Measures an entrepreneur should put in place to minimize bad debts arising from dishonored cheques
1. Accept only cheques from credit worthy customers.
2. Accept only where possible a bankers cheque.
3. Ensure that funds are available in the debtors account before accepting cheque payments.
4. Review the debtors past history before accepting a cheque from the same debtor.
5. Fix a fee charge on any cheque dishonored and ensure that the penalty becomes compensating
6. Accept only cheques in certain amounts of debts.
7. Register with debt collectors for recovery of bad debts or doubtful debts.
marto answered the question on February 4, 2019 at 05:49
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