Credit Policy for New Customers
Decide who gets terms and who pays up front.
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Create a customer credit policy. My business and typical sale: [BUSINESS_AND_SALE]. Risk experience so far: [RISK_EXPERIENCE]. Cash tolerance for unpaid invoices: [CASH_TOLERANCE]. Available checks (references, credit reports, trading history): [AVAILABLE_CHECKS]. Design: 1. A scoring table with criteria, points, and thresholds: years trading, payment references, size of first order, industry risk, public information, and existing relationship. Show an example scored for a fictional customer. 2. Credit limits by score band, with the maximum exposure computed as a share of monthly revenue. 3. Terms by band: prepayment, deposit, net 14, net 30. 4. Documents required for a credit application, and a short application form. 5. Review triggers: late payment, limit breach, news of trouble. 6. Approval authority. 7. A letter declining credit but offering prepayment (90 words). Privacy: collect only what is needed and tell applicants how data is used under rules in [JURISDICTION] [VERIFY]. Avoid criteria that discriminate on protected characteristics. This is a framework, not credit advice. Please present all results as estimates that rest only on the information I gave you. Please do not read this as accounting, tax, legal or investment advice. A qualified accountant or financial adviser in [JURISDICTION] should review this before you act on it.
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