I met up with a lady, Anna last week. Anna runs an interior design business in Joondalup. I asked Anna if she has Terms of Trade in place. She replied â€yes, 7 daysâ€ (on her invoices). I explained to her that proper Terms of Trade are the small-print that goes onto Credit Account Application Forms or Quotes.
Terms of Trade are the most important document in a business as they give the business owner peace of mind that their client will pay their account and more importantly that they will pay on time. All too often people say, as Anna did, that clients do eventually pay. That is not good enough, as with the diminishing value of debt, the debt is only worth 100% of its value if the client pays on time.
EC Credit Control are able to customise Terms of Trade for any business which extends credit.