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Trade Credit: How to Determine if You Should Offer Net-30 Terms to Your Customers
What is trade credit? One of the major differences between consumer and commercial transactions is that most, if not all, consumer transactions are paid in cash or by credit card at the time of sale. Because of this, most consumer businesses never have to worry about extending credit to a customer and can run their operations on an "all cash" basis. This allows them to focus on their core competencies because they don't have to carry slow paying Accounts Receivables and go through the expense of collecting on such accounts. However, commercial transactions are different. Most clients ask their suppliers to deliver services immediately and then to invoice them for the work, payable 30 days later (also known as offering net-30). In effect, clients ask their suppliers provide them with "trade credit" for 30 days. Although suppliers don't like offering trade credit, most have accepted it as an industry standard and have learned how to operate and live with it. In fact, some suppliers have even mastered how to offer trade credit and use it to better position their companies with leading clients. Large creditworthy customers, such as the government or large companies, will usually demand trade credit as part of their contract negotiations. Some examples of entities that ask for 30 to 60 day payment terms are: o Fortune 500 companies On the positive side, providing trade credit to the proper clients can be a tool that allows your company to win important contracts and position it for growth. However, providing credit is also risky and can erode the company's cash position if it is misused. Furthermore, offering trade credit to less-than-creditworthy clients can burden the company with bad debt and affect its growth prospects. Because of this, business owners must walk a fine line balancing their desires to grow their businesses with the necessities of offering credit to their customers. Keys to providing trade credit successfully The best way to minimize the risk of providing trade credit to a client is to perform a credit analysis on him. Although no credit analysis is 100% perfect, they allow business owners to make an informed decision on whom to issue credit to. Here are the three key points to making a credit analysis. o Have the customer fill out a credit application o Check bank and supplier references o Check commercial credit reports Doing a credit analysis on your clients will allow you to determine how much - if any - trade credit you can give them. Clients that do not have a favorable credit analysis should be placed on a COD (Cash On Delivery) basis, at least initially, to reduce the risk of non-payments. The challenges of offering trade credit One of the main drawbacks of providing trade credit is that it can create a cash flow problem for the company that offers it. Large suppliers with adequate cash cushions in the bank can easily afford to offer credit. However, small suppliers with lean bank accounts usually find that offering credit will drain their cash resources and create financial challenges. It is not uncommon for small businesses to find themselves with a cash flow gap after offering trade credit to their larger clients. This gap is created by the fact that the company's Accounts Receivable account is strong while the company's bank accounts and cash position are weak. The cash flow gap places the business at risk of missing payroll and debt payments. It also prevents it from pursuing new opportunities because they don't have the funds to buy resources or hire the necessary staff.
Bridging the "cash flow" gap The biggest asset that most new businesses have, aside from their equipment and intangibles (e.g. employees), is their unpaid invoices or Accounts Receivable. Accounts Receivable is an asset that can be quickly converted into cash by using a financial tool called factoring. Factoring allows a business to sell the financial rights to their Accounts Receivable to a third party, called a Factor. As part of the sale, the factor immediately advances a large portion of the cash value of the unpaid invoices to the business. The business can then use this cash infusion to strengthen its cash position and meet its obligations. In the meantime, the factor, which now owns the invoices, waits to get paid by the customer. Factoring enables business owners to outsource their trade credit function to the factor and to turn their companies into the equivalent of an "all cash" business. If you want to learn more about factoring and how it can be used to grow your business, please read our white paper titled "Factoring: Cash on Demand for your business without debt or loans" About Marco Terry Marco Terry is president of Commercial Capital LLC, a leading commercial finance company that specializes in providing working capital through factoring to small businesses. For more information or a free consultation, please visit our web site at http://factoring.ccapital.net or call us at (786) 206 4722.
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Credit and Debit Cards Raising Fees on Merchants, Highlights Comparative Advantage of Cryptocurrencies Dash News Posted by Justin Szilard | Feb 19, 2019 | News |. Credit and Debit Cards Raising Fees on Merchants, Highlights Comparative Advantage of Cryptocurrencies. The Future is Here: Social credit scores CBS 8 San Diego SAN DIEGO (NEWS 8) - It's a futuristic and frightful concept cleverly captured in a popular episode of “Black Mirror” on Netflix. The premise is a system rating ... How young people can build their credit CNBC Young people shouldn't wait until they graduate college to start building their credit history. Here are some ways that people ages 18 to 22 can start doing that. GOAT App Offering $1000 In Credit For The Best Custom Sneakers HotNewHipHop GOAT is encouraging consumers to transform their white sneakers for cash. If you're familiar with the shoe world and the resale market than you surely know w... 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Alexandria Ocasio-Cortez's War on Credit Scores Is a Big Deal Truthout Credit scores: Everyone's got one, even if they don't know it — and these numbers can have a profound impact on the trajectory of your life. Representative ... It's Official: Marriott Bonvoy Credit Cards Are Now Live With 100K Point Offers Forbes Forbes has partnered with The Points Guy for our coverage of credit card products. Forbes and The Points Guy may receive a commission from card issuers. The top 5 US cities with the best—and worst—credit scores CNBC A credit score is an important measure of financial health and can signify your trustworthiness to institutions. To find which places have the best and worst scores ... Hamas claims credit as head of elite IDF unit steps down after Gaza raid The Times of Israel Terror group says Sayeret Matkal commander's unexpected decision to leave his position is the 'direct result' of its derailing special forces operation in ... The Debt Panel: 'Will my Dh47,000 credit card dues in Dubai be listed with Interpol?' - The National The Debt Panel: 'Will my Dh47,000 credit card dues in Dubai be listed with Interpol?' The National I worked in Dubai last year and signed up for three credit cards from three different banks. I then had a family emergency and returned home to Mexico, as my ... The Best Credit Unions for Federal Employees FedSmith.com If you have ever considered joining a credit union, these are some that offer membership and benefits for federal employees and military. Payday loans skyrocket as households pushed into risky forms of credit ABC News As banks pull back on new finance and tighten credit after the royal commission, households are being pushed into riskier forms of credit — leaving many ... Goldman Sachs Citi Invest in Credit Card Alternative Data Firm, Second Measure Fortune Goldman Sachs and Citi are investing in Second Measure, a company sorting credit card information via geography, price per customer, and more. Credit card skimmer discovered in Jefferson County | News WTXL ABC 27 JEFFERSON COUNTY, Fla. (WTXL) - Authorities are investigating after a credit card skimmer was found at a gas station in Jefferson County. Flybmi tells customers to seek refunds from credit card companies The Guardian Flybmi is advising customers to seek refunds from credit and debit card companies or rebook with other airlines after the company collapsed late on Saturday, ... Happy Death Day 2U’s after credits scene teases future of the franchise Polygon Happy Death Day 2U features the kind of after-credit scene you're more likely to see in a Marvel flick than a horror sequel. I don't think we have to warn you of ... 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