How Credit Can Improve Sales


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

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How Credit Can Improve Sales

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