But My Invoice Clearly States I Am Entitled To More

Charging interest if you sue to collect outstanding debtYour customer fails to make payment. If payment is not made within 30 days your invoice states that you have the right to more than just the contracted price. You carefully included additional terms on your invoice. These terms stood out in bold type. Your invoice stated that you would add 1 1/2% interest per month. You also stated the customer will pay collection costs, attorney fees and finance charges.

Now you seek to enforce your rights to payment. But you discover that you cannot collect the interest and extra charges even though your invoices clearly state that you are entitled. The customer accepted the invoice and raised no objections. Didn’t the customer then agree to all the terms on the invoice? Continue reading “But My Invoice Clearly States I Am Entitled To More”

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Credit Applications: More Than Just a Form

2301396_15ab2800Credit applications. What may come to mind are the stacks of endless forms or repetitive on-line applications. Lengthy requirements to be completed before a lender would consider a request for a line of credit or financing.

When asked to sell on terms, you make credit decisions. Without specific information about your prospective customer, it is impossible to make a sound decision in accordance with your credit policy. The best way to gather the customer’s information is in a written credit application tailored for your business and information gathering needs. Continue reading “Credit Applications: More Than Just a Form”

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