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In the Weeds of Credit Management: Are Joint Check Agreements Good or Bad for Your Business?
Experienced credit managers frequently deal with joint check agreements, and you already probably understand that you need to treat such agreements on a case-by-case basis. But it takes time to gain the experience needed to determine whether a particular agreement will be good or bad for your business. For many teams, it’s helpful to have […]
Credit Department vs. Sales Department? Get On the Same Team!
Nearly every business experiences a certain level of strain between the sales and credit teams. This conflict happens for a variety of reasons, but it often has to do with poor communication, differences in goals, and a lack of training. However, conflict can be reduced or even eliminated by training your sales team members to think […]
Thinking Of Passing Credit Card Fees to Customers? Think Again
“The check is in the mail,” is an excuse that most business-to-business (B2B) companies don’t miss. In today’s economy, electronic payments of all kinds have made it easier and more convenient for your customers to pay you. For the most part, businesses embrace the change, but one element of electronic payments is a fly in […]
Should Your Company Outsource Collections to an Agency?
How many of your accounts are past due? How many are seriously past due? If you aren’t sure how to answer, you’re not alone. Despite having sizeable outstanding past-due accounts, many credit professionals in smaller and midsize companies still find themselves leery of working with commercial collection agencies. They may think that turning a customer […]
Avoid the No. 1 Mistake in Your Procure-to-Pay Cycle
For businesses working to maintain a healthy cash flow, managing what goes out is just as important as managing what comes in. A balanced purchase-to-pay (aka procure-to-pay or P2P) cycle is essential. However, mistakes in the process can be costly and can affect your entire supply chain. For example, failing to pay suppliers, transportation brokers, […]
3 Stages of Credit Risk Management in Your Order-to-Cash Cycle
A healthy cash flow is vital to any business, so naturally, businesses spend a lot of time tracking their order-to-cash cycle, that all-important process by which you deliver your goods and services and then get paid for them. Still, the cycle is complex, and payments are influenced by everything from the promises your sales person […]
In-Depth Credit Reports Reduce Transportation Risk
One kink in the supply chain can cause a ripple effect that throws the whole process off course. Every business that operates in the transportation industry relies on the professionalism, integrity, and skill of every other partner in the supply chain. A commercial credit management partner like Mountain States CCM can help you use credit […]
Are You the Last to Get Paid in the Supply Chain?
A strong supply chain is just that: A chain, in which the whole is only as strong as its weakest link. So when even one part of the chain breaks down, so does the entire chain. When the supply chain is functioning as it should, everything goes smoothly. The consignor or shipper hires a freight […]
Want More On-Time Payments? Try These Tips
Do you have a problem getting certain customers to pay on time? Every business that offers credit to its customers faces this challenge, to some degree. Luckily, there are ways to nudge your commercial customers into making a payment without destroying the relationship you’ve worked hard to build. For best results, try the following tactics […]
Data Contribution: What’s in It for You?
Like all credit managers, you surely understand the importance of checking the credit of every new commercial customer. But once you’ve extended credit to your customers, what information do you then have about their ongoing credit and how they’re using it? By providing a pool of data from multiple creditors, Experian helps businesses get ongoing […]