Home
>
Small Business
>
How to Write a Credit Policy for Your Business

How to Write a Credit Policy for Your Business

The book, "Become the Squeaky Wheel," by New Hampshire author Michelle Dunn, says the different ways people use and extend credit makes or breaks your credit policy and bottom line, which could result in less or more sales and money for your business.

"Business owners all have different types of businesses but can all extend credit," explains Michelle Dunn. "So it should only make sense that no two credit polices can be the same."

Dunn explains that one major difference is if you have a service or retail business. Your credit policy should use multiple facets to cater to prospective customers but also protect the business owner.

"You are limited in what you can and can't ask a prospective customer in order to extend them credit," says Dunn. "Business owners need to be aware of what these questions are and what the laws are before they create their credit policy." Your credit policy helps to filter customers so you don't have to spend your time chasing your money. Your best policy will be short, easy and to the point, it will avoid long-winded statements and a lot of legal or big words. Always create your forms with the reader in mind, the easier and clearer the better.

Michelle Dunn has over 17 years experience in credit and debt collection. She is the founder of Never Dunn Publishing, LLC, is a writer, consultant and the Editorial Advisor for Eli Financial Debt Collection Compliance Alert Newsletter. Michelle started M.A.D. Collection Agency and ran is successfully for 7 years. She also owns and runs Credit & Collections.com an online community for credit and business professionals.

She has written 5 books in her Collecting Money Series. She is currently writing a book for the Streetwise Series, part of the Adams Media Corporation. In addition to writing and marketing her books, Michelle moderates and runs Credit & Collections.com and was a member of The American Collectors Association for 9 years. Visit http://www.michelledunn.com or http://www.michelledunn.com for more information on any of Michelle's books or services.

In The News:

Fitness centers and workout studios are starting to establish policies that prohibit shooting phone videos to protect people's privacy.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents

Apple recently notified a small number of iPhone customers in 92 countries that their phones may be under attack by mercenary spyware.

An artificial intelligence-powered home security system can fire paintballs and tear gas at trespassers. The camera identifies human faces and animals.

Technology expert Kim Komando gives her tips and tricks on enhancing your user experience a smartphone and other devices you use everyday.

A new camera called NUCA uses artificial intelligence to create deepfake photos of subjects by stripping away clothing in close to real time.

The Kimberley Kube trail-ready camper has a compact but spacious design and combines luxury, functionality and ruggedness for a weekend getaway.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Emails instructing you to reset your password for an account may be legitimate, or they may be scams. Kurt "CyberGuy" Knutsson explains.

Northrop Grumman's Manta Ray uncrewed underwater vehicle aims to revolutionize undersea missions — it glides through the ocean without human assistance.

Learn how to work Google's calendar application to streamline and organize your daily tasks from technology expert Kim Komando.

If you do not want Facebook to have automatic access to your private photos, follow our tips to protect yourself. Kurt “CyberGuy" Knutsson shows you how.

Kurt “CyberGuy" Knutsson goes into detail about Apple’s recent iOS update that allows iPhone users to instantly translate spoken language simply by using the Action Button.

Safeguarding your digital life with a reliable physical backup isn't just a precaution, it's a necessity. Kurt “CyberGuy" Knutsson provides the essential backup checklist.

Kurt “CyberGuy" Knutsson reveals how a Redditor exposed false recycling claims at their apartment, highlighting a report that only 21% of U.S. recyclables are processed.

Kurt "CyberGuy" Knutsson offers a travel toolkit featuring five technology tools to help you with booking flights and hotels for your summer vacation.

The bubble behind the clock on your iPhone can appear in different colors. Kurt "CyberGuy" Knutsson explains what each of those colors mean.

Scammers are using the power of artificial intelligence to mimic voices of people and are using the fake voices to commit crimes, like kidnappings.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Tech guru Kurt "CyberGuy" Knutsson explains the science behind the Invisibility Shield, a 6-foot shield that makes people become invisible.

The International Olympic Committee on Friday announced plans to use AI in various Olympic aspects, including athlete identification, training and judging.

Tech guru Kurt "CyberGuy" Knutsson explains an easy trick to avoid squinting while working or surfing the web by zooming in on your personal computer.

Streaming giant Roku has recently been targeted by a pair of cyberattacks, and the company confirmed over a half million Roku accounts were compromised.

The Land Aircraft Carrier combines an all-terrain, six-wheeled vehicle with a two-seat aircraft, which features electric vertical takeoff and landing.

The European Union has sent TikTok a "request for information" on the video sharing platform's newest app, TikTok Lite, under the Digital Services Act, with the aim to clean up social media.

How to Write a Credit Policy for Your Business

Small Business