What is credit in business

Credit is business terminology which has several meaning.These include:

Credit means receiving goods from the suppliers and then paying for them later at future agreeable date between the supplier and the purchaser.The purchaser of goods and services can either be individual entrepreneur or can be company or organization's.

Credit can also means depositing money.So incase the business deposit cash to its bank account,then this can also be said that the business have credited the cash to the bank.

Credit also means credit facilities which is the banking terminology which means giving loans to customers.So banks gives credit facilities or loans to their customers whom they return the money back with some interests.

Credit is also used in mobile telecommunication industries to indicate having airtime to your mobile phone to assist you to make voice calls.Without credit on your mobile phone,then you can not make any
voice call.

Credit also means to applaud someone for the job he/she has done it very well.

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