Credit Jobs
It is very common for people (individuals or businesses) to buy goods on credit. This means that the buyer signs an agreement to say that they will pay for the goods over a period of time, rather than paying for them straight away.
In return for this service, the purchaser often pays back more than the actual cost of the goods. This extra money paid is known as interest.
Small companies that are owed a lot of money are sometimes in danger of going out of business. So it is vital to manage the credit process very carefully.
Credit Manager
Credit managers work in almost every type of business; they can work in either trade credit or consumer credit.
Trade credit operates when two companies do business together. The seller usually grants credit terms to the buyer. It is the credit manager’s job to make sure that credit is only granted to those companies that can and will pay.
Consumer credit applies when a person wants to buy a large item such as a car but does not have enough money to pay for it all at once. Credit managers are responsible for the policies, staff and systems that check the customer’s credit record and then decide if they can be granted credit.
Credit managers are responsible for any action needed if customers fail to make repayments.
Credit Controller
All organisations need to make sure that they have enough money coming in each month to cover their costs. Credit controllers help to make sure that customers pay their bills on time.
They check overdue accounts and contact customers to ask for payment. They might send a letter or email, or they might telephone or even visit the customer.
Credit controllers build up good relationships with customers in order to persuade them to pay. If a customer can’t or won’t pay, credit controllers ask debt collection agencies or solicitors to recover the debt.