• Complete thorough credit history and business reference checks before you offer credit to new customers.
• Set reasonable but fair credit limits and tell employees to notify you if a customer wishes to exceed an agreed credit limit.
• Insist that you approve additional credit extensions in advance.
• Include clear payment conditions in your payment terms.
• These conditions may seem tough but you’ll find most honest customers don’t mind, and ‘firm but fair’ is a good principle to follow.

• Structure your payment conditions to encourage prompt payment.
• Make sure your terms and conditions specify if and when you will start to charge interest on overdue amounts. 
• Ensure customers sign acceptance of your terms and conditions as this can eliminate future disputes.
• Implement the terms and conditions first for new customers and for customers wishing to extend their credit limit. You may find it more difficult to introduce the terms to existing customers, especially those who have been loyal in the past or who you know personally and don’t wish to upset.

• Give your billing address and bank account details and offer more than one payment option such as check, credit card, or online payment.
• Show clearly the amount owed and when payment is due.
• Include any applicable discounts to encourage prompt payment.
• Give details of interest charges that will be applied to discourage late payment.

• Bill promptly, as soon as the job is completed. 
• Keep an up-to-date record of what each customer owes you. 
• Watch out for sudden increases in order values. A customer may build a good credit record with you by paying a series of smaller orders on time, followed by a much larger order. This deserves investigation and possibly another credit check before you approve the order.
• Follow up overdue accounts immediately to uncover the problem. 
• Call a few days after the payment is due. 

Here are four universal rules to keep your team functioning like Super Bowl champions.