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Hi Ken,
I was reading through the notes. On page 69 it says that banks can provide information on potential customers and national markets. I had never heard of this before. Could you explain a bit further if possible (one or two sentences)?
Thank you in advance for your time.
If you are going to start selling to a new credit customer, you can ask your bank to contact the customer’s bank for a bank reference. Bank references generally include (1) number of years of a customer’s relationship with the bank, (2) number of loans and the amounts of their balances, (3) type and quality of collateral(s) provided, and (4) a copy of the customer’s latest statement of financial affairs on file with the bank. There might be some etiquette involved in obtaining permissions.
If you are thinking about trading abroad, international banks will probably have branches in the foreign country which usually have a range of publications encouraging trade and providing useful information about the country’s economy, institutions and laws for trading.
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