Letters of Inquiry regarding Financial Status and Collection Letters — SPCC STD 11 Commerce — Question

The seller should prepare a policy to ensure to get payment on time. If any fixed policy is not adopted then customer would make payment at their will and there is crunch of working capital in business. Business can get regular payment due to fixed policy. As per legal provision also it is important to adopt a fixed policy. The policy should also say about period of credit and the interest to be charged theron. It should also mention the steps to be taken on non payment of dues.