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News |
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| Nearly a quarter of businesses
do not confirm their credit terms in writing! |
Leeds based credit reference
agency MasterWatch urges businesses to confirm their
credit terms in writing to customers BEFORE they
start trading with them, to avoid late payment heartache.
In a poll conducted by MasterWatch during November,
nearly a quarter of the respondents declared that
they never confirm their credit terms in writing
with customers.
Agreeing terms of trade credit ensures that customers
know when they will be expected to pay and provides
an important opportunity to define any penalties
that will happen as a result of late payment, such
as exercising one’s right to interest.
A hidden danger in not agreeing terms with a customer
is that the customer may be able to impose their
terms on the supplier. There is legal precedent
that states that the last party to present their
terms before the goods or services are supplied
is the one whose terms are applied to that contract.
Commenting on the research, Paul Latham Sales and
Marketing Director at MasterWatch, said:
“ Businesses are shooting themselves in the
foot by not agreeing terms upfront. It leaves their
cashflow open to the abuse of late payers. Agreeing
terms must be top priority for all businesses and
should be as much of a part of the contract negotiation
process as delivery details, service and price.”
For expert advice about Credit Management call Paul
Latham on 0113 22-55-100
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| Bankruptcy
rules set to change again! |
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| The
government is launching two consultations
on current bankruptcy rules introduced under
the Enterprise Act because of a massive rise
in people walking away from their debts. |
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| Find
out more |
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| What is
credit checking and why bother? |
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| if
you sell to other businesses, giving credit
is probably something you do without even
thinking about it. It's a normal part of doing
business. Your customers expect it... |
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out more |
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