April 2002

When customers don’t pay on time | Essentials

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When customers don’t pay on time

by Christina Koch
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To achieve rewards in business, you must weigh the risks you are willing to take. And during a recovering economy, there are risks you should avoid, such as allowing customers to consistently delay payment.

Slow-paying and nonpaying customers can jeopardize profits and a business' survival. Therefore, it is important to have effective receivables policies and make sure your customers are aware of and understand these policies.

Following are some hints Inc. magazine offers to improve your billing tactics and get paid on time.

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