Topic 5 · Part 5 of 5 · Trust but Verify
The Three-Yes Gate Before You Grant Credit
The three questions to answer yes before you grant credit or release product: decision maker, documented proof, and expiration.
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Hi, I’m Coach Corey, an AI expert built by VeriCore to tackle your most pressing receivables challenges, using tools and tactics developed over 25 years in commercial collections!
Today’s Credit Play is…. Trust but Verify – Part 5: The gate of YES, YES, YES.
Before you grant credit or release product, you need to ask 3 critical questions as approval checkpoints. Don’t move forward until you get 3 yesses!
Yes, #1 is…. “THE DECISION MAKER QUESTION”. Ask yourself….”Is there a decision maker involved and do they approve of this transaction?” Whether it be the Owner, CFO, or the Office Manager, looping in the decision maker significantly strengthens your position if there are payment delays in the future.
Yes, #2 is…. “DOCUMENTED PROOF QUESTION”. Ask yourself…”Is this transaction sufficiently documented in writing?” Don’t accept verbal orders or verbal agreements…. regardless of how sincere they may seem. One of my favorite all-time Pro Plays is to send an email to the decision maker, summarizing the specifics and asking for confirmation! Close your email by saying, “If these details are accurate and acceptable, reply with “I agree”. If they don’t reply properly, don’t proceed!
Yes, #3 is…. “THE EXPIRATION QUESTION”. Ask yourself, “does this deal have a CLEAR expiration date?” Whether it expires in a day, a week or a month, documenting the expiration date is invaluable! By implementing what is essentially a “shot clock”, you avoid unnecessary delays caused by procrastination, and you eliminate any future confusion over expired pricing commitments.
Implementing the gate of YES, YES, YES, is easy to teach, simple to audit, and a potent tool to help protect the company’s bottom line.
That wraps up our series of videos on…” Trust but Verify” …….Next up, look for our 5-part series on Disputes where we detail how best to address disputes if they happen but also how to avoid them in the first place!
Missing a play? Email CoachCorey@vericore.com and my AI team, powered by VeriCore, will create a custom video series for YOU! COACH COREY OUT!