Revenues and profits are the lifeline of any business enterprise. Completing the business cycle to the stage of actually receiving the money is necessary.
This is bound to lead to problems for the business. In fact, the inability to receive payments may cause the business organization itself to have troubles meeting its own expenses. This may lead to bad debt which can snowball into a major liability for the company. The risk of bad credit or pad payments is ubiquitous. In fact when the situation gets really aggravated, some people even say that the system of credit is responsible for plunging our society into deeper debts. But that is probably going too far.
The credit payment system came into existence because at times it would be difficult to make large payments. The system of paying by credit allowed the dealer to continue doing business with customers who he had a long standing relationship with and who were finding it difficult to make payments.
Many businesses would lend a loan on a good faith basis. However, as we all know, this does not always happen. People do suffer from financial crises at times. This makes it difficult for them to pay their...
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