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  • Fundbox is taking a swing at digitizing and disrupting the B2B trade credit space. Read some words of wisdom from their CEO Eyal Shinar as he discusses how Fundbox is looking to leverage API's and digitized payment history to improve the predictability of cash flow through the AR cycle. 

  • Profile image
    Are you Down Turn ready?
    November 29, 2019
    Brian Porter, CEO of Scotiabank has recently declared Scotia "Down Turn Ready".
    What are people out there doing to ensure they are also Down Turn Ready. Is anyone making significant changes in Credit policy to shore up their AR if things start to go south. 
    Is anyone increasing their allowance for impaired loans?

  • Some companies lending in Small Business Credit lines are taking to bank statement cashflow analysis to approve lending limits. Kabbage and Ondeck in the US are prime examples, but here in Canada the trend is taking on with Ondeck moving north of the border and even Canadian companies like Merchant Growth and Thinking Capital partnering with the likes of FLINKS to leverage this bank statement data.

    As providing digital access to you bank accounts and cashflow becomes normalized as part of the underwriting process, and as Canada moves towards an Open Banking environment, is the opportunity ripe to now disrupt Trade Credit.

    Instead of taking on credit risk internally, is it starting to make more sense to offload that credit risk to a third party using this methodology to provide 24 hour funding on a credit line between 5-300k? If the process is seamless, the application completed on your smartphone, and customer gets the goods and your company the sale, could this be the future of the industry?

    What do you see as the roadblocks to making this work? Can technology be used in the trade space to replace the relationship managers that pervade it now? We are seeing this transformation in so many other spaces why not ours?

    Last reply on November 15, 2019 by Shane Jon Knight, CCP

  • "What was once one of the largest translation agencies in Canada says it's so deep in tax debt it can't pay hundreds of thousands of dollars owing to its freelance workers — but it is still soliciting them to take on new work." Copy and paste link to read more http://flip.it/dFgC7P.

    Please share your comments and insights about any early warning signs you'd have detected if this company was one of your customers.

  • Working closely to help develop technology within the collection industry on the B2C side in Canada I am now starting to get more and more enquiries regarding commercial debt and the use of technology!  In the UK I ran similar projects for businesses and saw that approx. 1 in 4 small businesses preferred to pay online, wanted to do it from a smartphone device if possible and maybe surprisingly 33% approx liked SMS as a channel. 

    The key to effective digital collections is not having a great portal, or every communication tool in the box but knowing how to build a personalised and frictionless customer journey.   Many businesses think they have a  digital strategy but in many cases its disjointed and can cause more friction and frustration with a customer if it is neither simple or in their preferred channel of communication.  

    I am looking to run a series of pilots with a few innovative businesses between now and in 2020 to look at how many small ticket, low value debts will be made using an omni-channel self cure solution. This will consist of engaging customers proactively who have failed a PAD, failed a PTP and those that simply are in early arrears and persistent late payers and 'non-engagers'.   These pilots will be low cost but not free. 

    If your business is interested in participating in a pilot please let me know.  For more information on what the technology looks like and how its been effective in collections please see  https://www.illiondts.com/solutions/payments-and-collections/

  • Profile image
    CDK System
    Scott Williams, CCP
    October 28, 2019

    Hello,  Anyone have experience with the CDK system which is specialized for the automotive industry... BUT... doesn't seem to have anything to do AR. 

    At first glance, it doesn't seem to have any of the following.
    Average days to pay or past due,
    Due date.

    Looking forward to any replies

  • To the credit community:
    Are there any Credit managers who utilizes the Small Claims court and if so what are your experiences? 
    Last reply on November 26, 2019 by Ruth Storms, CCP

  • Does CIC have an ETA at all as to when you will be offering the Corporate Finance
    Course through CIC directly?

    Suzanne Miron
    Nortrux Inc.

    Last reply on October 29, 2019 by Ruth Storms, CCP

  • We still get a significant number of email trade reference requests, which are laborious and time consuming. I have a question for the credit community.

    Does anyone look at the title of the person sending such a request?
    What are the parameters?

    Normally, I would say, only to someone who has “credit” in their title. Certainly, someone in Sales, I would decline, I declined one yesterday that said “Customer Service”. With the decline in credit functions in Canada, this is important. Curious what others might do. Any feedback is appreciated.

    Last reply on November 7, 2019 by Ann-Marie Pereira, CCP

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Posted May 16, 2019 by Nawshad Khadaroo, CCP
How has CIC added value to your career? Post your answer for a chance to win two tickets to the May 23rd Blue Jays v/s Red Sox game.
Last reply on May 18, 2019 by Divya Lakshminarasappa
1 Reply
Posted November 27, 2018 by Andre R. Brooker
Please reply to this post to ask a question or start your own discussion. 
  • Click on General Forum
  • Click on Reply
  • Input a question or topic for the subject
Last reply on December 13, 2018 by Ashley Koester, CCP
1 Reply
Posted September 11, 2017 by Andre R. Brooker
As the retail landscape changes and bankruptcies of brink and mortar stores are becoming ever more present, what reforms would you like to see in place that would fairly protect both the interest of employees and creditors of companies that file for bankruptcy or protection?
pexels-photo-207489 x2.png
Last reply on September 11, 2017 by Nawshad Khadaroo, CCP
1 Reply
Posted June 30, 2017 by Andre R. Brooker

Being able to offer highly flexible payment terms can give you a competitive edge with your
international customers. But if your terms are too lenient, you may increase your risk of payment
problems that could undermine your cash flow. This paper examines how you can choose payment
strategies that will attract overseas buyers while keeping your financial risks under control.

Read the full whitepaper

0 Replies
Posted September 27, 2016 by Nawshad Khadaroo, CCP
Can a creditor take security on intellectual property?
Last reply on September 27, 2016 by Tony Lengua, CCP, CCE, CICP, CRM
1 Reply
Posted August 17, 2016 by Nawshad Khadaroo, CCP
Has anyone ever used a "negative pledge letter security? Banks' have used this in the past in the event that a customer won't sign over security. This letter essentially outlines what they agree to and should they fail to follow through, you can then put security in place. Seems a little odd.  Please share your thoughts on this.
Last reply on October 29, 2019 by Ruth Storms, CCP
4 Replies
Posted August 15, 2016 by Andre R. Brooker
A stock buyback affects a company's credit rating when it uses debt to repurchase its own shares.
Last reply on August 27, 2016 by Sean Raymond Monaghan, CCP,CMA
2 Replies

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