1.	Our business is fast-paced and marketing driven. We do not have time to get credit reports or call references. Is there any other way to protect ourselves?
Answers
1.	Our business is fast-paced and marketing driven. We do not have time to get credit reports or call references. Is there any other way to protect ourselves? Submitted by:  Tami - Orbit   I have empathy for the marketing-driven nature of your business. Many share your same concerns. Most struggle with the best way to play the hand they are dealt. Popular opnion is that you create a matrix based in part on credit data, from companies such as Dun & Bradstreet and Experian, and incorporate that data with your internal payment records, where they are available. This matrix method, once established, is a quick and reliable way to either negotiate payment in advance, cancel the order, or have on a fast track for payment follow-up. Also consider getting the marketing department to provide your department with a concise yet simple credit application, which would indicate the proper billing address, person responsible for payment, federal ID number or owner's social security number and Duns number, if known. Also making sure that annual sales are indicated. This information, though scant, will prove valuable if and when collection procedures become necessary. Last and most important. If you are unable to get managment's approval to spend the time and money on building a matrix and/or getting Marketing to get you functional paperwork, you must maintain an agressive collection process. Monitor accounts daily. Consider courtesy calls, prior to payment due dates, to assure delivery, proper billing, and any issues that would delay prompt payment. When payment is due, act quickly to make that first collection call or letter demand. Time is money and time is not always your friend when it comes to collecting money. Back to Top

All content copyright © 2002 LiquiDebt Systems, Inc.
Web Design, Development & Hosting by Xymmetrix