Credit Circles ‘extremely helpful’ in chasing debt
The GA’s Credit Circle meetings bring financial controllers from participating member companies face-to-face behind closed doors to share information about their debtors. What you learn, as a recent first-timer Rachel Paulin, discovered can be extremely helpful.
Rachel is credit controller with the Somerset company Museums and Galleries Marketing Limited, a long-term supplier of greeting cards and stationery products designed, as its name suggests, from images taken from museums and galleries.
Rachel has recently taken on responsibility for running the accounts and has day-to-day knowledge about the company’s debtors.”
“It was very interesting when the agenda for the meeting arrived to see that many of companies on the list of matters to be discussed were those about which I had personal concerns,” she told giftwrap.
“There was other participant in particular with which we have a great many customers in common and I shall definitely be keeping in touch with them outside the meeting. It’s great to have someone with whom to share problems and it is also reassuring to know that Mercantile Credit can provide professional legal back-up should you need to take things one step further,” she says.
Somerset to London is a long way; so was her day worthwhile? “Definitely, their offices are really close to Euston station so it’s very easy to get there. The offices are comfortable and everyone was very welcoming. It was actually great to get out of the office and put a few names to faces as quite a few of the people there had actually supplied me with credit references for mutual clients. I would have no hesitation in recommending other members to attend.”
John Quillan of the home and gifts and fashionware company, A C Jade Trading Ltd, who was another first timer at the Credit circle, agrees. “Attending the credit circle meeting has proved to me how important it is to be able to make well-informed decisions when deciding whether or not to grant customers the privilege of a 30 day credit account. For me the event highlighted the way to establishing better relationship with those customers who pay in a prompt and timely manner. I could write a book about the excuses for not paying that I have been given over the years and it was very useful to be able to share debtor information. I shall definitely be going back for more."
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