Frequently Asked Questions
What is a credit interchange?
- A group of companies that join together to share information on mutual customers. Some interchanges are regional, some national, and most are industry-specific.
- The most important resource for effective credit management.
- The trend of the future in credit reporting.
How does an interchange work?
- Members regularly supply A/R and other credit experience to the interchange database electronically via e-mail or FTP.
- The credit group management firm (in this case, ABC-Amega Inc.) compiles all the data and generates credit reports.
- The reports are dispersed to members on-line.
- Most groups hold regularly scheduled meetings to review their customer's accounts and share credit educational experiences. Meetings may be monthly, quarterly or biannually.
Why should I join a credit interchange?
- Valuable information. Credit interchanges provide more valuable information than generic reports. You see exactly how the customer pays creditors in your industry, not how he pays the rent, phone bill, cleaning service, etc.
- Competitive edge. You and the other members own the information, giving you a competitive edge over non-members who do not have access.
- Up-to-date credit experience. Information is up-to-date, not months-old as in the case of generic reporting agencies.
Why would I want to share any information about my customers with my competitors?
- That is a very good question. However, members of credit interchanges (which have been in existence for around 100 years) have found that sharing information actually helps everyone become more profitable. No member has a competitive edge over any other as information is shared equally.
- ABC-Amega closely monitors member participation in the groups. If it is found that a company is abusing its membership (by taking information but not providing much), that member will lose all privileges and may be dismissed.
- It is not possible for any member to obtain a list of all a competitor's accounts via ABC-Amega's system.
- Security features are designed by and for the benefit of the members.
Who has access to the information?
- The information in a group's database belongs solely to the members of that group.
- Access is via password and only current group members and ABC-Amega personnel have access.
- The managing firm has no right to "sell" the information to anyone outside the group.
How is the information managed?
- PACE credit interchange members supply aged experience electronically via email or FTP.
- Trained personnel review all submissions for completeness of information and then upload to the database. As soon as the data is uploaded, it becomes available to members. We work hard to upload tapes within 24 hours of submission.
- Urgent information (which must be factual and cannot include "inflammatory comments") is reviewed before placing it on the system.
How often do I have to share information?
- That depends on the group. But, the more current the information, the more useful. We recommend once a month.
What are other participation requirements?
- These are determined by the group. For the specific requirements of PACE, visit Membship Qualifications on the PACE Bylaws page.
How do I access the database?
- You must have Internet access. the PACE website www.goamega.com is available 24 hours a day. You must have an assigned Username and Password to enter the system.
What makes PACE a smart move for credit professionals?
- Information is up-to-the-minute and easily accessible on-line.
- Member Flash Notices (urgent customer information) are available to the entire group within minutes of posting.
- A Match/Merge function helps members gather complete information on an account even when multiple locations, a/k/a's or d/b/a's exist.
How much does it cost?
- Annual Membership: $675.00
(members that do not attend at least one of the two PACE Educational Conferences per year are assessed an additional $500)
- Credit Reports: $0.00 for up to 125 reports (for members submitting A/R experience automatically by email or FTP)
- Credit Reports: $0.00 for up to 100 reports (for members submitting A/R experience manually by typing it into online form)
- Additional Reports: $5.00 each
For further details on Pricing and Member Requirements: Membership Terms and Pricing