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Customer Insolvency: When a customer goes bust, retrieving owed funds becomes complex. Regularly Review Client Creditworthiness: Conduct periodic reviews of clients’ credit status. Online payments, direct bank transfers, and mobile payment options can accelerate the payment process.
This means that so-called trusted third parties such as governments, banks and notaries are no longer needed. Think for instance about company size, sector, location, payment history and creditworthiness. Retrieve internal data The next step is to retrieve internal information about your customers and their payment history.
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