Your Virtual Credit Manager

APRIL 11, 2023

Poor Credit Controls: Poor credit control practices can result in providing goods or services to high-risk accounts that are likely to pay beyond terms or even default on payments. This is because your customer has to match your invoice to their receiving documents and PO. It is not a static document.

Bad Debt 130

Bad Debt Credit and Collections Accounts Receivable (AR) Days Sales Outstanding 130

Your Virtual Credit Manager

NOVEMBER 14, 2023

Purchasing Credit Insurance, however, will only reduce the risk problem if: The policy covers the financially weak, higher risk customers. Credit Insurance policies often exclude individual, high risk accounts. Insurers want to be paid for the risk they bear. Insurers want to be paid for the risk they bear.

Credit Sales 130

Credit Sales Bad Debt Credit and Collections Credit Risk 130

TreviPay

SEPTEMBER 18, 2024

The renewal process includes a review of the company’s risk profile and may lead to adjustments in premiums and credit limits. Claims Process: In the event of a default, the business must file a claim with the insurer, providing documentation like unpaid invoices and proof of the buyer’s insolvency.

Bad Debt 52

Bad Debt Default Credit and Collections Collector 52

Your Virtual Credit Manager

JUNE 27, 2023

Firms that take a lot of payment deductions can fall into this category. Share The High-Risk Account: Ideally you do not want to extend credit to high risk accounts. It's important to note that not all high-risk accounts are inherently detrimental to a business.

Collector 26

Collector Credit and Collections High-Risk Accounts Accounts Receivable (AR) 26