Late payment and payment default situations like these happen with alarming frequency – it’s critical to the financial health of your company to minimize them. Customers who fail to pay their invoices or drag their feet in paying can directly jeopardize the survival of your business.
Many businesses find it challenging to properly evaluate and track the creditworthiness of new customers. And when conducting business with foreign customers, the challenge becomes even more complex because it can be difficult to interpret and rely on information used by foreign countries to measure creditworthiness.
Solving the challenge is a must: One in five business bankruptcies among small and medium-sized businesses occurs due to customers that default on their invoices. And though medium and large companies are better equipped to absorb a bad debt loss, non-payment events can still destroy their profit and spoil growth plans.
By employing effective credit management practices, you can help your business bring in the revenue it’s entitled to and ensure long-term business continuity. For companies looking to take on the daily challenge of credit management, here are nine important tips to optimize the process.
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