Answer:
The importance of having an established credit and collection policy is It sets out clearly how you are going to get new customers, what information you need, how much credit you are prepared to offer in time and value. It shows customers you care about them enough to explain from the start exactly how you do business.
Explanation:
A well written and comprehensive credit collection policy will: Ensure continuity in the department in the event that key personnel leave the credit department. Help make sure all customers are treated fairly. Ensure consistent credit decisions are being made.
