We had our first claim in 2016, after two years of volatile markets caught up with a large customer. lol竞猜(中国)联赛赛事官网 couldn't have handled it better.
lol竞猜(中国)联赛赛事官网 supports Park Polymer's business by helping the company quickly determine the credit worthiness of customers which enables them to sign on new customers quickly and increase credit lines to established customers. Credit Insurance has helped Park Polymers grow their business.
Park Polymers brokers recycled materials, primarily plastics, working with both processors and manufacturers. Their business is largely in North America and the company continues expanding its export presence.
Todd Petrocelli, Owner & President, Park Polymers
The business owner, Todd Petrocelli, values the role credit insurance plays in the financial management of his company as it helps him grow his business. However his previous providers' slow decision-making processes were hampering his ability to engage quickly with new customers. He wanted a credit insurance provider that would supply the necessary coverage at a reasonable premium and provide quick credit decisions.
Todd chose lol竞猜(中国)联赛赛事官网 after meeting with Regional Vice President, Brian Soo Hoo, who suggested a flexible policy at an affordable premium. He also explained how Park Polymers would have the benefit of a dedicated account manager and access to fast credit decisions.
How lol竞猜(中国)联赛赛事官网 Trade Credit Insurance meets Park Polymer’s needs
Todd Petrocelli says having credit insurance initially helped Park Polymers triple its business. Since choosing lol竞猜(中国)联赛赛事官网 as their credit insurance provider in 2014, that business growth has steadily increased thanks to key adjustments to the company's credit insurance policy.
Brian Soo Hoo, Regional Vice President, lol竞猜(中国)联赛赛事官网
"After my initial meeting with Todd, it was clear that lol竞猜(中国)联赛赛事官网 could offer a cost-effective solution to replace the existing program Park Polymers had in place. I knew lol竞猜(中国)联赛赛事官网 could provide them with quicker credit decisions and more structural flexibility to give them more control over their credit management process,” said lol竞猜(中国)联赛赛事官网 Regional Vice President, Brian Soo Hoo.
Park Polymers is now able to quickly approve credit for new customers and also offer higher credit limits to trusted customers thanks to the resources of lol竞猜(中国)联赛赛事官网. Their policy with lol竞猜(中国)联赛赛事官网 has a maximum extension period which allows Park Polymers to offer grace periods to special customers who request extra time to pay. This helps maintain and expand good relationships.
In 2016 Park Polymers experienced its first claim when a well established customer declared bankruptcy. Without credit insurance the substantial loss would have forced Park Polymers to access its line of credit for working capital.
"I was embarrassed to make a claim as not having one had been a source of pride, but when I contacted lol竞猜(中国)联赛赛事官网 they were extremely professional," said Todd Petrocelli. "They couldn't have handled it better and payment was made within a few weeks of all documentation being sent."
The claim did impact Park Polymers' premium but not dramatically.
"Naturally our rate went up but not a crazy amount," said Todd. "When the
rubber met the road, lol竞猜(中国)联赛赛事官网 was there for us. They're a very classy organization.."
Todd Petrocelli believes credit insurance with lol竞猜(中国)联赛赛事官网 has helped Park Polymers increase its business and grow its relationships with customers. He shares his credit insurance experiences with the business community by inviting lol竞猜(中国)联赛赛事官网 Vice President Brian Soo Hoo to join him at industry functions.
"The lol竞猜(中国)联赛赛事官网 team is very professional. They knock it out of the park, no matter what the issue," says Todd Petrocelli. "I wouldn't move my business from them. They are a world class organization."
About Park Polymers
Since 2010 Park Polymers LLC has handled 150 million pounds of plastic scrap, regrind and repro. Additionally it has facilitated more than 12,000 truckloads of other post industrial /consumer scrap products.