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  1. #41
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    Quote Originally Posted by Spinit View Post

    If you are above board then you are probably fine especially if you are offended by it to the extent that you wish to tell your own customers to take a hike. I do not know anyone who wants to lose customers.
    Some customers are well worth losing. I've to weed out a few.

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    Quote Originally Posted by Pariel View Post
    The problem is likely that these companies are approving you the same way they would suppliers they do significant volume with. Given the quantities and dollars amounts you're talking, I'm a little surprised the technical people didn't just put it on a credit card. Nearly everywhere I've worked, any non-recurring purchase under $5k gets put on a credit card simply because it requires so much less paperwork.
    It isn't just small amounts, either. My day-to-day sole sig limit was over $50,000 per, ($58K? .. maybe it came out even in Sterling?) corporate Diners "package", late 1980's - early 1990's. And I wasn't even a "main board" Director or Vee Pee.

    Later, 2 days of messing about with HR, UK work permit and such (not yet a citizen at the time), first "real" day on the new job, 90 Longacre, London, had 3 hours to sort a six-month-old problem.

    Did so. Phone call to the CFO, said we needed to act within the next quarter hour or rouse our Chairman. He agreed. My next call was to the Chairman at the vendor, late in his day, Kanata, Ontario.

    We were good. He had just seen the EFT cross HIS screen. 78 million USD. Not MY money. Just the nature of the job and the problems it had been created to resolve.

    This is not "new" technology, nor "new" business practice, given that was early 1994.

    "Catch up in the back!"

  4. #43
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    The biggest companies have always requested this info from me since way back along with insurance documentation and lots of stuff.
    I think it is a standard paperwork thing the clerk has to clear. Perhaps there is also the reporting laws now in place and while you are not big enough to be washing money it is just a rule for all.
    GE did not ask you for such info to become a direct vendor?
    What is the downside other than pain in the butt to put together the info and jump through the hoops?
    Bob

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    He may have given a hint when he said there were forms and questions related to US things he didn't know anything about. So, if some weird reason they asked for a report on his compliance with some EEOC regulation, he might literally have no idea how to answer. How does a Danish company comply with a US only regulation? Who would do a compliance audit of such a thing?

    Combine that with what people above have observed about inflexible large corporate systems, and there you go.

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  7. #45
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    Quote Originally Posted by CarbideBob View Post
    Perhaps there is also the reporting laws now in place and while you are not big enough to be washing money it is just a rule for all.
    LOL! That's been in place for a while..

    US Banks were told they had to report all transactions over - ISTR it was $5,000 USD per- to the Hoovermint.

    You think they could be bothered to SORT s**t for no compensation?

    Not our lean, mean, and voracious Banksters. Who wanted to take the risk of missing one? Besides, that's potentially discriminatory. Who needed a lawsuit?

    Simply gave the Government the whole damn lot. $5,000 and one-cent Or ONLY one-cent.

    Let the taxpayer carry the risk of a miss and the cost of sorting it all out.

    "Brother, you ASKED for it!" sound familiar?


  8. #46
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    Quote Originally Posted by crazygoat View Post
    Some customers are well worth losing. I've to weed out a few.
    25 years ago my attorney told me that for every 10% increase in business to get rid of 5% of my customers.

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  10. #47
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    Quote Originally Posted by converterking View Post
    25 years ago my attorney told me that for every 10% increase in business to get rid of 5% of my customers.
    Not a new "plan", either. Yah might think it is actually in our bean-counter's junior-woodchuck guide?



    But did he also tell you the buggers you shed off the bottom of your "desirables" list would wind up, "right here, on PM", whining no one would sell to them at a reasonable price?

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    That is the problem. Once they have been run off they are missed when things get slow.

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    Quote Originally Posted by Spinit View Post
    That is the problem. Once they have been run off they are missed when things get slow.
    Keep improving the quality of your clientele - winning with other winners, successful, even if demanding, rather than just getting by along with other marginals and outright losers - things are less likely to GET "slow".

    More than a few smallholders on PM are overly passive. Accept what comes their way if/as/when it comes. Moan if it don't.

    You want a revenue-generating enterprise - ANY field - you have to MAKE a market, then go GET what you want.

    Peter Drucker nailed it. I'll highlight it. Again:

    "Nothing happens until somebody sells something."

    Footnote; Even then, if one refuses to set up the means to get PAID, it was all for nought....

    Last edited by thermite; 07-25-2019 at 11:28 PM.

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  14. #50
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    Not that this has anything to doo with bank credit paperwerk, but if you want to replace any customers, you should swap out overflow work for primary source work.


    -----------------

    Think Snow Eh!
    Ox

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    If they are not public companies, ask for theirs as well and it should become moot... Years ago, this used to come up in US business I was involved in, always from companies that were not public nor international. If it's large public companies asking you this question, I have not seen this in my US activities.

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    Quote Originally Posted by Spinit View Post
    That is the problem. Once they have been run off they are missed when things get slow.
    No they aren't missed. Being slow is better than working for free.

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    To stop further speculation here are copies (company name deleted) of 2 of the forms I was required to fill out.

    Probably relevant to mention it all started off simple. Asked for a quote and gave a quote including delivery. Then the time consuming emails backwards and forwards started and several forms to be filled out.

    form1.jpg form2.1.jpg form2.2.jpg

    Remember too that my offer was "Payment by bank transfer max 2 weeks after receipt". No advance payment required.

    2 of the forms I've included may not look like much to some of you but everything ended up taking so much time (the order sum was less than $1,000) that I'd prefer not getting the order. It wouldn't even surprise me if, assuming all went as it should, they'd tell me that their standard payment was minimum 4 weeks. I had one company tell me their minimum was 3 months.

