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In Focus Commercial Credit


One of the arguments for maintaining a


credit team on the payroll, versus using artificial intelligence to detect these signs, is that human relationships can often affect these situations – for the moment at least. Knowing more about your customers –


through credit reports (preferably with monitoring), due diligence, and face-to-face meetings – is key from the beginning of the business-to-business relationship. The more you know about them, the


easier it will be to build and maintain a close rapport. This will also ensure that you are the first


to start recognising the signs when things are not going so well for them and can take the appropriate action without delay.


Adding data It is possible now to add data from some credit reference agencies directly into your


After so many years at loggerheads, sales and credit teams can finally work together in one platform to ensure sales are only made to responsible, legitimate companies with a good, respectable credit score and invoices are more likely to get settled on time


customer-relationship management (CRM) software – which should at least ensure that the company name is spelled and translated correctly (as it is at the Company Register – especially important when trading overseas)


and VAT numbers, addresses, director, shareholder, and registration information is to hand. It also acts as a Know Your Customer


tool, ensuring that your sales team are targeting only legitimately registered entities. With some CRM add-ons, you can order


credit reports and even due-diligence reports via the same software, import them and match the data fields so that both the sales, marketing, and credit teams have access to the same information.


Conclusion After so many years at loggerheads, sales and credit teams can finally work together in one platform to ensure sales are only made to responsible, legitimate companies with a good, respectable credit score and invoices are more likely to get settled on time. CCR


October 2019


www.CCRMagazine.com


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