Payment Programs: Benefitting the Independent Merchant

As Jenny mentioned last week, several members of our group attended the American Trucking Association’s Technology and Maintenance Council meeting this month. While I was pleased to chat with our clients, many of whom were exhibiting at the show, and their fleet customers, many of whom were attending, but I was especially excited for the opportunity to meet and talk with members of the independent dealer community with whom I rarely have the opportunity to interact directly.

It is this group in particular that sometimes feels overlooked in the decision-making process when a billing and payment program is implemented. This is a unique challenge to the independent distribution method that is common within the trucking industry.

The advantages provided to the OEMs launching the program are clear. The ability to enforce negotiated pricing and strengthen relationships with their customers, the sales insight available within compiled transaction data, and increased brand awareness available to the OEMs may make independent dealers feel as though a program is being forced upon them.

What they find out later is that a billing and payments program enforced at the OEM level decreases their overall credit risk, removes collections administration duties, and improves their business cash flow. These cost-saving benefits in addition to the new business opportunities available to their locations can quickly override the hesitation to participate.

Old School Business Relations: Putting a Face to the Email

There are more ways than ever to communicate, and as technology evolves, our communication channels only become more and more numerous. With email, phone, text messages, LinkedIn, this blog, and so on, it is more feasible than ever before to maintain business relationships without ever actually meeting your business partners. Given the cost effectiveness of these electronic communication channels, it’s no surprise to see them being embraced by businesses in nearly every industry all around the globe, and the way I conduct my business is no exception.

I find myself relying on electronic communications nearly every day to keep in touch with clients as well as my team. But I spent the better part of last week in Tampa, Florida at the American Trucking Association’s Technology and Maintenance Council (TMC) Annual Meeting and Technology Expo. It gave me the opportunity to attach a face to an email, rather than just a Word document or Excel spreadsheet. And it reminded me of the value of shaking hands and breaking bread with business partners.

A History of New Credit Challenges

The world of credit is becoming more and more complicated and, being in the business of payments, it is imperative that we keep up with the latest without forgetting the past.

Risk management magazine this month covers a decade of events that have led to our modern-day outlook on business continuity and risk management. The article goes on to discuss the continued evolution of the role risk managers will play within organizations in the coming decade. I thought it was worth a read and certainly worth sharing.

If you find it interesting, or would prefer an article that is lighter on words and heavier on the graphics, check out their photo essay on the biggest risk issues of 2009.

Introducing Susan Collins

I’d like to depart from my typical blog postings this week. Rather than zeroing in on a specific topic related to commercial payments. I’m pleased to use this blog as a means to introduce you to Susan Collins, the newest addition to the Multi Service Business Development team. Susan joins Multi Service after twenty years with telecom giants including AT&T and Sprint negotiating and managing both domestic and international contracts. She offers prospective clients expertise, aligning their strategic plans with custom-engineered solutions. We’re thrilled to have her as part of our team!

For those of you attending TMC’s Annual Meeting and Transportation Technology Exposition next week in Tampa, please stop by Booth 1626 to visit with Susan and me. She looks forward to meeting you (and collecting all the fabulous tradeshow giveaways to decorate her bare office walls).

Welcome, Susan!