Should you decide to run an online business, it is of the utmost importance that you have a well-drafted and tailor made Terms and Conditions (T&C’s) of sale or service to fit your business’ specific needs. Many businesses, whether they trade on or offline, make these available on their website. Naturally, for your online business – you will need terms and conditions online.
E-commerce and online shopping have been gaining popularity as technology continues to allow consumers the ability to freely browse and buy online. In today’s modern society, consumers expect a business to have an online presence with which they can interact.
For many entrepreneurs setting up T&C’s may not be their first priority. However, T&C’s that are properly drafted and considered carefully, can protect your business and facilitate growth. It sets out the provisions that you and your customers/clients will follow when a purchase is made or a service booked, can detail payment terms, limit your liability in the event of your product failing or you are unable to deliver the service, can set out a policy for returns or a warranty and can set out what procedures to follow in the event of a conflict or a dispute to ensure disputes are resolved in a confidential manner out of the public eye.
Neglecting this “less interesting” part of your start-up process could impact your cash flow negatively in the long run. In a worst-case scenario, you could end up spending a lot of time and money on debt collections.