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My credit department is turning down more clients than I would like and my sales team doesn’t seem to take our credit policies to heart. This tells me I need to make changes somewhere, but I have no clue what needs to change. What can I do to strike the perfect balance between taking on a ton of new clients and only taking on risk-free clients?...Read More
Jack Randall
1 answerAdd commentJan 25, 2021
Credit ProcessesCustomer Relationships
My credit department is turning down more clients than I would like and my sales team doesn’t seem to take our credit policies to heart. This tells me I need to make changes somewhere, but I have no clue what needs to change. What can I do to strike the perfect balance between taking on a ton of new clients and only taking on risk-free clients?...Read More
Dan Glover
2 answersAdd commentJan 25, 2021
Credit ProcessesRisk Management
My plumbing company is growing, and we’ve started picking up jobs in neighboring states. We have an office manager and an AR specialist who handle most of our accounts, but they’re getting overwhelmed with the financial side of things. They think we need to build a credit team to handle our collections, invoicing etc. as well as revamp our credit policy and billing process. I’m not sure we’re at that level yet. What should I do?...Read More
Dennis Torres
1 answerAdd commentJan 25, 2021
Credit ProcessesCredit Teams
I work in the credit department at a medium sized carpentry company. The pandemic has shown us that our credit policy is in dire need of a rework because we had collections issues with several of our recent clients. What would you recommend including in a credit policy if you had to write one from scratch?...Read More
Michelle Peterson
1 answerAdd commentJan 25, 2021
Credit Processes
We’re a material supplier that frequently sends concrete to other states. At any given time, we’re sending invoices to contractors in two to three neighboring states. We’ve recently had problems keeping track of which projects are done, which ones aren’t, and sending notices in the states that require notices. We’re worried we don’t always have the ability to recover if we don’t get paid. How do we stay on top of all this?...Read More
Sam Turner
2 answersAdd commentJan 25, 2021
Credit Processes
We’re a small subcontractor and we lost our right to file a mechanics lien on a recent project due to a pay when paid clause. Can we avoid these terms in future contracts entirely, or is there some other way around them?...Read More
Bruce Morgan
2 answersAdd commentJan 25, 2021
Credit ProcessesCustomer Relationships
Our sales department has expressed interest in teaming with subcontractors to bid on projects and work on them together if we win the bid. Is there any financial risk when doing this? What if the subcontractor pulls out of the teaming agreement and we need to find someone else?...Read More
Anna Lopez
1 answerAdd commentJan 25, 2021
Credit ProcessesRisk Management
I’m a new credit manager who works for a smaller subcontractor. I was wondering if credit insurance is a good option to further reduce risk that we take on when signing new clients. Can credit insurance reduce the risk of taking on bad debt?...Read More
Patricia Reed
1 answerAdd commentJan 25, 2021
Credit Processes
At my new company we send notices to contractor on every project, but I’m not sure what the benefits of doing this are, especially because it’s not required in Georgia. Why are we making this extra effort?...Read More
Naomi Hines
1 answerAdd commentJan 25, 2021
Credit Processes
Me and my friend just started a small carpentry company, and I’m learning the ins and outs of credit management at a construction company. I’m curious about preliminary notices. Do they provide any benefits outside of preserving my lien rights?...Read More
Roland Stephens
2 answersAdd commentJan 25, 2021
Credit ProcessesRisk Management
I have a problem where customer pays $200.00 over the amount agreed for first original agreement, but refuses to acknowledge additional requested services requested as itemized via DM messages. I have drafted a second notice to set the record straight, which i plan to send via certified mail. Outlining in five pages refusal to pay requested additional services, Remedy sought ( four items), Suggested settlement to avoid Mechanic lien filing. Last day of work 11/28/2020....Read More
Hjean Williams
4 answersAdd commentFeb 1, 2021
Credit ProcessesCustomer RelationshipsCredit Teams
This lien is for funds sent to a person with anticipation of goods in return. The goods were never delivered. What type of lien can I file?...Read More
Elaine Davis
1 answerAdd commentMar 4, 2021
Credit ProcessesTools & Software
Hi there Hope you are doing well. VIJUVE is a skincare brand based out of Miramar, Florida in the United States of America since 2017. VIJUVE's revenue is 500k + USD annually so far, but in the last 5 months VIJUVE has been growing at an exponential rate of over 40% on a monthly basis due to a partnership with a large retailer at Amazon.com and the direct customers' acceptance of VIJUVE's skincare products is increasing rapidly. We seek the combination of Invoice, PO, and Line of Credit funding to fuel VIJUVE's growth sustainably. Would you be able to advise the requirements and cost associated with invoice factoring or invoice financing: We are looking for a progress claim financing quote as well as invoice and PO financing. - Total invoice amount to our Client is $774,000 USD. o Client will pay 65% to VIJUVE within 8 weeks' time. The remaining 35% will be paid after 6 weeks. OR o Client can pay 100% after 8 weeks of our invoice date. - Ideally, we need to have the 70% of the PO amount funded via a credible factor company immediately whenever we have such outstanding invoices. - We need to know the requirements to start our working relationship with such a credible factoring company? - Also need to know the costs related to this type of funding. Along with the above, we are looking for a long-term contract where we can pledge to give 100% of our invoices to that factoring company - we estimate that in 12 Months, our invoices would be more than 10 Million USD. This is based on our contract with one of the largest online retailers at Amazon USA, which is purchasing our inventory in the growing stages. If need be, we can share specifics of our contract with the factoring company too. Thanks, Adeel Imrani Co-Founder VIJUVE, INC ...Read More
Adeel Imrani
1 answerAdd commentMar 8, 2021
Credit ProcessesCredit Teams
I was contracted in and not paid for the four weeks that I have worked....Read More
Emory Cox
1 answerAdd commentMar 25, 2021
Credit ProcessesRisk ManagementCustomer RelationshipsProfessional Development
I have a 1995 GM van I need a lien waiver from the bank that is no longer in business how do I get one I’m selling it for $100 I need a lien waiver to get a New title...Read More
Bill Fortner
1 answerAdd commentMar 26, 2021
Credit Processes