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Greetings!
In 2013, One Source will bring you valuable information about business related topics, the economy, payment trends, new products and topics relating to Trade Credit Insurance. We hope you will enjoy this issue and find it beneficial.
Best Regards,
THAN
Valerie Paavonpera
Director of Marketing
valerie@onesourcerm.com
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Survey by The National Association of Credit Managers
Recently the NACM conducted a survey of members, mostly comprised of credit managers from diverse industry backgrounds. Here are some highlights of the survey results extracted from the article in the January 2013 edition of NACM's Business Credit:
When asked, "Looking forward in 2013, what are your biggest concerns as a credit professional?" The most popular response was "slow payment, delinquencies and general customer credit worthiness," with 21.4% of participants choosing one of these three responses."The state and future of the economy" came in second, with 19%.
The survey asked respondents for some of the major reasons for slow payments, delinquencies and customers not being credit worthy. One respondent hit on a serious topic commonly overlooked, 'the trickle-down effect'. They said, "The larger companies get bolder as work remains scarce", where another respondent elaborated by saying, "this ultimately stresses smaller companies' financial situations even further."
This brings to light the problem most industries face with non-payment - they may know their customers and feel comfortable with their willingness to pay, but when the customers' customers don't pay, the ability to pay creditors becomes increasingly difficult. | |
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Recent One Source Success Stories
US Manufacturer selling to China uses Credit Insurance to access more money from their bank.
This opportunity came to One Source through a regional bank competing to win business from the incumbent bank. The challenge was that the borrower had a large amount of foreign receivables from China which they could not use to support a line of credit. The company was very small - only $5 million in annual revenues, therefore cost was going to be a concern. One Source was able to get three quotes from three different insurance companies providing them several options. Ultimately they selected the quote offering the most coverage and cost effective pricing. This enabled the bank to include an additional $300,000 of accounts receivable into the borrowing base and at a 85% advance rate, this gave the company an additional $255,000 of availability under their line of credit to help with growing the company.
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One Source Risk Management
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One Source Risk Management and Funding is the premier specialist broker for Credit Insurance and Risk Mitigation products in North America. We work with all of the global carriers on your behalf, to design the most cost effective and comprehensive program possible. With our skilled team leveraging the entire market, you are guaranteed the best possible trade credit solution available anywhere - all at no additional cost to you!
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Looking for Previous Issues?
Are you new to our newsletter? Perhaps you deleted the email and need info from an earlier issue. Click on the One Source logo below to go to our website's homepage. On the bottom left, click on "View Our One Source Newsletter Archive" to see the list of all previous issues, including a summary of each issue's topics and contents.
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Credit Insurance
There are many reasons why your customers do not pay their debts and most, if not all, are not your fault! Corporate insolvencies, financial institution changes, shrinking margins, industry consolidation, product liability, cash flow issues, government regulations, new developments in the domestic and international space, natural disasters and fraud... these only scratch the surface of reasons for non payment; there are many more.
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| | FREE A/R Analysis
Let the experts at One Source provide you with a Free Accounts Receivable Risk Analysis. Our team will look at your current portfolio and demonstrate where your risk lies from a frequency and a severity perspective as well as a country risk measurement. We will also point out potential pitfalls and benefits with your current mix of customer/country risk.
Click here to submit a request for a free analysis
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