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03-03-2008, 03:10 PM
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| Finance Charges for late payment- Is it legal?
Hi, I have a small dental supply operation and my customers are dentist offices. I had a customer who takes 4 to 6 months to pay the bills. Since I am using quick books software for book keeping, it automatically calculates finance charges when reminders are sent to the customer for payment. My question is - Is it legal to charge customer Finance Charges? I do not have any contract ( small operation) and I do my business based on phone contacts and referals. My clients doesn't send us any formal PO's      |
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03-03-2008, 03:11 PM
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It is certainly legal, but are you going to be able to collect it. Seems like you need to get on the phone with your clients, and give them a friendly warning that their payments are past due. I also would suggest that if you are going to give on credit, that you have a contract. |
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