November 21, 2023Credit Applications
If a business uses Netsuite and runs a wholesale channel with payment terms, customer onboarding becomes crucial. The saying “Garbage in, Garbage out” gains significance. Typically associated with huge datasets, here it’s about the crucial data sets. The right data and a solid process from the start ensure payment at the end, the ultimate goal …
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November 15, 2023Late Payments , Uncategorized
The Hidden Pitfalls of Offering Extended Payment Terms in Wholesale Business To be competitive today, offering extended payment terms to wholesale customers is a necessary evil. However, this seemingly customer-friendly approach often leads to a host of challenges, resulting in late payments, increased debtor days, and mounting bad debt. In this article, we delve into …
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November 15, 2023Credit Applications
Streamlining processes not only saves time but also enhances productivity, allowing businesses to focus on what truly matters – growth and customer satisfaction. One area where efficiency is paramount is in the setup and management of new wholesale accounts. In this article, we’ll explore how PencilPay, with its advanced features and seamless interface, automates the …
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November 13, 2023Invoicing
Mastering the art of deposit management is akin to securing the foundation of a thriving wholesale business. As markets evolve, businesses demand more; they seek secure, streamlined, and strategic solutions for managing their wholesale deposits effectively. This article delves into the best practices for managing wholesale deposits and highlights how PencilPay offers innovative solutions to …
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In the dynamic landscape of wholesale business, managing credit risks effectively is paramount for sustainable growth and financial stability. Establishing a solid Wholesale Credit Policy is the foundation upon which businesses can thrive, ensuring a healthy cash flow, strong customer relationships, and minimized credit-related challenges. In this article, we’ll explore the best practices in Wholesale …
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October 10, 2023Late Payments
The way payments are handled can make or break a deal. While individual consumers enjoy a buffet of payment options, the story is quite different in the wholesale realm. Wholesalers often find themselves juggling overdue invoices, complex trading terms, and limited payment avenues. 1: The Disparity in Payment Options For a large percentage of wholesale …
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As a lighting supplier, managing the intricate world of imports can be challenging. The demand for lighting products is ever-growing, but along with it comes the complexities of handling deposits, ensuring accurate revenue recognition, managing bill of materials, and navigating the nuances of GST compliance. Additionally, the traditional approach of processing a high volume of …
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