What is MobileERP Credit Management System?.

Credit management is the process of granting credit, setting the terms it's granted on, recovering this credit when it's due, and ensuring compliance with company credit policy, among other credit related functions. ... Ensuring an adequate Allowance for Doubtful Accounts is kept by the company.

What are the 4 types of credit?

Four Common Forms of Credit
Revolving Credit. This form of credit allows you to borrow money up to a certain amount. ...
Charge Cards. This form of credit is often mistaken to be the same as a revolving credit card. ...
Installment Credit. ...
Non-Installment or Service Credit.

What is MobileERP Customer Credit Management System?.

Customer Credit management is the process of monitoring and collecting payments from customers. A good credit management system minimizes the amount of capital tied up with debtors. It is very important to have good credit management for efficient cash flow. ... This can only be achieved through good credit management practices.
What are the usual steps in customer credit management are?
Effective credit management is a comprehensive process consisting of:
Determining the customer's credit rating in advance.
Frequently scanning and monitoring customers for credit risks.
Maintaining customer relations.
Detecting late payments in advance.
Detecting complaints in due time.
Improving the DSO.

How 3rd Party Credit Companies work to get you money on time?.

1. You receive an order and send copy to Creditor
2. You get paid in 24 hours by Creditors
3. Creditor Invoice Buyer
4. Buyer pays Creditor

What is LC-Letter of Credit and how it works?.

A letter of credit, or "credit letter" is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make a payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. LC can be 2 ways taken from foreign or local customer or given to foreign or local suppliers.
The seller wants a letter of credit to guarantee payment. Buyer applies to his bank for a letter of credit in favor of the seller. Buyer's bank approves the credit risk of the buyer, issues and forwards the credit to its correspondent bank (advising or confirming).
What are the documents required for opening a letter of credit?
Letter of Credit Documents.
Air Waybill.
Bill of Exchange.
Bill of Lading.
Certificate of Origin.
Insurance Policy.
Packing List.
Road Transport Document.

What is BG - Bank guarantee and how it works?

The bank guarantee means that the lender will ensure that the liabilities of a debtor will be met. In other words, if the debtor fails to settle a debt, the bank will cover it. A bank guarantee enables the customer, or debtor, to acquire goods, buy equipment or draw down a loan.
There are two major types of bank guarantee used in businesses, which are as follows: Financial Guarantee – These guarantees are generally issued in lieu of security deposits. Some contracts may require a financial commitment from the buyer such as a security deposit.

What is difference between LC and BG?

A Bank Guarantee is similar to a Letter of credit in that they both instil confidence in the transaction and participating parties. However the main difference is that Letters of Credit ensure that a transaction goes ahead, whereas a Bank Guarantee reduces any loss incurred if the transaction does not go to plan.

What is FDR - Fixed Deposit Receipt: Components & Benefits

FDR or a Fixed Deposit Receipt is a document which is given by the bank or the company to the depositor on booking a fixed deposit. Just like a shopkeeper gives bill (invoice) on buying something from the shop, FDR is also like a bill in which all the important details about the fixed deposit made are mentioned. FDR can be 2 ways one given to depositers in company and other company invests in Banks via FDR on which company will get interest as income.