The preparation of a Verification Report is very similar to that of a Preliminary Notice. With one exception. The Verification Report is not served on anyone. So why order one? The primary reason many of our clients choose to use the Verification Report is twofold:
- The need to acquire the critical project information which identifies those entities who are responsible for making sure that you are paid. By securing this information at the beginning of the project, you will be prepared to act quickly should the project be compromised and your timely payments come to a screeching stop. Gathering the Verification Report information near the end of a project which may be in trouble is much more difficult than at the start when all parties are ready to commence. Having a verification report could expedite the preparation of your mechanics lien or bond claim notice.
- The fee for the verification report may also be applied to the next notice needed to pursue your collections process.
However, There is also an additional benefit for ordering a verification report that most people are unaware of:
- In many businesses which have a Sales Force and a Credit Department. the job of gathering this information is quite often assigned to the salesperson closing the sale. Sometimes (more often than not) this task is not completed when the order is being closed. Most salespeople would prefer not to ask their client for this information, for fear that it could compromise the order. This leaves the challenge with the credit department. Most often this added work presents a burden for credit. A typical Credit Department has plenty of credit and collections related task as a regular part of their job. When Sales does not secure this information at the time of the order, the ball is passed to the credit department and somehow they must find a way to get this complete in order to satisfy their risk management requirements.
The CRM Verification Report may be the perfect resolve!
Using the CRM Verification Report process becomes a “Win-Win” for Sales and Credit. The salesperson avoids any concerns about compromising the order and the credit department secures the upfront data they need to minimize any credit risk on the project. While avoiding the added hours needed to accomplish this challenge.
Therefore, if any of these concerns are impacting your business, please consider the CRM Verification Report process as a viable solution that will keep peace between Sales and Credit.
To learn more about the CRM Verification Report Process. Please contact CRM Lien Services, Inc. 1-800-PRELIMS (773-5467) or firstname.lastname@example.org or use the “Contact-Us” option on https://crmlsi.com