Holy Angel University

Angeles City, Philippines

School of Business and Accountancy

Comparative analysis of credit policies of different

appliance stores in Angeles City: Its effects on financial
performance

Review of Related Literature

Abad, Rochelle Ann D.

Agkis, Karissa Joy P.
Nasal, Keren Ria N.
Sazon, Louise Alyssa T.
Serrano, Kacelyn S.
Valdez, Ma. Pamela A.

A 431

Dr. Albert G. Morales

 At present, more and more people are using home appliances in their daily lives

in which they have become so integral to modern life that, in many ways, they are what

distinguish the society of today from that of yesterday. Because of the modern life we

live in today, it will be quite difficult if one does not have any home appliances. Some of

the most commonly used products in the home appliances market are washing

machines, refrigerators, air conditioners, electric fans, televisions, etc. Since home

appliances are now important in our society, many people will afford them despite their

expensive prices. What is important to those people is that the benefits of having home

appliances exceed their costs. Consequently, there will be an increase in the demands

in terms of volume and sales in terms of value of those home appliances where

appliances stores are, therefore, benefitting in this outcome.

Due to the rise in demand of those home appliances where it influences its sales,

appliances stores will need to take into account the pricing strategy of their products

whereby price is the amount of money consumer has to pay to obtain the product. Their

pricing strategy should not only include the pricing list, but also other options such as

discounts, allowances, etc. For customers who are not able to pay them in cash,

appliances stores should have in their options to provide those customers to pay in

credit. Thus, they should formulate a credit policy which, according to Entrepreneur.com

(2016), are guidelines that spell out how to decide which customers are sold on open

account, the exact payment terms, the limits set on outstanding balances and how to

deal with delinquent accounts

 Credit policies are now widely used by a lot of firms due to its positive effects,

mostly on the liquidity and profitability of the company. For this reason, aside from

appliance stores, other firms with credit policies include banks and non-banks financial

institution, manufacturing firms and merchandising firms. Car and furniture dealers as

well as wholesalers also establish their own credit policy. Most firms offering such

involves products which are of low quantity but large and expensive in amount and

value.

Several firms, in their attempt to improve sales and profits, adopt numerous

strategies which include extending credit to customers. Nowadays, credit policies play

an important role in the business operations. But what is it all about? Credit policies

serve as the guidelines or standards being followed whenever goods are offered to their

customers on credit. Also, they are written documents strictly coherent with the

companys goals and objectives.

The importance of such, according to Declan Flood (2015), is it sets out clearly

how you are going to get new customers, what information you need, how much credit

you are prepared to offer in time and value. Normally, as stated by Staff, E. (2016), a

typical credit policy include the following: credit limits, credit terms, deposits to

minimize losses in case of default, credit cards and personal checks, customer

information to guarantee his ability to pay, and documentation. Conforming to

www.linkedin.com, tight competition, target market, financial status of the company,

profit margins and economic decisions are the influences that affect the credit policies.

The benefits, just like higher sales and customer loyalty, are the primary reasons why

they are a vital key to success.

 Carbajo (2013) found out that, Extending credit to your customers is a strategy

proven to increase sales by as much as 50 percent. It can also attract new varieties of

customer to your business, since credit appeals to potential clients who want to

conserve their cash. Since returns are always accompanied by risk, the risk of not

being able to collect from customers is a major downside in offering credit to customers.

In some extent though, companies may reduce risk exposure by carefully considering

what amount of risk can the business accept, how much credit the company is willing to

extend and how long can the customer defer their payment, what qualifications should

the prospective customers possess in order to avail of it and constantly monitoring of

the policy in order to ensure that it is still beneficial to the business or not.

As pointed out by ABC-Amega.com (2015), A well-written, comprehensive credit

policy communicates a consistent standard to your customers. It documents and

supports corporate goals, clarifies authorization levels, defines expectations and

responsibilities and enhances cross-functional cooperation especially between the

credit and sales departments. In order to achieve this, the company should hire and

designate people to whom the responsibility of the credit policy will be given. Examples

of positions that are relevant for this are the Chief Financial Officer, Credit

Director/Manager, Billing/Invoicing Manager, Collections Manager, Credit Analyst, Billing

Clerk, Collection Specialist, Credit and Collection Assistant. Within which the CFO shall

be ultimately responsible for the credit policy as a whole, it depends upon him when the

credit policy should be changed, revised, or eliminated.

