MicroMentor is Responding to the Coronavirus (COVID-19) Impact on Businesses

Have concerns related to your business? Are you a mentor looking to help? Visit our Coronavirus and Small Business Resources page.

Report question

Note: your identity will not be shared with the person who sent you this message.
This field is required

How Do I Offer Net 30 Payment to Retailers?

A colleague told me that she offers net-30 payment option when she sells wholesale to her retailers, she simply asks for a credit card number in case there is a prolonged waiting for payment.  My question is, how do I check to see if the credit card number is real and valid?  Do I also ask for the expiration date AND the security code?

Thanks so much,

Adrienne

Autopilot Empires Jewelry

Sign in to answer

1 answer

Very carefully !!  

Having backup credit card information will only ease your payment concerns.  If your customer actually has a valid credit card, why don't use it at the time of the order ?  That in effect is the same as Net 30, but the credit card company is taking the risk.

The most important thing about issuing any credit terms though is to make sure that you know the customer very well.

Report Ed's answer

Note: your identity will not be shared with the person who sent you this message.
This field is required