Commercial Credit Control Services at PCM Corp
What is Credit Control?
Also called credit policy or credit management, our credit control services can assist you when extending credit to increase your company’s sales. We can also help you minimize the risk of granting credit that might not get paid back. PCM Corp’s commercial credit control services also include:
- Credit application development
- Demand letters
- And reminders to help companies prevent bad debts from occurring
Commercial credit control, or lack thereof, can make or break your company. One would think that a lack of control is more associated with sole proprietors or small business owners, but it is definitely not. Businesses of all sizes and sophistication can experience the extreme pain of granting credit to clients that cannot pay.
To Learn More About our “Credit Control Services”
Call Toll-Free 1-866-895-1622
Most Common and Avoidable Challenges
Commercial businesses face a lot of challenges, some of which are quite common and can be avoided including:
Poor or Non-Existent Documentation
Commercial credit control challenges can appear during the initial onboarding of a new customer. If your company does not have a credit application and approval process, then one should be implemented immediately.
Frequently companies receive a purchase order and the order gets shipped (or service work is completed) without proper checks and balances. It is at this point that your company is most susceptible to fraud.
Poorly Trained or Inadequate Staffing
According to the 2017 study performed by Credit Today, 30% of credit departments are understaffed.
Firms of all sizes frequently experience growth or retraction of its business. This can leave significant gaps with experienced commercial credit management staffing.
Sometimes your business is in a growth phase, and you wait too long to hire someone to help with accounts receivable management. Conversely, your firm could be going through some tough times and can’t afford to keep its existing commercial credit control employees.
System Conversion Problems
Another common reason for commercial credit control issues is systemic.
Many times companies must upgrade their business systems. They either do not invest in the training of its staff or fail to involve their accounts receivable personnel when reviewing the new system’s abilities. This can be a crucial mistake in terms of commercial credit management tools and functionality.
Many multi-million dollar firms still manage their accounts receivable using Excel because it is still more comfortable than using the sophisticated business system in which they have just heavily invested.
Upper Management Overriding Credit Management Decisions
And finally, the most avoidable mistake of all when managing commercial credit control, is not listening to the professional advice given.
Many credit professionals receive rigorous training to manage credit risk. They are trained to provide businesses with an objective opinion of the creditworthiness of a new or existing customer, only to have the decision overridden by a sales manager or business owner.
We understand sometimes credit overrides are done for political reasons, but mostly those decisions are based on personal or emotional causes and can have devastating consequences.
Commercial Credit Control Services That Won’t Break the Bank
After many years of hearing the same stories as the ones listed above, and over 100 “Voice of the Customer” interviews, PCM Corp has practically heard it all. This prompted us to develop an exclusive software engine that helps firms of any size better manage commercial credit control functions.
PCM PRO is a subscription based platform that was developed to help companies save time and money by automating their accounts receivable system. PCM Pro can easily integrate with your small, medium, or enterprise accounting and business systems including, to name a few:
- Sage 50
- Microsoft Dynamics
Our subscription based PCM PRO Plans are structured with 4 levels and designed to provide real-time consolidated reporting of your receivables. Best of all, it is scalable.
If your business is thinking of hiring its first commercial credit control employee or you employ an army of credit professionals, PCM PRO can automate many of the previously manual functions. Even users of GetPaid™ software by FIS will benefit through integration with PCM PRO past-due collection tools.
Big or small – give us a call today at 1-866-895-1622 and arrange for a free demo of the PCM PRO system.
Credit Application Development
PCM Corp will review and potentially edit your existing credit application, or if your firm is thinking of extending credit for the first time, we can develop a customized credit application for you.
You can review our ready-to-use Credit Application Form Template here or please contact us to have us create one for you.
A/R & Sales Team Credit Training
Our best kept not-so-secret secret! Your sales and accounts receivable teams will understand how and when to offer credit as an option to make the deal while protecting your margins and helping to improve your sales. Learn more about the types of team credit training we offer or reach out to us for a quote.
PCM Corp can examine your customer’s credit application, check references, perform bank checks, and provide you with a credit limit recommendation, or reasons to decline the request. Many clients who have in-house credit teams still use our credit decisioning service to give some objectivity to the decision. Learn more about how PCM can help you mitigate your risk of bad debt.
Ask Us About Credit Control Services
If you still have questions about commercial credit control services or if you would like to learn more about how our company can help you manage your credit and financial risk, please contact us online or call us at 1-866-895-1622.