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Welcome to the Business Wholesale Distributor Products Forum forums.
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Announcement
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Since our forum grow very fast, We have many real buyers around our forum. We need more real verified Sellers to join our BW Traders' group, which is only group allow to sell products in our forum. It is for serious sellers only. If you are real seller or wholesaler, you should take a look the BW Traders group.
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01-29-2007, 10:41 AM
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#2 (permalink)
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New Member
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Ok, I've got an issue for you...
Our 35-year-old family business has been running into problems with our sole supplier of products.
Our account with them has been one month behind for years, since we order one month, send out statements at the end of the month with 30-day net terms to the customer.
Within the past few months, the supply company has changed ownership and new payment terms have been smacked down on us. Now, in order for us to place an order, they are requiring us to pay double up front befor ethey send us anything. For example, if we have an order for $2000 worth of supplies, they will not release that order until we first pay $4000.
Is this legal?
Note: We have no other suppliers nearby that can turn our orders around within a day, otherwise we would have switched to a different company.
Thanks in advance for any help,
RM
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01-29-2007, 10:54 AM
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#3 (permalink)
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Administrator
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this is really up to yourself, you lost your credit, they protect themself which is right, well, it is up to you deal with them or not, this is not about any contact agreement, so it not about legal or not matter, you should earn back your credit or change supplier, only 2 optons
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01-30-2007, 06:50 AM
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#4 (permalink)
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New Member
| Location: America's 400th Birthday - Jamestown, VA 1607-2007 |
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The new owner has decided to no longer be your accounts receivable department. You have been using that company to carry your receivables forever and now they are telling you it has to come to a halt. Can't say that I blame them.
You could investigate "factoring", where a "factor" (a person or company who buys receivables) comes in and give you cash for your receivables. They will wnat a couple of percent, but not a big chunk. And then they will regularly "buy" your receivables, giving you money to use for your supplier.
Many banks have a "factoring partner" they can have contact you. Or, you can look in the Yellow Pages or online for some on your own.
This is not the mobs, lending you cash, where you have to worry about your kneecaps. Factoring is a legitimate business, and a normal way of doing business in some industries.
No butts to kick but your own on this one....
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