Creditors’ Rights 34
A: Ideally, this would be the person in sales or credit who obtained the customer’s signature on the credit terms. But most often no one has this responsibility. Since the credit terms are clearly outlined on the application, sellers don’t want to draw attention to them or open them for negotiation. Customers have the choice to accept the terms or walk away. However, this “take it or leave it” approach needs to be tempered for customers with large accounts, complex schedules and customized installations.
Large accounts need customer service. Consider appointing someone with the authority to explain credit terms to your largest and most important customers and provide them with some sort of wiggle room.
*Learn more about credit policies and the Payment Gap with Bob Bernstein’s new book, Get P.A.I.D.TM A Guide to Getting Paid Faster (and What to Do if You Don’t!) at www.getpaidsystem.com