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Credit policy

The framework for who is granted credit, how much — and what actually happens when the money does not arrive.

  • Owned by The finance function
  • Only works If it is enforced

When to use it

Use it when the losses are no longer accidents, but a pattern. A credit policy moves the decision to grant credit away from the salesperson on the phone, and the escalation away from whoever happens to have time. It is not a document you write in order to have one — it is what decides whether anything at all happens on day 32.

It has to be right

The wording is rarely the problem. It is the deadline, the fee and what the letter leaves out — and the mistake costs you the expenses, not the debtor.

  • Set the limits in amounts, not in wording. "Assessed individually" is not a policy
  • State explicitly who may deviate from it — and that the deviation must be documented
  • Attach a CONSEQUENCE to every bucket in the aged debtors report
  • Decide in advance when a case is handed over. Otherwise it never will be

How to fill it in

Most placeholders are trivial. These are not.

Point 3 — the credit limits
Set amounts, not opinions. 'Assessed individually' is not a policy. And the limit must be hard in the system — if a salesperson can override it without approval, it does not exist.
Point 5 — the escalation ladder
The most important page in the document. Without a fixed day for when a case is handed over, it never is.
Point 6 — the targets
Set figures you actually follow up on. A credit policy without a monthly review of the aged debtors report is a statement of intent.

Frequently asked questions

Who should own the credit policy?

The finance function — not sales. If it is owned by the people it is meant to constrain, it will not be enforced.

What is the most important point?

The escalation. Limits and assessments are easy to agree on. What moves DSO is that the reminder actually goes out on day 1, and that the case actually is handed over on day 32 — every time, without a discussion.

How to use it

How to write terms and conditions that entitle you to interest and fees The case is decided long before it becomes a case — in what the customer accepted at the point of purchase. 5 min. · 5 steps How to write a credit policy that is actually followed A credit policy nobody knows is a document. One that is built into the system is a decision. 7 min. · 5 steps How to credit-assess a new customer Ten minutes before the first invoice is cheaper than a collection case six months later. 6 min. · 5 steps What to do when your debtor goes bankrupt What to do the day your customer ends up in the bankruptcy court — and why most creditors do it too late. 7 min. · 5 steps How to set a reminder cadence that works Not how hard you chase, but when — and why timing is the only thing that moves DSO. 6 min. · 5 steps
Next step Terms of trade with an interest clause The policy says who is granted credit. The terms say what you may charge when they do not pay.

Legal disclaimer. The template is generic and free to use. It is not legal advice and does not take account of the circumstances of your particular case. Rates, deadlines and statutory references change — check them before you use the document. If the claim is large, disputed or heading for court, call us before you send anything.

Or let the letters send themselves

Reminders, formal demands and notice of debt collection run automatically to the right deadlines — and if payment still fails to arrive, our lawyers take over the case.

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