Industry customs will go a long way toward helping you to determine which types of credit you offer. Lawyers usually send a bill after services are rendered, ice cream vendors want cash, clothing ... |
You might as well acknowledge to yourself up front that if you extend credit, you're going to have customers who won't pay you on time or even pay you at all. It's unavoidable. No matter how keen ... |
Let's take a look at gathering credit information on individuals. The information you'll gather will depend upon whether the credit is a credit card, a check, or some other type of credit. |
Credit information is generally easier to obtain for businesses than for individuals because businesses often have more publicly available information than do individuals. |
Your decision on how much credit to offer will be largely based on a combination of your gut instincts (is this person or company likely to pay me back?) and trial and error. A good rule of thumb is ... |
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