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Credit Policy


The objective of Fiber Instrument Sales, Inc. credit policy is to support the sales opportunity of the company while minimizing the risk associated with extending customer credit..


The standard credit terms for Fiber Instrument Sales are Net 30. Prior to extending these terms a credit investigation will be conducted to determine the credit worthiness of the prospective customer.

The steps taken will be as follows:

  1. Obtain Credit Information
  2. Categorize Account
  3. Make the Credit Decision
  1. Obtain Credit Information
    1. All new customers will be required to fill out the FIS credit application. This must state the company name, principal stockholders, bank and trade references as well as a signed credit release.
  2. Categorize Accounts
    1. Accounts will be grouped as follows:
      1. Government Facilities, Schools, Universities
      2. Utility, Telephone and Major CATV Companies
      3. Fortune 500 Companies
      4. Medium Size Companies
      5. Small Companies
      6. International Accounts
  3. Credit Decision
    1. A credit review will be conducted based on account size, and a limit will be set accordingly.

      Governments and Universities will not be subject to a full credit report. We will verify on the D&B database that they are registered as such

      Utility, Telephone and CATV companies will be subject to a D&B credit scoring report to determine their size and worth.

      Fortune 500 companies will be subject to a D&B search to verify size and worth.

      1. Medium and small size companies will be subject to a D&B credit scoring report, and depending upon the outcome, references may also be checked. We will look at the following data from the references and the D&B report to make a credit decision:
      2. Credit Score

        Financial Stress Score

        Paydex Score

        Bank reference data

        Credit reference data

        Years in Business

      3. New Businesses will be subject to a credit review utilizing D&B data, if available, and credit reference data. Companies should be in business for more than one year before they apply for Net 30 terms

        -International accounts will be required to complete the FIS credit application. They will need to provide US trade references for us to review. All International customers should have some type of a history with FIS on prepayment terms prior to the granting of Net 30 terms.

    2. Customer credit limits will be reviewed periodically and adjusted, if necessary, based on order volume and payment experience.
    3. If the credit process is delayed, the Sales Department will be notified of the problem and the customer will be notified of the problem as well.
    4. Only one credit card per order is allowed. Multiple credit cards for one order are not allowed.
    5. All customers will be faxed a letter stating that they have been approved for Net 30 day terms.
    6. Collections and Accounting Issues
      1. Customer balances cannot exceed more than 10% of the approved credit limit, unless Management approves future orders.
      2. Accounts that go past due by 15 days will receive a collection call requesting payment
      3. Accounts that go past due by 30 days will receive a collection call and the account will be put on hold until the past due balance is settled. All new orders will also be placed on hold.
      4. A finance charge of 2% per month will be applied to all past due account balances.