All Major Credit Cards are NOT Accepted!

Credit card fees are devastating for the bottom line in B2B commerce, where profit margins are thin.

As card payments continue to replace cash transactions in our lives as consumers, buyers in many industries are bringing their purchasing habits to work. This can be very bad for business: in 2023, Visa extracted $33 billion profit, primarily from transaction fees.

After credit terms have been granted, customers often choose how they want to pay. Finance teams need to influence their customers to use the ideal payment method. If you plan on an ongoing relationship, don’t allow customers that you offer trade credit to leverage expensive options like card payments.

Reach out to our team to learn how Nuvo streamlines onboarding for business customers of every type, from trade credit and cash on delivery to enterprise and beyond.

Check out the article below for strategies to take control of your financial operations, and save your business from expensive transaction fees.

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Question: I’ve been a credit analyst for 2 years on a small team (fewer than ten people). I would like to be promoted, but I don’t know if there will ever be an open role at the next level. Is there a way to bring this up when there is no formal promotion track?

Answer: This is a great question!  Many of us are working for small businesses in small teams, which often have very different challenges as far as career progression.  My advice would be to approach your manager and ask!

I would say something like: “Now that I’ve been in the industry for a couple of years, I’d love to get your advice on how I can advance my career.  I understand we don’t have a formal promotion track here, but my goal is to continue learning and progressing in this field. What suggestions do you have?”

While you’re having this discussion with your manager, make sure you have a mental list of your accomplishments in your current position.  Do you have the best collection rate, have you been asked to be on special projects or teams, or how have you distinguished yourself apart from your colleagues?  You can work those in when explaining why you are interested in leveling up.

I really believe that managers tend to be much more helpful when you’re showing interest and enthusiasm about your position, and honestly asking for advice.  The hardest part is just getting started, so take a deep breath and ask for that meeting!

Women Leaders in Credit & Finance

Nuvo is excited to announce the launch of Women Leaders in Credit an Finance, a dedicated mentorship initiative aimed at empowering women professionals in the fields of credit and finance. Our mission is to foster a supportive community that gives women the tools to excel in their careers.

Follow us on LinkedIn for resources and event announcements, and join the mentorship group to start join the conversation!

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