  • FOLLOW UP timely on promises, documenting such communications by email, fax, or letter to exhibit an admission of debt preventing the \u2018dispute of convenience\u2019<\/li>\n
  • Do not get lulled into a false sense of security by thinking the \u2018Customer\u2019 is your friend, they are at best colleagues seeking to make money as are you: Remember some will try but you are your company\u2019s defense<\/li>\n
  • The \u2018friendship\u2019 card needs to be recognized as an excuse to \u2018get out of jail\u2019 free \u2013 Don\u2019t fall for it because real friends do not abuse privileges<\/li>\n<\/ul>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column parallax=”content-moving” parallax_image=”4498″ css=”.vc_custom_1558373920700{background-color: rgba(239,239,239,0.39) !important;*background-color: rgb(239,239,239) !important;}”][vc_column_text]<\/p>\n

    <\/h2>\n

    IN NEED OF HELP? <\/span><\/h2>\n

    DON’T WAIT… <\/span><\/h2>\n

    DON’T LOSE A WEEK OR A MONTH… <\/span><\/h2>\n

    CALL PICB RIGHT NOW<\/span><\/h2>\n

    847-265-0400<\/span><\/h2>\n

    [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_single_image image=”4488″ img_size=”full”][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”The Profitability of the Ho-Hum and Hum-Drum of Credit Practices” font_container=”tag:h2|text_align:center|color:%231199c2″ google_fonts=”font_family:Chivo%3Aregular%2Citalic%2C900%2C900italic|font_style:900%20bold%20regular%3A900%3Anormal”][vc_column_text] Have you ever looked at your receivables and asked \u2018Why bother\u2019, stressing that your efforts are wasted? [\/vc_column_text][vc_column_text] REMEMBER   The majority of customers do pay timely – some may need extra prodding to get the money – and there…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/posts\/4483"}],"collection":[{"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/comments?post=4483"}],"version-history":[{"count":18,"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/posts\/4483\/revisions"}],"predecessor-version":[{"id":9671,"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/posts\/4483\/revisions\/9671"}],"wp:attachment":[{"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/media?parent=4483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/categories?post=4483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/picb-us.com\/wp-json\/wp\/v2\/tags?post=4483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}