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What is open account?
Open account means you ship goods or sell services globally without any guarantee of collecting payment on a transaction.
Read more to find out why you should never sell on open account -- no ands, ifs or buts.
Blogs on Entrepreneurs | Crain's Chicago Business
by Laurel Delaney
I agree. With so many financial instruments like letters of credit to help ensure payment, there's never a good reason not to protect your ability to collect. Banks have a lot more pull than local governments when it comes to enforcing agreements and contracts.
ReplyDeleteDaisy