Last week, nearly 50 toy and game companies gathered at ASTRA‘s Marketplace & Academy in Anaheim, Calif. for the second annual Credit Collective member’s meeting. Inside the meeting, important issues affecting toy and game companies were discussed, including the increasing effects of internet discounters on brick-and-mortar stores, as well as how to find alternative distribution outlets, how to avoid customers who pay bills late, and the need for universal credit sheets.
The Credit Collective members also voiced a need for a system to help police their Minimum Advertised Pricing (MAP) policies. Ron Solomon, president and founder of The Credit Collective, revealed that the organization is working on such a system, and agreed to speed up the process in hopes it will be ready for member use by this October.
Another issue discussed was the increasing amount of fraud cases that companies are dealing with due to unscrupulous retailers trying to purchase toys and games. Certain companies—that are no longer able to receive credit due to poor payment history—create fake stores and get terms through pseudonyms. After they receive goods, the companies close their fake businesses before the bill arrives and move.
By cross-referencing information in its database and sharing information with its trade association partners, The Credit Collective aims to help keep both members and non-members safe. The organization is currently developing a fraud-linking service to create a much tighter web.