By Andrew Kingstone - Updated on January 19, 2021In a world of growing economic uncertainty Credit Management is going to be one of the skills that will determine what firms survive 2021 and which firms will not.
During good times, people pay their bills. Many businesses do not invest in checking who they are doing business with because even bad customers usually pay. That is something that is going to change. As Warren Buffett famously said; “when the tide goes out we get to see who was swimming naked.”
An effective Credit Management function incorporates all the activities aimed at ensuring customers pay any invoices on time and within the defined payment terms and conditions; including verifying who you give credit to before you give them credit. Getting this right or at least minimising exposure at the various stages in the process is where we can assist.
Prior to extending any credit or simply double checking previous limits – we can provide a comprehensive report on a business and its current credit score compiled from several industry sources. This will eliminate any guess work in process – its real time data and can be done at minimal cost to you. This service can also be extended to individuals as well, but as with any personal information we must abide by the privacy act around data collection and usage.
On the back of this credit referencing, we can also assist at the other end of the process where your terms may not have been adhered to or the debts have simply become hard to collect. Gravity Credit Management has been in existence for over 30 Years, the team is based in New Zealand and multilingual.
We understand the psychology of credit collection; how to treat debtors with respect whilst overcoming objections and establishing the basis for the repayment of your debts. We interact immediately with the clients if we feel the information is in correct or the debtor is vulnerable, and in fact some may be referred back to the client where appropriate.
Whatever the size of the debt we will look at it and remember if we are not successful – no collection no fee (subject to certain terms).
At Gravity Credit Management we are part of a larger group that specializes in business restructures, turnarounds, and recoveries.If you would like to connect and discuss any aspect of your debt collection / credit management process, OR would like a copy of our publication “Commerce & Credit In New Zealand” please don’t hesitate to contact us at 0800 GRAVITY
