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How Credit Can Improve Sales

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Information on how credit can increase new account sales through credit pre-approval.

Information on how credit can increase new account sales through credit pre-approval.

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  • 1. How Credit Can Increase New Account Sales Through Credit Pre-Approval Presented by: Philip P. Philbin CCE Managing Director and Senior Consultant Commercial Credit Management Associates www.commercialcreditmanagementassociates.com
  • 2. Credit Pre-Approval Components
    • Customized Prospecting List of Potential New Customers- Selectory
    • New Account Credit Approval Decision Making Processes- Decision-Maker
    • New Account Online Customer Credit Application
  • 3. Dun & Bradstreet’s Customized Prospecting List Called SELECTORY
    • Target by SIC/NACIS Codes
    • Target by City, State, Zip Code, Country, County
    • Target By Your Company’s “Footprint”
    • Target By Sales Volume, Number of Employees
    • Paydex Scores, Years in Business, Financial Stress Scores, Credit Risk Scores, and More
    • Over 100 Other Target Metrics
  • 4. Defining New Account Credit Pre-Approval?
    • Credit Pre-Approval Utilizing Your Company’s Current Credit Approval Policies and Procedures
    • Providing Credit Approval Before The Company Is Targeted For Future Sales
    • Acceleration Of The Credit Approval Processes
  • 5. New Account Credit Approval- DNBi’s Decision Maker
    • Credit Pre-Approval Based On Your Company’s Credit Approval Policies and Procedures
    • Result Is A Deliverable Useable Database
  • 6. D&B’s Online Credit Application
    • Automating Your Credit Processes With Custom-branded credit application With Your Logo
    • From Labor-intensive Storage and retrieval of Documents to Electronically Saved and Retrieved paper documents in one place
    • Errors Due to Unclear Form or Handwriting to Easy-to-read and Complete online application
    • Manual and Piecemeal Incorporation of Credit Information to Seamless Integration of Customer and D&B Information Into the Credit Application Process
  • 7. Dun & Bradstreet’s Online Credit Application
    • Your Exact New Account Credit Application With Your Company Logo
    • Accessible Through a D&B Link
    • Your Ts and Cs (Terms and Conditions)
    • Applicant’s Online Signatures
    • Applicant’s Personal Guaranty
  • 8. More Sales From Existing Customers
    • Increase Credit Limits
    • Increase Payment Terms
    • Increase Discounts
    • Use Credit Parameters
    • Adjust Credit Limits
    • Advise Sales
  • 9. How It Helps The Sales Department
    • The credit department provides a list of pre-approved candidates to eliminate wasted sales effort
    • Little if any additional paperwork is required
    • Salesperson can get new order on the spot and begin selling on open account immediately
  • 10. How This Helps the Credit Department
    • With credit pre-approved, time required for credit approval is eliminated
    • Setting of credit limits is Pre-Determined by recommendations from D&B
    • Credit application is completed and stored online
  • 11. Remember To:
    • Limit current risk analysis to 90 days
    • Start a new analysis if over 90 days
    • Quarterly Analysis
    • On Demand
  • 12. CONCLUSIONS
    • Credit is Pre-Approved from Sales Prospect List
    • Eliminate Sales Prospecting Efforts On High Credit Risk Companies
    • Increase Credit Approval Turnaround Timelines
    • Standardize Credit Approval
    • Paper Credit Applications Eliminated
    • Store Documents Online
  • 13. Thank You!
    • Questions
    • &
    • Answers
    Philip P. Philbin CCE Managing Director & Senior Consultant Commercial Credit Management Associates www.commercialcreditmanagementassociates.com
  • 14. Upcoming Series of EDUCATIONAL WEBINARS
    • “ Preference Claims in Bankruptcies- How to Eliminate Preferences”
    • “ Filing A Lawsuit- Start To Finish”
    • “ Convenience Charges on B2B Credit Card Transactions- Yes you Can!”
    • “ Managing Collection Agencies”
    • “ How To Get And Maintain Accountability in Credit Management”
    • AND MANY MORE