2023-10-29 03:18:33
The firm DataCrédito Experian presents some recommendations to micro, small and medium-sized companies
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Juan Tamayo, Commercial Vice President of Small and Medium Enterprises of the company, provides some recommendations so that these companies can sell on credit with controlled risk.
Explains that “durable goods,” that is, those that are not consumed quickly, could be financed in the medium or long term, but those of low value, of recurring purchase and immediate consumption, should be paid in cash, to immediately close the sales cycle ( purchase-consumption-payment) and thus generate another purchase again.
The other tip is to analyze the client’s credit score. This must also be consistent with the characteristics of the product and the flow of the sales process.
“Credit must be generated based on the information that exists about the client, under the premise of generating credit with controlled risk.
(See: Microcredit, the entry for new forms of financing).
The idea is not to hinder or subtract efficiency from the process, but prior knowledge of the client is important to verify at least: credit score, payment behavior, ability to pay the obligation and thus make informed decisions.
The specialized company also suggests granting credit quotas and monitoring the client to review their good administration. This allows the billing and sales process to not be blocked by the same credit analysis over and over again.
Likewise, clients can increase their available space; it is important to monitor them to develop preventive collection actions.
The SME must also be clear that the sale is complete only until the payment is collected. “Regardless of whether the good or service has been delivered to the customer, has been invoiced, or the seller has received his commission, the sale will not be complete until the company collects payment.”
(See: BBVA disbursed sustainable loans for $3.8 billion).
Expert Juan Tamayo indicates that effective communication channels must be built with customers.
“In the sales process it is very important to feed your own databases with updated customer information, to have their authorization for the use of their data, with the sole purpose of having quality information that, in the event of non-compliance or payment delay, allows you to easily contact the client and verify their situation to mitigate credit risk.
Finally, he talks about the importance of informing the client of the credit conditions.
“Sales on credit must be accompanied by good information to the client about the payment conditions of their credit, dates, amounts, interest rates, if applicable, and be very clear with the benefits of paying on credit and the implications not to do it,” he points out.
(See: They provide guidelines for credit operations through ‘fintech’).
Constanza Gomez
Journalist Portfolio
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