Archive for the ‘Blog Posts’ Category
How Well Are You Managing Your Commercial Credit Portfolio?
Thursday, April 4th, 2019Do you know which of your B2B accounts are the most profitable and which are the riskiest? Do you know which accounts are consistently paying late? Do you know how much you can grow your business without incurring unacceptable credit risk? Do you know how to better protect your company against bad debt in the…
How to Request Financial Statements of Commercial Customers Ordering on Credit
Thursday, December 20th, 2018Commercial credit is a preapproved sum of money issued by suppliers to companies seeking to establish an open-ended, continuous business relationship with their suppliers. Widespread and commonplace, commercial credit is used to fund everyday operations, can be accessed by the borrower at any point, and is usually repaid within common terms like “Net 30.” Like…
How Should You Respond When a Customer Asks for Extended Payment Terms?
Thursday, December 6th, 2018Throughout history, credit terms and the way they’ve been offered have changed depending on the strength of the economy. For example, during the Great Recession, many credit managers found that their commercial customers needed extended time to pay their invoices. Businesses and individuals alike struggled to survive in the difficult reality of the stagnant economy….
A Quick Introduction to the Mechanic’s Lien
Tuesday, March 20th, 2018It isn’t uncommon for credit managers to provide services or products to customers on credit. But when subcontractors complete work only to discover that their payments won’t arrive as agreed, credit managers need to act. On construction projects, one good place subcontractors and suppliers can start is obtaining mechanic’s liens. Timely filing is key Most…
What is OFAC?
Thursday, October 19th, 2017What is OFAC and what does it do? The Office of Foreign Assets Control administers and enforces economic sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. The sanctions can be either comprehensive or selective, blocking assets and enforcing trade restrictions to accomplish foreign policy and national security goals….
Ever Thought of Outsourcing Your 60- and 90-Day Receivables?
Monday, September 18th, 2017Slow-paying customers are not fun to deal with, and tracking them down is even less enjoyable. But to recoup what you’re rightfully owed, you’ve got to do so much more than send simple reminders or wait for them to be another month late before sending them to collections. Working to receive these payments, of course,…
Collection Agencies: Friends or Foes?
Wednesday, June 21st, 2017If you have heard anything about commercial collection agencies, chances are it was not necessarily positive. Maybe you heard collection agencies are expensive or their employees ruthless — or perhaps that they are simply unnecessary. As a result of these misgivings, collection agencies often suffer poor reputations. However, these agencies and the professionals their directors…
How to Protect Your Firm from Common Fraud
Wednesday, May 17th, 2017Unfortunately, some fraud likely exists in your firm right now. Do not wait until you identify a problem to take action and protect your assets.
Employ Effective Conflict Resolution and Communication
Monday, May 1st, 2017Conflict with customers, particularly over broken promises or missed payments, is unavoidable. No matter how great your customer service, employee relations, prices, or services are, it’s inevitable: Someone will be dissatisfied — and tempers may even flare. Instead of avoiding conflict, you and your staff members can use effective conflict resolution skills to help resolve…
Accelerate Your Application Processing
Thursday, January 19th, 2017To keep your business running smoothly and effectively, you must be able to determine whether it’s worth extending credit to individuals or business leaders in a timely fashion. Try these strategies to speed up your application process while maintaining system integrity.