Hanover, NH – October 10, 2007 – NextMark, Inc., a leading provider of direct marketing tools and resources, today announced a new Payment Profile Tool that helps mailing list vendors to make better credit approval decisions and to collect their money faster.
NextMark's Payment Profile Tool
“The recent bankruptcy of Mal Dunn left more than 500 vendors with receivables that will have to be written down or written off completely,” said Joseph Pych, founder and president, NextMark. “That motivated us to build this new Payment Profile Tool that shows a realtime snapshot of the current payables of your prospective client, which is a good predictor of how they will pay you. The goal of this tool is to help you make better credit decisions and to avoid getting caught off-guard like so many did with Mal Dunn.”
The Payment Profile Tool is integrated with NextMark’s account management module. Each account now includes a pie chart that shows the distribution of payables between current, 1-30 days past due, 31-60 days past due, 61-90 days past due, and 90+ days past due. The underlying data is sourced from the balances of open receivables of those companies using the tool. All data is gathered anonymously through a blind co-operative methodology. Participation is optional. Companies must opt-in to get access to the tool.
“Besides helping to make better up-front credit approval decisions, this tool will also help with collections,” continued Mr. Pych. “When a client knows their Payment Profile will be affected by not paying their bills, they have a lot more incentive to pay in full and on time.”
NextMark also introduced a related tool, called the Payment Profile Monitor, that allows mailing list buyers to monitor their own profile. It shows exactly the same chart that list vendors see through their Payment Profile Tool and enables list buyers to actively manage their own credit profile.
Both tools were introduced with version 6.6 (code named “Jennings”) of NextMark’s software platform, which also included more than 60 enhancements to its List Broker and List Order Processing systems, including: improved exchange reconciliation, improved batch emailing, improved batch printing, advanced credit-checking, hard and soft credit limits, and the ability to put orders on-hold en masse.
The Payment Profile Tool is available as a free add-on to NextMark’s Order Processing System. The Payment Profile Monitor service is also free to subscribers of the Order Processing System. Those not using NextMark OPS can subscribe to the Payment Profile Monitor as a standalone service for $49.95/month or $495/year.