• Ensure you know who your customer is and that they are correctly identified in your contract documentation.
• Ensure you obtain adequate contact details including telephone numbers.
• Undertake credit checks for new companies / customers / clients.
• Consider taking guarantees from third parties.
• Consider taking deposits/payments on account where appropriate.
• Consider shortening credit terms for higher risk customers.
• Consider factoring / invoice discounting schemes and credit insurance.
• Ensure that your terms and conditions are regularly reviewed and kept up to date.
• Ensure that your terms and conditions are incorporated into your contract with your customer.
• Consider retention of title clauses to prolong your ownership of the goods and right to recover goods.
• Keep details of your customers bank details (detailed on cheques / statements) which will assist in enforcement.
• Look out for signals of your customers financial difficulties:
  • Late payment
  • Bounced cheque
  • “Lost” invoice
  • Staff turnover / redundancies
• Review your credit checks with such customers.
• Amend your credit terms where necessary.

We are pleased to provide credit health checks and reviews personalised to your business needs.