 Focusing on the financial aspects, the purpose of designing a credit policy is to

achieve certain objective among which are: to minimize bad-debt losses, accounts

receivable outstanding, maintaining financial flexibility, optimization of the companys

mix of assets, and conversion of the receivables to cash on a timely basis. All these

things falls into affecting the liquidity of the company. According to

www.accountingtools.com, liquidity is the ability of an entity to pay its liabilities in a

timely manner, as they come due for payment under their original payment terms.

Muritala and Taiwo (2013) noted that, when a companys credit policy is

favorable, liquidity is at a desirable level and the findings revealed that companies

should ensure the monitoring and regular review of their credit policy and the allowance

of cash discounts should be minimized as much as possible. Offering credit policies is

associated with a significant amount of risk particularly when discounts are involved.

Moreover, in substance, the additional sales that offering credit provides to the business

also provides additional costs. And according to Pandey (2015), these are the

production and selling costs, administration costs, and bad debt losses. The company

should note that tight credit policy may increase the production and selling costs and

lesser sales while relaxed credit policy may have an impact of higher sales but also

higher bad debt losses. Therefore, the credit policies must be carefully assessed and

evaluated before being implemented in order to ensure that the benefits exceed the

cost.

As a crucial and vital process, the factors considered in formulating credit policies

needs to be examined. Effective procedures are designed to ensure efficiency in the

management and to improve the decisions, actions and activities encountered in the
day-to-day operations of the business. Furthermore, the mission, nature and

environment of business must be considered in setting up credit policies which cant be

disregarded after such creation (Muritala and Taiwo, 2013)

Just as how Entrepreneur.com (2016) says to, There's no one-size-fits-all credit

policy--your policy will be based on your particular business and cash-flow

circumstances, industry standards, current economic conditions, and the degree of risk

involved. The basis of the credit policies that would be used will be determined by the

goal of the company extending such credit.

Jetley (2015) noted that, Whatever your goals, the particulars will need to at

least match the standards that prevail in your market for your business to be

competitive. They have been established to meet the companys objectives good

cash flow, minimal bad debts, good customer services and development of an optimal

level of sales. Some companies might want to offer credit policies to increase sales and

market penetration while others might want to promote punctuality in payment so as to

improve receivables management and liquidity. Different goals make up different criteria

that would eventually create different outputs.

As pointed out in Entrepreneur.com (2016), You need to decide how much credit

you're willing to extend them and under what circumstances. This will determine the

extent of outlay you are willing to spend. An assurance that the benefits exceed the cost

is an imperative. Otherwise, the very purpose of establishing credit policy will be

defeated.
 As discussed by Ifurueze (2013), Normally, a typical credit policy include the

following: credit limits, credit terms, deposits to minimize losses in case of default,

credit cards and personal checks, customer information to guarantee his ability to pay,

and documentation. The firm sells on credit as to credit period and cash discount.

Credit period is length of time for which credit is extended to customers. Cash Discount

is a decrease in payment on hand to customers to persuade them to repay credit

obligations within a particular period of time, which will be less than the normal credit

period. It is usually expressed as a percentage of sales. Collection policy and

procedures for collection policy is necessary for effective and efficient management of

credit sales because customers usually default in paying their debt as when due, that is

with reference to the terms of credit. The collection policy aims at accelerating collection

from slow payers and thus reducing incidence of Bad debts losses. Credit limit is the

maximum amount of credit which the firm will extend at a point of firm. Once the firm

has taken a decision to extend credit to the applicant, the amount and duration of the

credit have to be decided. A collection policy should ensure prompt and regular

collection. Prompt collection is needed for fast turnover of working capital, keeping

collection.

Still many factors such as demographic, social, political, regulatory and economic

aspects can be considered in order that the credit policy adapted and established by the

company will be fit for the firm. As for regulatory, the company must comply with the

rules and regulations of the regulatory bodies established to be fair and protect the

customers interest. As noted by www.nacmoregon.com, the company is affected by

legal restraints brought about by the credit terms. Terms of sale, cash discounts, and
late charges are considered to be aspects of price and, as such, they fall under the

Robinson-Pat man Act. The company policy on these matters should specify that these

programs should be applied equally to all like customers or to like groups of customers

purchasing like products. If not, this may be construed as a form of price discrimination.

Also, there can be no agreement between competitors with respect to price, discount

terms, and other credit programs offered to customers as such would be unlawful as a

violation of the Sherman Act.

In implementing a credit policy, the company should consider how it will be

communicated to its customers or clients. Before implementing it, it should be discussed

and approved by the higher level of management. The credit policy must state clearly

who can get the credit, how can they avail of it, and why engaging with the credit is

more advantageous for them. Accordingly, it is essential for credit policies to be

enforced consistently to all customers to permit satisfactory feedbacks from them and to

be able to develop customer loyalty.

