by Larry Slusser on March 14th, 2008
There is a lot of information out there about identity theft. This means that there will be people who are using a credit cards that do not belong to them, and you will not get paid for what they just purchased; however, this can have an adverse effect on your business. Below are tips to help protect your business from credit card fraud.
First, it is a good policy to establish that whenever someone uses a credit card to make a purchase, always check a photo id. If the consumer is the person identified on the card, they will not... Read more »
by Veronica Stone on November 6th, 2007
Running a business can be expensive at times. There are ups and downs in your business just like in anything else. One thing that can really damage your business is collecting bad customer debt. This would be where the customer is behind on payments, or hasn’t paid for services acquired or products received. This sort of thing happens sometimes, but allowing this to happen can cost you much more money than the original price of the service or product, not to mention a killer headache.
You may have to pay court costs in order to try and get the money... Read more »
by Sue Marchant on September 17th, 2007
Unpaid invoices can cause serious cash flow problems for a business, but many new business owners neglect to put proper credit control procedures into place or fail to manage their debtors altogether.
Efficient credit control is about managing risk, about knowing your customers and being aware of the level of risk they pose to your business. A well-designed credit control system prompts you to check customer’s payment credentials before accepting orders, offers guidance when deciding credit and payment terms for customers, and allows you to chase outstanding payments quickly and effectively. All of this, and it will also impress your... Read more »