The following list summarizes some of the benefits that the Receivable Manager® program offers to your bank:
The Receivable Manager® program works in conjunction with your bank's line of credit and offers an effective, professional and timely service through which the bank can monitor and control its collateral position. For a variety of reasons, many bank customers do not qualify for an unmonitored open line of credit. These reasons may include: seasonality, erratic financial performance, rapid growth, weak balance sheet, heavy customer concentrations, high levels of bad debt, start-up businesses, etc. Rather than turning a customer down or offering a fraction of their request, your bank can present the Receivable Manager® program as a viable alternative.
With Receivable Manager® your bank's customer outsources their credit and collection administration to The Commercial Finance Group (CFG). CFG provides your customer with up-front credit investigation on all accounts, then ledgers the customer's invoices on its system, makes prompt collections calls, lockboxes all payments, applies the payments to open invoices, and remits collected funds to your bank.