The Power Of EZ Cover
There is no doubt that traditional credit processes work. If done properly, customers are vetted upfront, given appropriate credit limits (that may increase/decrease over time) and monitored throughout the year for payment trends and updated financial statements. This process involves excellent credit management and the firm decisions to cut slow payers off. This process also involves many steps, gathering credit applications, personal guarantees, credit reports, bank references, and potentially updated financial statements. While all this above is great, we can agree that it can take time and potentially slow down the sales cycle.
What if there was another way? What if you could bypass the steps above and utilize software to make guaranteed credit decisions in 30 seconds? Would salespeople be able to sell more gallons? Could they take away a competitor’s business with terms instead of price per gallon? Could this help confirm a Credit Manager’s decision? This is the power of EZ Cover.
EZ Cover is a feature of a credit insurance policy. If you had a credit insurance policy, it would give you the ability to pre-screen customers and obtain credit limits with guaranteed payment.
While companies may have robust credit departments, credit insurance carriers have access to information that is unavailable to most businesses. One carrier alone has 87,000,000 customers in a database, each of them pre-screened and scored as to how much coverage is instantly available.
If you’re looking for a sales tool to help speed up your credit cycle, I’d encourage you to contact us. We can give you a demo of how this works, or better yet, connect you to other companies that are currently using this service. They view credit insurance strictly as a way to grow their sales. It’s extremely powerful.
If you’re not familiar with credit insurance, it is an insurance policy that guarantees your receivables. Simply put, if you sell product to a company and they don’t pay, you file a claim and the insurer pays you. Businesses don’t think twice when insuring their trucks, buildings and equipment; however, their A/R can make up to 40% of their assets but is the most commonly uninsured. Additionally, you’re more likely to file a claim on your receivables than the fire insurance for your building. For a fraction of a penny per gallon, it makes too much sense to not explore how credit insurance can help your credit department. If you already have a policy, I’d encourage you to contact us so we can improve on your current program by lowering costs and reducing fees. Contact us today to learn more.
For more information,
contact Cory Watson