A slow credit department can drive a sales person crazy and hinder his ability to close deals. For a credit manager, a slow credit department insures they are correctly evaluating risk; a pushy salesperson can also drive him crazy). What if there was a way to speed up the credit process without taking on the risk? Might that reduce the credit/sales tension? Credit managers are paid to evaluate risk and make credit decisions, but if your company is too conservative, could you be leaving sales on the table? If you had a guarantee you’d be paid, could you pick up additional gallons? Credit insurance is an insurance policy that guarantees your receivables get paid. With a policy, your company will have access to a credit database, giving you the ability to make guaranteed credit decisions in minutes. These policies also come with underwriters who monitor these risks throughout the year to alert you to signs of trouble. Use of credit insurance, combined with a good credit manager, is a simple and powerful way to rapidly grow your sales. For a fraction of a penny per gallon, all fuel companies should evaluate the benefits.
Credit insurance is a cost-effective sales tool that allows you to insure receivables so you can safely sell more to your existing customers, go after new customers that may have been a credit risk in the past, and expand into new markets that you originally perceived to be too risky. Credit insurance offers a cost-effective solution for safe and profitable growth:
- Grow sales safely, domestically and abroad, to new and existing customers
- Protect your business from risk of non-payments
- Make better and faster credit decisions
- Ease tensions between sales and credit
- Avoid personal guarantees
- Borrow better from the bank by eliminating concentrations and obtaining higher advances with lower rates
- Eliminate letters of credit and replace them with a tax-deductible insurance provision
- Give you leverage to collect from your customers
Contact us to see how credit insurance can help grow your business while protecting you from losses. If you are already using credit insurance, we can help you see how your policy stacks up to the rest of the market. There may be some ways we could work with your carrier to reduce your premium or enhance the policy. Better yet, there is no fee to work with us. We work with all credit insurers and allow for the best rates and maximum coverage.