What are the three steps involved in establishing a credit policy? B. The three steps involved in establishing a credit policy are (Select all of the choices below that apply) A. Establish credit standards. In this step, the firm must decide how much credit risk it is willing to accept B. Establish credit terms. Here, the firm decides on the length of time before payment must be made and whether or not it will offer a discount If a discount is to be offered the amount of the discount and the length of the discount penod must also be established C. Establish a collection policy. In this step, the firm must decide how it will collect from all of its credit customers DD. Establish a collection policy. In this step, the firm must decide how it will handle late payers