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Business Organizations

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Mostly, business organizations charges high interest rate in installment credit transaction, which leads to increase in price level. Business organizations require a huge capital to finance hire purchase business. In the process, when the buyer fails to pay appropriately, the seller has to re-possess the goods. The goods may have been damaged in the process of transaction which results to loss. An organization also incurs administrative expense in recording installments. Calder states that, organization uses more money to acquire skilled personnel who can keep record in files for future reference by the management. Buyers have to pay extra interest in case of default. Retail installment credit remains a disgrace since both the buyer and the sellers faces a lot of challenges.  

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Many forces contributed to legitimization of installment buying in big organization. First, installment buying was made possible by the willingness of business debtors to share their payment records with credit-reporting agencies. In Installment buying, only few regulatory barriers exist. In many cases, buyers engage in transactions without obtaining or producing credit report. Globalization, technological innovation, liberalization of markets, and the inadequacy evidenced in financial sectors made many states to set up public credit agencies. The states also encouraged individuals to establish private sector and allow buyers to purchase expensive goods which they could not have afforded on cash sales. Competition between private initiatives and government initiatives did not play a direct role in the establishment of installment buying. Big businesses which tried to exploit the growing demand for reliable information on businesses privately owned played the biggest role.

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In conclusion, business organizations should adjust to changing cultural norms and the existing regulatory and legal environment, in order cope with changes in installment buying. Business organization should use the appropriate sales strategies in order to attract more customers maintain success.  

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