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Frequently Asked Questions - Trade Banker®
1. What is Trade
Banker®?
2. Who uses Trade
Banker®?
3. What do I have
to do or know to use Trade Banker®?
4. Why should I
use use Trade Banker®?
5. Why can't my
Broker do this for me?
6. Is there an
alternative?
7. After the initial
set-up, how do I enter data into Trade Banker®?
8. What kinds of
reports does Trade Banker® generate?
9. What does Trade
Banker® Cost?
10. Is there a contract or
can I cancel at any time?
11. What if I have problems
with Trade Banker®, who do I contact?
12. What if my screen locks
up and I have to reboot, do I lose all of my data?
13. Can I enter an invoice
or payment twice by mistake?
14. What if I enter the wrong
customer or policy parameters into the system?
15. What if my hard drive
crashes, do I lose all of my data?
16. What if I forget my ID
and Password?
17. What if my bankers or
other authorized parties want to access my information?
1. What is Trade Banker®?
Trade Banker® is a trade credit insurance policy
monitoring and receivables loan verification Internet service
or software product.
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2. Who uses Trade Banker®?
Trade Banker® users include: banks, other non-bank
finance lenders and financial intermediaries, trade credit insurance
policyholders (such as manufacturers, wholesalers, exporters
and trading companies), insurance underwriters, and their insurance
brokers.
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3. What do I have to do or
know to use Trade Banker®?
Trade Banker® requires no special skills or special
training to access and operate. Users need only be familiar
with basic Internet functions and Microsoft Windows® computer
navigation skills.
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4. Why should I use Trade
Banker®?
Trade Banker® incorporates all of the manual functions
you currently use to manage your insurance policy and/or loans
against accounts receivable into a completely automated system.
It results in tremendous time savings, which dramatically reduces
administrative costs. It improves accuracy and timeliness in
policy administration and allows personnel to devote energies
to other tasks in the organization.
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5. Why can't my Broker do this
for me?
Brokers earn their income primarily from insurance commissions.
In order to increase commissions they need to be sales oriented
first. Service is expensive and a diversion from their sales
efforts. Also, Brokers are not familiar with the day-to-day
operating details of your business, notably, accounts receivable
and customer payments. They rely on their policyholders to generate
this information. Trade Banker® automates the insertion
of the accounts receivable and payments into the policy monitoring
and verification system. No more waiting for someone else to
provide you with critical management information.
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6. Is there an alternative?
Trade Banker® was conceived and developed to fill
a very specific need and niche. Accounts receivable or bank
loan systems do not contain features that address trade credit
insurance policy monitoring and verification. Relying on manual
input can be risky and building your own system can be time
consuming and costly. Worst still it may not meet all of your
insurance policy monitoring and verification needs. Trade
Banker® is THE cost effective solution.
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7. After our initial set-up,
how do I enter data into Trade Banker®?
There are two ways to enter invoice and payment data into Trade
Banker®: (i) Manual Data Entry, or (ii) Automated Data
Upload. The manual data entry walks you through the data fields
necessary to input each invoice or payment. Trade
Banker's® unique Automated
Data Upload feature, using the convenient and universal delimited
ASCII format, allows users to receive individual or batch invoice
and payment data in separate files from their customers, and
logs that data onto Trade Banker® automatically.
Once the data is logged onto Trade Banker® the user
reviews the data for accuracy then posts or "saves"
the data as a batch into the Trade Banker® system.
Users can elect one or both methods, interchangeably, at their
discretion. The Automated Data Upload feature is a huge time
and labor saving device.
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8. What kinds of reports does
Trade Banker® generate?
Because Trade Banker® utilizes the Microsoft Excel®
workbooks platform for its data management and reporting feature,
the number and content of reports is only limited to the data
contained in the system. Standard reports contained in the system
address shipments, premiums due, past due payments, outstanding
items by customer and policy, and many more.
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9. What does Trade Banker®
cost?
Fees payable for Trade Banker® are flexible and can
be tailored to the users' specific needs to meet their cash
flows. Perpetual and Monthly Licenses are available. Perpetual
Licenses can be paid for in a discounted lump sum, or paid over
convenient installments. Monthly Licenses can be based on: (i)
number of buyers or customers, (ii) item count of invoice and
payment entries, (iii) by dollar amounts outstanding, or (iv)
graduated by volume on any of the foregoing measures.
