NewswireToday - /newswire/ -
New York, NY, United States, 2012/07/16 - In the first step of their campaign to refresh the trade credit industry, Funding Gates premieres a set of free resources that empower small businesses to intuitively manage their receivables - FundingGates.com.
1 in 2 small businesses in the US consider accounts receivable management to be the most challenging aspect of their cash management activities. In fact, over 20% of the $2.1 trillion receivables in the US are past due and, at that, about 10% are 90+ days delinquent. Because of the lack of adequate solutions available to small businesses in managing their receivables, they are turning to the 6,000 to 7,000 collection agencies that currently dominate the market, despite their unattainable fees (which can range up to 50% in commissions). Funding Gates has set out to transform the way small businesses manage their receivables, allowing them to start getting paid on time by their customers.
The first step in successful receivables management is understanding the intricacies of the process. Thus, Funding Gates has launched a series of innovative tools that educate small businesses who extend (or intend to extend) payment terms to their customers and, subsequently, need to effectively manage those accounts.
New features include 4 online “Bootcamps” designed to whip small businesses into financial shape. These Bootcamps are free daily email programs that cover the entire accounts receivable process and beyond. Participants in the Bootcamps will receive insider tips and access to interactive tools to help optimize their receivables management processes. They are packed with crucial information and important daily tasks to get users organized and on-path to accomplishing their financial goals. The Bootcamps include: Extending Payment Terms, Managing Late Paying Customers, Keeping a Solid Working Capital Balance and Building Stellar Business Credit.
In addition, Funding Gates has introduced a “starter kit for small businesses”, an innovative library of documents comprised of sample collection call scripts, situational payment reminder letters and action plans for common late payer responses. Funding Gates has also opened a series of online calculators that allow small businesses to better gauge their financial health. For example, with the “Receivables Fit-or-Not” calculator they are able to see where they rank among peers in their industry and their geography in regards to their percentage of past due receivables. With the “Working Capital Assistant” calculator, small businesses can calculate the exact amount of working capital they need for their business operations based on many variables, such as the number of days it takes to get paid by their customers. Lastly, with the “Write-offs Monitor”, small businesses can figure how many additional sales they need in order to compensate for the write-offs they had in a particular year.
About Funding Gates
Funding Gates (fundinggates.com) is an online platform that automates the entire receivables management process for small businesses, allowing them to get paid in the easiest, fastest, and most effective way.