Moreover, www.creditcollective.com cited that for companies who want to be

conservative on credit but applies aggressive collections would mean that the company

would only want to take very little risk. Thus, the credit department must do extensive

credit and collection efforts in determining who will receive terms. Thus, the company

would mostly end up with fewer credit customers and more cash customers. The credit

customers for the most part pay their bills on time thus, decreasing bad debts. On the

other hand, the company that takes additional risk must expect additional return for this

added risk. Such a company might prefer to establish a more restrictive credit policy.
With enough good credit risks available to provide adequate profits, there must be an

added incentive to make sales to fair or marginal risks. However, the capital restriction

is usually accomplished by a poor market position, and the company may be unable to

insist on prompt payments. As sales drop, companies are faced with maintaining

volume during a period of decreasing sales and more demanding selection of credit

customers.

In general, most companies prefer to have a written credit policy because: First,

there is a great accountability for the company to manage its receivables. This will

include limiting bad debts and improving cash flow. Second, it could promote consensus

among departments. By writing down the credit policy, each department (production,

marketing, or finance) will be directed towards a common goal with respect to improving

organizations position. Finally, it promotes unbiased correspondence between

concerned departments which includes Sales and approach when dealing with the

customers which improves companys credibility. By having a written policy, the

company is expected to apply this policy with fairness in all kinds of its customers.

A companys credit policy could be a useful yet crucial tool in increasing its sales

and achieving its goals. Whether such policy is beneficial or not depends on how the

entity implements it and if it conforms to its long-term objectives.

There are a lot of advantages that can be derived from having credit policies.

First, having a good established credit policy could most likely boost the amount

of sales and benefit the accounts receivable. Some customers prefer buying now and

paying it at some future date because of the pleasure of having something without
giving up the money that they currently have. Also by extending credit, the sales for

expensive goods would increase because purchasing such goods cannot be done in a

single payment easily. Also, the credit policy could help the company first by protecting

its accounts receivable. The more predictable and effective the organization is in

converting the A/R, the better the cash flow will be. This can be achieved by Credit

departments. In this regard, regularly scheduled meetings between the sales manager,

the business and finance manager as appropriate to promote understanding of policies

and bring to light problems with policy and procedure, prior to a formal credit policy

review.

Second, an exceptional credit policy could give a company a competitive edge

against its competitors. In considering credit policy relative to conditions within the

industry, the company's long-range ability to compete must be evaluated. Consumers

nowadays would most likely grab attractive offers especially on those goods that they

need now but has no sufficient money to purchase them. By having a well-established

credit policy, they would easily be captivated to avail products under credit. Other

factors include its present position in the industry, financial strength, and such factors as

the strength of its marketing organization and its position in products development. Most

companies find it necessary to establish credit policies with one eye on the competition

Third, it attracts customers. Also, extending credit to customers would make

them feel that they are trusted and in return, they would also trust not just the quality of

the products they are purchasing but also the company as well. It will provide consistent

customer care. By knowing how accounts will be cleared for credit and the manner in
which collections will be conducted, customers will know exactly what to expect when

dealing with your company. The better focused the company is, the higher the likelihood

is that the customers will understand and follow the requirements.

Lastly, According to www.dnbsmallbusiness.com, credit policy makes the

company look financially stable. We all know that money is the medium of exchange we

all use in transacting with others either purchasing or paying our own obligations. With

this, only companies who are financially stable could afford to extend credit to their

customers because they could afford to survive without the urgent need of collecting

from their customers.

However, it cant be denied that having credit policies also has its drawbacks.

First, risk of having default from customers. Extending credit to customers would always

entail risk that some customers would pay on a later date than expected and some

customers would not even pay. Second is the payment of processing fee. Every time a

purchase is made using credit, the company should pay to the credit processing

company for a transaction fee. The entity should be able to anticipate such payment

and should easily be ready to pay. Third, it would affect the companys ability to pay

their own obligations. If more customers are purchasing using credit, the company

would be restricted to the cash that it currently has and such money could not be

sufficient to sustain their operations and also to pay obligations. Lastly, in establishing

credit policy, the entity should create individual accounts for every customer. In doing

this, they would be able to track their customers balances but would also entail the cost

of hiring an accountant or bookkeeper whose main focus is monitoring customers

accounts. As pointed out in www.smallbusiness.chron.com, the entity should evaluate

the potential benefit of the credit policy compared to the cost of the added accounting.

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