It’s a fact: Collection laws are set up to protect consumers. But as a business, you have to protect yourself. Having a strong financial policy can make all the difference should one of your consumers break the terms of your contract, find themselves past-due, or even require collection activity.
However, if you want to reinforce your financial policy, it’s important to ensure your policy aligns with current laws. Adherence to federal and state laws is monitored closely by regulators, consumers, and their attorneys. Any gaps in your financial policy could result in your business being unable to reinforce it or, worst case scenario, become the target of a lawsuit.
Post originally published here.