Michael Saltzstein Explains Business Credit Policies

Michael Saltzstein: Credit Policies Matter for Your Business

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According to Michael Saltzstein, company leaders should know that some of the most frequently asked questions by consumers involve credit options. This is especially true when buying a product or a service, which makes sense since many people nowadays pay using credit cards. Indeed, 60% of all consumers prefer to pay with a card versus cash. Not only is paying through credit convenient, but it also allows customers to pay in installments over time.

However, with the proliferation of consumer credit, late payments have become more frequent. The fact is that late payments hurt businesses, which is why sound business credit policies matter, explains Michael Saltzstein.

Sound business credit policies let customers buy goods and services they may not be able to afford at that very moment. At the same time, these policies ensure that these same customers can pay over a specific period. Of course, this also depends on factors such as their credit rating, which is why companies must strictly scrutinize credit scores before extending lines of credit to their potential customers.

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Reputable businesses have fair credit policies that are clear-cut, up-to-date, and leave no room for misunderstanding. Michael Saltzstein also indicates that even after these policies have been established, they must be continually tested and updated accordingly. The main reason for this is to ensure everything is fair and efficient, especially when it comes to collections of receivables. In addition, the terms and conditions of a business's credit policies must always be well-documented and carefully worded, says Saltzstein.

Risk management professional Michael Saltzstein specializes in many different areas of business and finance, including alternate risk financing, loss control, technology solutions, workers' compensation, safety, occupational health and safety, and crisis leadership, among others. In the past, he optimized award-winning risk programs, economic strategies, reserving, best practices, and state-of-the-art coverage. For similar reads, click here.

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