This webinar will cover the entire credit process from how to set up an account, how to decide what payment terms they should receive all the way to how best to collect from a delinquent account.

The webinar outlines steps for the following processes:

Credit application - what is needed in the body of your credit application so that your company is covered should there be a lawsuit, or the customer goes to collections. What can you ask on your credit application and still be PCI compliant?

Once the credit application is received what does your team need to do to determine if the customer is credit-worthy enough to have an open account? If they are not credit-worthy enough what are the next steps?

The webinar will also show how to write up an effective credit review with financial information (If available) to present to management for approval on your largest accounts.

Time will be spent to discuss whether cash in advance is really a good option for a customer who may not look as credit-worthy as you may like. We will discuss reports that your IT department can write that will help you monitor your accounts, process credit cards, and determine DSO for each of your accounts.

The webinar will cover several techniques on how best to collect from your accounts while still retaining them as a customer, when to request help from your sales team, and what the final steps should look like before you turn an account over for collection.

Finally, it will cover how to effectively determine the cost of each of your payment options and this will help you decide which way is the most cost-effective way and help lead your customers to use that method. Overall it will cover the credit process from Soup to Nuts to quote the phrase.

Areas Covered

Course Level -  Intermediate

Who Should Attend

Credit managers/Credit analysts/ Collection specialists

Why Should You Attend

Every company must have a process in place for setting up new customers but how are they doing it and is the current process as effective and efficient as it could be? This session will cover the best practices for setting up new accounts, how to review their credit applications, and questions do you need to order a credit report or is there enough information in your credit application and in the manner you do business to avoid the cost of a credit report? If you end up buying a credit report or if you receive financial statements from your largest customers this webinar will teach you what to look for on the financial statements, how to interpret them, and make a decision of how to sell to this new account. Other areas covered are; Learning about the Altman Z score to determine if the new account has the possibility of going into bankruptcy within the next 12 months, how to set up credit limits, and how to write up the SOP with a Credit limit matrix to support the credit limit approval process. You will learn how to monitor an account once it is set up, how to do a calling hierarchy for your team, and techniques of what to do when your credit team cannot reach the customer to try and secure a payment. The Webinar will also talk about all the payment methods available and how to determine the cost of each and choose which one is best for your company.