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Does my company need a credit policy?

The short answer is yes.

If your company offers credit of any kind to any of your customers, then you do need to have a credit policy. The policy should cover at least some basic documentation for how credit is extended, who it is extended to, and how debts will be paid. 

If your company extends large amount of credit either in financial value or in volume, then you would want to craft a more sophisticated credit policy. 

No matter your situation, it is advisable to create a credit policy for your company.