The Premier Credit Review: The Credit Information Solution
Premier Trade now offers a product, the Premier Credit Review, to help companies make better decisions when credit information is either lacking or insufficient.
Good credit decisions can make or break a company. A successful company realizes that a sale really only counts when the money tied to it has been collected. They also know that better credit decisions lead to easier and more successful collections. Even superior margins will not support a company that does not collect what it is due.
There are a myriad of details that go into the decision to sell product to a customer. In order to be successful, companies need a solid Credit Policy which sets the parameters governing its credit sales. Credit Policy identifies the seller’s target customers, what industry demographics and market conditions must be analyzed to decide on a sale and the basic sales terms to be offered for each product sold. The policy should clearly identify what information is needed for credit approvals at differing dollar amounts. When exceptions are considered, policy should detail the conditions or circumstances that will induce the company to approve an exception.
Good information for the credit decision making process is essential to allow a company to follow its Credit Policy. There are a number of sources that can be used. First, a company should have its own credit application to get basic business information along with credit references for its customers. It can then look at quite a bit of information that is both free and public. For example through the Secretary of State’s office they can see if a company is registered in that state and its legal form. Lien information is often available as well. Google Earth and other map services allow one to see the actual physical location of a business. A customer’s web site will provide a lot of information on it and give the seller a good platform on which to measure it against other companies. If a company is publicly traded its financial information will be available on line as well.
Frequently the available free credit information will be things you already know. To get more meaningful information will often require a fee. Many companies use Credit Reporting Agencies to provide more current and relevant payment information. This can be quite expensive and require a subscription to access the information. You can find that your usage of these sources is insufficient to warrant the cost.
These agencies provide useful information on established and well-known companies but prove less useful for newer businesses or those with fewer reported trade experiences. It is this critical information gap that is addressed by the Premier Credit Review. The Review gives you current bank and trade information to evaluate where little information was previously available.
The tried and true bank and trade credit information can become the best source of credit experience for a customer. This new information can give the seller the confidence to make a decision and to move on to other business. Most companies lack the discipline and follow thru needed to successfully collect bank and trade reference information. Our dedicated approach and consistent monitoring will get the results needed.
Our website driven review process is simple to use. Easy to complete forms walk you through all the information we require to pursue the bank and trade references you need. We detail all our procedures from initial inquiry through final follow up. Our prices are reasonable and there is no contract required. All fees can be paid through our website. We look forward to working with your company.