The rapidly changing business environment in the new normal has made it more important than ever to continually monitor customer creditworthiness. Under normal conditions, many companies only reviewed customer creditworthiness on a quarterly or annual
The cost of offering credit to customers is made up of three components: Time value of money Bad debt losses Cost of credit and collection functions The cost of NOT offering credit to customers is
The purpose of credit management is to provide a process for extending credit and collecting accounts receivable consistent with your company’s commercial and financial objectives. In the new normal managing credit risk and protecting
Credit limits are an essential tool for managing credit risk and protecting your company’s cash flow. Orders in excess of credit limits are automatically placed on hold for credit review. If credit limits are set
Customer credit risk has become a major concern in the new normal. Even companies that were financially sound before the start of the recession are struggling to survive until the economy recovers. In this challenging
It is a challenge in the new normal to manage credit risk and protect cash flow. The rapidly changing economic environment and its impact on the credit worthiness of customers makes it imperative that you
Credit management has become critical in the new normal. Many companies are delaying payments to suppliers to conserve cash because of the uncertainty. Credit rating information has become less reliable. Procedures for granting credit
Contact management is an integral part of collections activities. Collection automation products use information about customers, credit, accounts receivable and other important information to schedule collection activities for collectors. This frees up collectors to
Credit risk has increased dramatically in many industries because of the uncertain business environment in the new normal. Businesses in non-essential industries and those in heavily impacted services such as travel and hard-hit geographic
The uncertainty of when the economy will open up and how fast it will open is part of the new normal you need to adjust for in making credit decisions. Non-essential businesses are subject
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