    If I had known it wasn't a straight forward simple purchase my price would have been different and higher. For what they wanted I know they can't go elsewhere.

    If I'd known about the forms from the beginning then I could probably have taken the time to fill them out but my offer would have included my time. The banking system here isn't the same and what's "normal" in the USA isn't as "normal" here. For example paying by check as per January 1st is no longer used. Obsolete.

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  20. #54
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    Over time I've seen it go from running to the post office everyday picking up checks to both credit card and electronic payment. For credit cards the holder had to trust us having their number our possession, for electronic payment we had to trust them with having our bank info. For our regular but not often customers it was mostly credit card payment with some on net thirty. Some of their terms were net 45 and net 90. For those we had to make special arrangements with their accounting department to get in their computer system to get paid in net 30. The business world was changing before my eyes.

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    Quote Originally Posted by crazygoat View Post
    for electronic payment we had to trust them with having our bank info.
    Not much of it.

    Most banks have "lockbox" capability (was an actual PO box, originally- still is for larger firms) - or the modern-times electronic equivalent specifically to manage receivables.

    Here's a hint - one of many:

    Electronic Funds Transfer ACH Processing Direct Payment

    Tons more info online and from your bank. Banking is "an industry", after all. Customer's have a need, they create a solution. Already.

    Generally, it is about separate account numbers, limited access and type of transaction. Basically, the Bank transfers incoming deposits out of it and into your separately-numbered operating account. Not much else can be done.

    See also payroll accounts, accounts specifically for paying suppliers, accounts with dual signatures required for larger expenditures, etc.

    Greatly reduced risk if one but makes use of available tools beyond a simple, single account.

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    Quote Originally Posted by Gordon B. Clarke View Post
    To stop further speculation here are copies (company name deleted) of 2 of the forms I was required to fill out.
    [skipped]
    The banking system here isn't the same and what's "normal" in the USA isn't as "normal" here. For example paying by check as per January 1st is no longer used. Obsolete.
    I see nothing "criminal" in those forms, the company probably is dealing with hundreds of subcontractors and this is the amount of info they need so things don't get lost, are payed on time etc., just a thorough form to register you as a supplier

    also note the revision date on the form, if I was annoyed by them as much as you seem to be, I'd point out the changes in banking system at my side and request an updated form or clarification before I tell them I'm not selling

    on the note of customer requests, I decided to ignore a questionnaire recently from one of the customers that wanted to know if I have switched to LED lighting (that was one of quite a few questions in that request), since they, the customer, have some completely irrelevant (to me) standard they comply to, and want to get all suppliers to follow it was well (green racketeering sort of thing), with this action they got couple steps closer to getting on my ignore list... they even sent a reminder to answer them, mind you they came to me for service, not the other way around

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    Quote Originally Posted by crazygoat View Post
    Over time I've seen it go from running to the post office everyday picking up checks to both credit card and electronic payment. For credit cards the holder had to trust us having their number our possession, for electronic payment we had to trust them with having our bank info. For our regular but not often customers it was mostly credit card payment with some on net thirty. Some of their terms were net 45 and net 90. For those we had to make special arrangements with their accounting department to get in their computer system to get paid in net 30. The business world was changing before my eyes.
    As mentioned we have very different systems. Just about everything here now is done over the internet and even "mail" from public offices is almost all done over the internet. About the only reason I can think of for someone to go to their bank is to collect cash for some reason. Travelling abroad is probably the most common.

    We do that when we travel as credit cards are not always used everywhere in other countries.

    The following remark isn't intended for you but for those that don't regard the whole bank details as a "problem". The offer I gave was for a small amount and if I'd known umpteen emails would be generated my offer would have been higher. I was also certain that it was a one time sale as it was to solve a specific problem.

  24. #58
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    Quote Originally Posted by Gordon B. Clarke View Post
    To stop further speculation here are copies (company name deleted) of 2 of the forms I was required to fill out.
    what a whole lot of about nothing. They want your contact info and standard bank account info with a void cheque so they can set you up for wire transfer payment. If you sell to larger companies you'd know this is pretty standard, saves lots money vs printed cheque and post. They are not going to change their AP process because you think the order is too small. And whats to trust? everyone you have ever sent a cheque to has this info and its SOP for international wire transfers, its simply not a secret or really even confidential in that it goes out to so many so frequently.

    What specific questions do you think are untoward in all this?
    Last edited by Mcgyver; 07-26-2019 at 09:20 AM.

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    While the details they ask for are not unusual, the documents have no requirement for a signature, so I would suggest, since they apparently have all the info already from you quotation, you tell them to fill out their own internal paperwork

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    You could increase the price couldn’t you?

    One place I worked had one major big customer. All the eggs were in one basket. They liked to do business with companies like them only. If companies did not follow their best practices they would cut their business. If the company inspector found paperwork or process irregularities they felt it wasted money therefore you charged too much. They could walk up to anyone and ask questions and we had to answer or defer to a supervisor. They could inspect your measuring tools also.

    We bought into their whole outlook to their company and what it stands for in the market. Their employees who did the inspections some which were surprise inspections monitored the people who would watch over the vendor which was us and if money was not being saved or if a vendor did not comply then it was bad for that overseer.

    Now this process was so demanding that shops who went after the business and enjoyed it could soon crumble under the strain. This would be the point where the relationship was not worth it. Companies would think they were doing fine and encouraged by the customer would expand with new machines only to fail in regard to the customer’s demands. It was a thing. After hearing of this the company was avoided by some less that happen to them being strung along and then getting the axe.

    I would not like such control either and did not. It can be a lot worse. I can see the price you charged is not enough for the hassle for you. I think this likely will be where business is going. It is a accounting thing. Big money to them.


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