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10. Is there a contract or
can I cancel at any time?
A Perpetual License Agreement is valid in perpetuity. A nominal
Annual Maintenance Fee keeps your service or software updated
and current for periodic changes in policy or country conditions.
Perpetual Licenses may be cancelled at any time so long as the
fee is fully paid. Monthly License Agreements are normally written
for multiples of one year. Typically, the longer the term of
the license agreement, the lower the unit costs of the license.
For monthly licensees the Maintenance Fee is included in the
monthly fees paid. Monthly Licenses are cancelable at the end
of their respective contract periods after payment of the license
fees for those periods.
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11. What if I have problems
with Trade Banker®, who do I contact?
Problems generally fall into three categories: 1) operator error,
2) breakdown or delays resulting from the Internet or Intranet
access, or 3) Trade Banker® operations. As users
become familiar with the system, they will have built-in internal
checks for the two former causes. If these do not seem to be
the root cause of the problem, Trade Banker® has
customer support available during normal business hours (Eastern
U.S. time zone) via voice, FAX or e-mail. Lex-Tek personnel
can promptly respond to, diagnose and fix your problem. If modifications
to Trade Banker® are required to solve the problem
and restore normal functionality, those costs are borne by Lex-Tek.
If the problem is caused by operator or system errors where
Lex-Tek is asked to work with your IT people, the license agreement
provides for normal fees to be paid for time expended to correct
the problem.
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12. What if my screen locks
up and I have to reboot, do I lose all of my data?
Data entry into Trade Banker® requires that you save
your work frequently as a part of its normal operation. In the
course of manually entering new data, if you need to reboot
(usually the result of desktop or computer error, not Trade
Banker® functionality) at most you might lose only that
information entered since the last "save" function
was undertaken. In any event, data that is entered into Trade
Banker® with the Automated Upload Feature (see question
7. above) this problem is virtually eliminated.
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13. Can I enter an invoice
or payment twice by mistake?
Duplicate entries of the same invoice number or the same payment
item entry cannot occur. Trade Banker® will alert
you to the duplicity and prevent you from saving or entering
the duplicate entry. If you have more than one partial payment
(of the same or different amounts or dates) being entered against
an invoice, Trade Banker® will accept the partial
payment item number and take multiple payments against the same
invoice number until the invoice is paid in full. Afterward,
no further payments against that fully paid invoice will be
accepted.
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14. What if I enter the wrong
customer or policy parameters into the system?
Trade Banker® measures each invoice and payment entered
against the policy parameters that are stored in the system.
If erroneous parameters are entered by mistake, Trade Banker®
will calculate its algorithmic measurement against those parameters.
Typically, such errors will be quickly identified because Trade
Banker® alerts the user to the reasons why certain invoices
or credit limits net of payments are not covered by the policy.
An error message will tell you what the problem is to correct
the entry or examine the invoice or payment for accuracy. If
the error is due to a faulty policy parameter, it will be immediately
evident and the policy parameter can be corrected. This is one
feature of Trade Banker® that cannot be replicated
even by a manual system. In absence of Trade Banker®,
human errors can often can go undetected.
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15. What if my hard drive crashes,
do I lose all of my data?
If Trade Banker® is accessed via the Internet, the
data is stored on the external server and your hard drive will
not affect your data. If the data were stored on your server,
assuming it is not your desktop, the same would be true. If
the server crashes, whatever back-up procedure is in place would
determine the amount and extent to which any data is lost. Lex-Tek
regularly backs-up its server and any data loss should be minimal.
It is useful to note that your customer records should allow
you to promptly reconstruct and recover any data that may have
been lost due to hardware failure.
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16. What if I forget my ID
and Password?
Each user will have a designated security representative who
has the responsibility to authorize, store and modify all passwords.
However that information is stored in accordance with your own
security procedures will determine how the information is accessed.
Lex-Tek assigns only the initial access information.
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17. What if my bankers or other
authorized third parties want to access my information?
For all authorized third parties, you can either print or send
the information to them at your discretion, or, with your permission,
they can be issued appropriate access codes to meet their specific
purposes.
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