What were the challenges you faced?
Melissa and Doug is a leading, high-growth toy company with a rapidly expanding, global customer base. Their business credit process was heavily dependent on ship and then insure the receivables, with light evaluation of the underlying credit risk. As the firm grew in scale, the Controller and the CFO realized it was time to establish a more disciplined process so that their internal teams and their insurance company had quick access to significantly more information ahead of shipment. Our joint partner goals were to increase customer engagement through a smart online credit app process, reduce write offs and the high cost of trade insurance both in premiums and claims.
How has Credit2B helped?
Credit2B spent time with Melissa & Doug’s senior sales and finance teams to baseline their end-to-end credit and collections process, made recommendations for change and then rapidly configured a complete solution, including automated feeds of information to their insurer.
As a result, Melissa and Doug now has the ability to issue an online credit application through a click of a button, automate their bank and trade references which were extremely high volume and then in a snap it all integrates with Credit2B’s exhaustive credit bureau data. Their credit team can now drill down through the application portal to detail like public filings, custom scores, calculated credit lines and overall dashboard of customer activity. As a toy and consumer products company, they are excited that many of their peers are within the Credit2B trade network system and in real-time have the ability to validate trade experiences on common customers and get live peer alerts.