July 29, 2014 12:54 PM EDT
Your business structure and decision on whether or not to lend credit is something that every business decides on. Credit is easier to lend if your services are high in demand. In short if you choose to lend credit, you need to establish what type of credit and have the terms in writing. It can vary from Net 30/60/90 to payment plans and promissory notes. Always document the agreement up front and have a plan if a customer or client doesn't pay (and stick to it). Lending credit can attract many new customers because of convenience ,but comes with risks.
The main reason credit will not be paid is due to the person lending credit putting their priorities over your bill.
If you do all this and still come across issues then I would suggest seeking professional services.
My experience: Collection Agency Exec.
(If you have specific questions on collections or building a process send me a pm)