Town Hardware sells goods on credit with payment due 30 days after purchase. If payment is not received by the 30th day, the store mails a friendly reminder to the customer. If payment is not received by the 45th day, the store calls the customer and requests payment and also stops offering credit to that customer. These procedures are referred to as the store's:

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These procedures are referred to as the store's collection policy, as they outline the steps taken to collect payments from customers who have purchased goods on credit.

Town Hardware Sells Goods on Credit with Payment Due 30