News
Caine & Weiner reacts to global credit crunch and cash crisis with 10-Day remittance
Policy change designed to expedite funds back to clients to increase cash flow
Date: October 20, 2008
Woodland Hills, CA--Caine & Weiner, a leading global accounts receivable management enterprise, has drastically changed their remittance policy to expedite collected funds to clients hampered by today's uncertain economic climate and historic credit crunch.
"As an organization whose clients rely on us daily to provide solutions and results for their accounts receivable management needs, we recognize the critical importance of liquidity and adequate cash flow in today's turbulent global economy", said Greg A. Cohen, President and CEO of Caine & Weiner. "Our client's best interests are always our highest priority. As a result we made the decision to shorten our weekly remittance cycle to 10 days. This is a revolutionary change in remittance standards within our industry and we are proud to be the one who raises the bar."
Remittance or holdover periods, the time between collection of the debt and submission of payment to the creditor, widely vary within the industry. The standard period is 30 days, but many creditors don't receive their money for over 45 days.
"Although our previous 18 day remittance policy is measurably better than the industry standard", Cohen said, "our decision to drastically reduce our weekly remittance cycle by 44% is our way of assuring our clients that we have their best interests in mind by helping them improve their overall net dollars recovered and increase cash flow."
Established in 1930, Caine & Weiner provides excellence in global receivable solutions through professional service, personal attention, and proven results. They have a network of full-service collection centers strategically located throughout the U.S. and an offshore presence in over 70 countries. Their expertise encompasses commercial and consumer debt recovery, including 1PstP and 3PrdP party account-handling - www.caine-weiner.com.
