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Greetings!
Welcome to the premier edition of One Source Risk Management and Funding's monthly newsletter. We plan to provide valuable credit management information and resources geared to increase your business profit and mitigate trade credit risk.
The primary focus of the newsletter will be education by providing our expanding member base with current, informative articles highlighting new credit management service offerings and changes in our business. We will share industry trends, success stories, new capabilities, credit management tips, and resources to safely enhance your business sales and profits.
Please feel free to contact me directly at george@onesourcerm.com if you have ideas for future newsletters, comments, questions, or concerns. We hope you enjoy our newsletter!
Sincerely,
George Babeu, President and Founder
One Source Risk Management and Funding |
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Client Information Services
A Team Dedicated to Help You Maximize Your Buyer Limits! |
Improving customer service is a never ending process. At One Source, we are always striving to find new ways to exceed our own high standards of providing the best Customer Service in the Industry.
With this in mind, we are very pleased to announce the implementation of our new Client InformationServices (CIS) Department. Many of you have already benefited from its service during the initial implementation phase. The purpose of this new service is to assist you in maximizing coverage by helping fill in the informational gaps that may prevent your carrier from approving a limit, in whole or in part. Read the announcement by Mike DeLuca, One Source Senior Partner: CIS Announcement.
Our new CIS Department is just one of the many additional improvements that the One Source team has planned for the very near future. We sincerely thank you for your continued business and are here to help you succeed in 2011. |
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Check Out Our New Corporate Web Site
Web Site Construction Zone - The First Release is Complete! | |
We are very pleased to announce the release of our redesigned web site. The location hasn't changed: www.onesourcerm.com, but the website has been completely revamped - it's now reorganized, more informative and easier to navigate. Helpful features of the new web site include:
- A calculator to help you better understand the return on your investment (ROI) that credit insurance can provide.
- A PUT calculator to show the value of turning to PUT OPTIONS to mitigate nonpayment risk.
- An interactive map to locate the One Source rep that serves your geographic area.
- Online forms to speed up the process of requesting a free quote, a free A/R analysis, or completing an application.
Additional releases with more information and enhancements are on the way. Our site "construction crew", led by Carol Miner, Operations Manager, welcomes your comments and feedback. Contact Carol at carol@onesourcerm.com. |
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The Value of Retaining a Collection Agent
Want Your Past Due Accounts Paid Faster? | |
Contacting a collection agent sooner (rather than later) turns delinquencies into paid accounts. Third party intervention at the appropriate time is one of the most important actions a creditor can take when a receivable is at risk for payment default. Rich Kelly, VP-Risk Management & Collections Services for One Source and its parent company Seafax, says "In my 25 years of debt recovery experience, I have repeatedly observed that creditors who act first and early with third party intervention are paid more and faster."
Many companies using credit insurance are required to begin collection action based on a debt's age (commonly known as a "mandatory transfer to collection" clause). However, all creditors should be aware of the value of retaining collection agents in a timely manner for maximum recovery results on doubtful accounts.
In addition to being past terms, a claim should be considered for collection placement when changes in the debtor's normal course of business are observed. They might include:
- Returned (NSF) check activity
- Employee turnover or consultants have been retained
- Debtor avoids contact or shows a lack of concern about the past due account
- Recorded messages repeatedly answer the business phone lines, but no one returns phone calls
- Statements are made about having money problems or needing loans
- Trade intelligence indicates that financial problems exist
If you wait for the debtor to close or file bankruptcy,
it's too late!
Hiring a collection agent to act as your representative to demand payment and advocate for your rights as a creditor shows the debtor that payment default will not be tolerated. Instead, gradual but aggressive efforts will continue until the debt is paid.
If you are not being paid, chances are your debtor is not paying other companies either. A creditor should quickly hire a professional collection agent to differentiate their account from other creditors who may only be using in-house resources, traditional dunning letters and telephone calls.
One of the biggest mistakes creditors make is to repeat recovery efforts that have not yielded results in the past. Delegate the handling of delinquent accounts to a competent third party who has the skill set and focus to make recovery of your debt a priority. You can then direct your attention to more productive matters and potentially prevent new problems from developing.
What's the cost?
While there are professional fees, collection commissions are often on a contingency basis only. Recovering a few meaningful accounts prior to their failure will quickly offset the costs associated with hiring an outside collection service. Prompt collection action pays for itself in claims collected and resources. Don't wait to take action after it's too late.
For more information, click here or contact Rich Kelly at rich@onesourcerm.com to learn about preferred collection rates for One Source clients. |
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How Can We Make our eNews Better?
We welcome your comments, feedback, and questions. All emails will get to the appropriate team member that can quickly take action.
Newsletter Editor
newsletter@onesourcerm.com
One Source Risk Management and Funding
U.S. Service Center
281.240.3100 (p) 281.240.3130 (f)
Future articles will include topics such as exporting, credit collections, claims, carrier online tools, PUTS, knowing your policy, and much more! To send suggestions for topics, click here. |
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Get To Know One Source: | |
Where are we located? Portland, ME is our corporate home. Our U.S. Service Center is in Sugar Land, TX (metro Houston area). We have satellite offices all across the country. Click on the interactive Map on our new web site to see where we are. |
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Another Informative Newsletter:
"This Week in the Credit Markets"
published by Wells Fargo Bank
Written by top industry analysts at Wells Fargo, this weekly newsletter (published on Tuesdays) concisely highlights what is currently happening in the Financial Markets. Crossing various industries, it provides a weekly summary of the credit markets, notable bankruptcies, rating changes and the direction of credit and equity indices. The target audience is broad - anyone interested in the Financial Markets. To sign up for this popular "quick read", send email to
John.Molli@wellsfargo.com
or contact John @ 410-332-5712. To view the February 15, 2011 issue, click here.
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