Friends and Fellow Entreprenuers,

Credit. Did it made a big contribution to you? What are the benefits? Consequences for it's non-payment? What does the law say about it? Fire up & say your views!

Plastic" has become a way of life. Those wallet-size credit cards are accepted all over the world in millions of stores for many millions of products and services. To be competitive, you too must offer credit to your customers. After all, your own business purchases are probably on credit.

As the operator of a small business, you must extend credit to customers on competitive terms so that sales will not be lost. At the same time, you must avoid long overdue accounts so that your capital will not be tied up and there will be less chance of accounts becoming uncollectible.

There are no hard and fast rules that can tell you who is a good credit risk and who is not. There are cases where the poorest of people pay their bills promptly, while the wealthy ignore them. As the owner of a small business, you must combine facts about the applicant with common sense to determine those risks that appear reasonable.

What do you think?  8))