Credit Q&A

Dear Thea, We are currently charging late fees for past due invoices. We want to see if there are any guidelines out there for what to charge our customers. Thank you.

Dear Thea, We had a recent inquiry from a prospective customer with poor business credit wanting to use a $10K cash bond to secure a line of credit with us.

If a cow doesn’t produce milk is it a milk dud or an udder failure? If your third-party credit agency isn’t working for you, why are they working for you?

The mechanics lien process and all its related glory is by far the number one topic I get asked most about, and it's the most misunderstood and under-utilized tools in the credit and sales tool kit.

Lack of cashflow is one of the top three reasons businesses fail, along with poor management and partnerships. I would add “making someone else’s problems your problems” to that list.

Take the COVID-19 crisis as a serious wakeup call and revamp, improve, streamline, and update your credit and collections processes.

A virtual filing cabinet is easy to set up. Select a place where it will “live” at your company, such as your shared drive, then password protect it.

If we have credit insurance on the accounts receivable is there any reason the company would still need me?

Dear Thea, We are considering an announcement to our customers that credit card payments will be exempt from their discount.

Dear Thea, We have never allowed customers to take their discount on sales tax or delivery charges. We don’t allow the discount on sales tax due to the fact that we have to remit the full amount to the state, not the discounted amount.