Terry-Durin is a family owned electrical wholesaler-distributor that has been operating since 1908. They have grown exponentially over the years and have 5 locations across the United States. Recently, they realized that they needed help in evaluating, analyzing, and onboarding new customers.
Situation
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No previous provider, only internal data
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Small team with growing business, couldn't keep up with a manual process
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Needed a better method of qualifying customers during onboarding as collections are difficult in that industry
Solution
Terry-Durin worked with Creditafe to optimize their onboarding process by:
- Providing credit risk scores, recommended credit limits, and average DBT
- Verifying trade relationships, other trade lines, and company ownership
- Customizing automated monitoring on all new customers
Results
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Improved new customer onboarding times
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Improved repayment rates
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Updated credit limits and terms
Creditsafe makes it easy to put a company in the search and have it pop up and give me a clearer picture of what the customer is really like, not just what they or their friends say that they are. It is a great tool to have to help us, rather than simply relying on our customer’s application or our own internal information.
Jodee Fish
Credit Manager, Terry-Durin