"Credit services for the housewares, home furnishings, jewelry, gift, lighting, hardware, sportfishing, paddlesports, electronics, software, floral, craft, apparel, toy, greeting card, recording, specialty food, cosmetic, and related industries."
E-mail:CentralEmail@MYRSCREDIT.COM
Frequently Asked Questions
How long has "MYRS" been in business?
The president and senior credit advisor and senior collector of MYRS has been in distribution and accounts receivable management since 1976. MYRS CREDIT ADVISORS, INC. was formed in 1995.
Can you give me a list of current clients?
MYRS adheres to a very strict confidentiality code of ethics. No one knows who else is using our system. Competitors do not have to worry about being blocked from the MYRS system, if the other company is already using us. We will never divulge the names of our clients or any of their information, that we may be privileged to know. Your information is secure. Ask others in your industry, most likely someone you know is using our system.
Where do you get your information?
The data comes from the "TRADE". We get payment information from thousands of companies just like yours. We also have access to public records and many other sources of information. If a business has a tax lien, we can see it. If they are paying their bills slowly, we can see it. If they are in "collection", we can see it, etc., etc.
Must we contribute data to use your system?
No, this is not a requirement. Some companies are not comfortable in sharing payment information and we respect this. If we ask you to contribute and you say "NO", there is not any problem.
How often is your data updated?
No less than every business day.
What are Info. Extraction fees?
Every recommendation goes through the information extraction process prior to being analyzed for a rating. We scan all sources during this process. Not only do we search our proprietary databases, we search many collaborated databases as well. We go “A” to “Z”, from soft information such as “newspaper clippings” to hardcore “payment history”. Sometimes the information for a $500 order takes longer to extract than a $50,000 order. Other times it will be just the opposite. In order to arrive at a workable fee schedule, we have over the years averaged the time per high credit amount to arrive at the "Info. Extraction Fee”.
Recommendations with order amounts of $1000 or less are exempt from this charge, but as stated, still go through the same process.
Info. Extraction Fees are also an integral part of our
billing system that “levels the playing field” for our clients with low
order amounts. Many industries have thousands of wholesale transactions that are
routinely under $1000. These
clients cannot justify paying more than $5.00 for credit analysis on these small
orders, therefore we have exempted them from the extraction fee.
Our system provides a viable solution for these clients with small order
amounts. On the other hand and from a purely business viewpoint, clients with
high order amounts can economically carry a charge of a few dollars more without
any burden. Their percentage in relation to our cost and to the order
amount is very low. Under our billing system accounts above or below the $1000
order amount get very inexpensive charges as a percentage of cost against order
amounts. We cost less than the cartons that carry the products, let alone the
bad debt expenses we will save you.
What are some examples of charges of Myrs services?
Example of $1000 high credit or order amount sent for a credit recommendation:
$5.00 + $0.00 = $5.00 (Recommendation charge + extraction fee = Total charge).
Example of $2000 high credit or order amount sent for a credit recommendation:
$5.00 + $3.00 = $8.00 (Recommendation charge + extraction fee = Total charge).
Example of $3000 high credit or order amount sent for a credit recommendation:
$5.00 + $5.00 = $10.00 (Recommendation charge + extraction fee = Total charge).
How many recommendations must I submit at a time?
You may submit one or as many as you wish. Whatever suits your needs.
What countries does your data cover?
U.S.A. and territories.
What industries and size of businesses does your database include?
Housewares, home furnishings, jewelry, gift, lighting, hardware, sportfishing, paddlesports, electronics, software, floral, craft, apparel, toy, greeting card, recording, specialty food, cosmetic, and related industries. This is in no order of preference nor importance. We have data on the large, middle, and small size companies, however we specialize in the middle size and small "Mom & Pop" retail outlets and distribution businesses.
Will I receive credit reports from MYRS?
You will receive a credit recommendation per our legend based on our research and analysis of the account's payment and general financial history for the charge of $5.00. The standard recommendation per our legend allows us to charge a nominal fee of $5.00. If you want detailed information along with the recommendation, we offer the "Credit Analysis Summary" for $9.75 .
Does MYRS guarantee the analysis?
If you are not satisfied with the results of any recommendation, you do not have to pay for it.
How do I purchase the recommendations, summaries, and demand letters?
You do not have to pay in advance. You merely need to submit your accounts on your letterhead via fax or email. You may also submit via this web site. "Click" on "Recommendation Submissions" and follow the instructions. You will receive a bill for services rendered at the end of the month. Terms will be N-10.
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