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Bernstein Burkley
  • Practice Areas
    • Overview
    • Bankruptcy & Restructuring
    • Business and Corporate Transactions
    • Creditors’ Rights
    • Litigation
    • Oil & Gas and Energy
    • Real Estate
    • Real Estate & Commercial Finance
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Q&A
Q&A

How can I get salespeople to consider payment terms?

Posted on October 29, 2012 by Bob Bernstein

Creditors’ Rights 13: Payment Terms

Q: How can I get my salespeople to also think about payment terms instead of just about making the sale?

A: In our work as creditors’ rights attorneys, we have found that many companies actually create a culture conducive to receiving timely payments. In the same way you would instruct your salespeople to be knowledgeable about your products or services, you must also emphasize to them that a sale is not a sale until your company gets paid. You can also help your salespeople by making sure all sales agreements and contracts protect your rights as a creditor and reflect changes in the laws that might affect your ability to collect should it come to a legal situation. For instance, you may want to update your contracts to include interest on late payments. The bottom line is this: don’t think of payment and collection as an afterthought but as a crucial part of the sales process.

 

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