Credit Today is the fastest growing publication in the credit field, favored by more and more top credit executives. We cover the world of business, or trade credit, with concise, yet in-depth, reporting. We also publish the most in-depth salary survey in the industry, covering all major credit positions.Credit Today is the fastest growing publication in the credit field, favored by more and more top credit executives. We cover the world of business, or trade credit, with concise, yet in-depth, reporting. We also publish the most in-depth salary survey in the industry, covering all major credit positions.   
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Credit Today is the premier online portal for trade credit professionals.

This web site and all the resources within are for Members of Credit Today Online.

Credit Today Benchmarking Survey: Learning from Your Own Companies' Extended Terms Requests
October 24, 2014, By David Schmidt
Credit Today Benchmarking Survey: Learning from Your Own Companies' Extended Terms Requests The irony in today's environment of customers seeking - sometimes demanding - extended terms from their suppliers is that often, the companies at which credit departments are having to push back against customers' demands, are also themselves making the same demands of their suppliers.

So our survey sought to learn from those who might have insights into their own company's demands for longer terms. What can we learn from them? Where do these demands originate? How often are they demands and how often are they simply requests? What are the reasons why a company might ask for (or demand) longer terms? Were outside consultants involved in these decisions to pay longer? Not surprisingly, many were reluctant to go on the record with some of the answers to this question. . . .
keep reading
Credit Today Benchmarking Survey: Proven Responses to Requests for Extended Terms
October 24, 2014, By David Schdmidt
Credit Today Benchmarking Survey: Proven Responses to Requests for Extended Terms Many companies request extended terms to see how far they can push out payables. Simply giving in makes no sense. Even if an important customer demands extended terms, you shouldn't capitulate without a fight. The key is to remember that terms are a component of the pricing equation and therefore any request to extend terms will change that equation. With that in mind, our survey revealed seven key ways you should push back. To learn those seven key strategies as well as some great advice "from the trenches," read on... . . . keep reading
Credit Today Benchmarking Survey: The Consequences of Refusing to Extend Terms When Asked (Demanded?) by Customers
October 24, 2014, By David Schmidt
Our recent benchmarking survey on customer demands for extended terms asked respondents to share the circumstances involved if they actually lost a customer because they said no.

Ultimately, the question of saying no or not comes down to the reasonableness of the request and the importance of the customer to your business. In addition, suppliers must also consider the issue of pricing: do you increase your pricing to compensate for the cost of money? Finally, Robinson-Patman Act requirements, which hold that customers of the same class be treated the same, should be considered. To find out more about the circumstances in which a customer is lost when extended terms are not granted, read on. . . .
keep reading
A Credit Cardholder Acknowledgment Agreement Can Spare You Some Grief
A Credit Cardholder Acknowledgment Agreement Can Spare You Some Grief It was one of those moments of triumph we so savor as credit professionals. An account totaling nearly $400,000 was overdue by nearly nine months, mainly due to some minor technical disputes. Norman Taylor went to the customer's location accompanied by the salesman. Together they straightened out the dispute and got the customer to agree to pay the full amount. . . . keep reading
One Company's Purchase Order Best Practice List
One Company's Purchase Order Best Practice List Earlier this year on Credit Today's listserv, a question came up about best practices relative to purchase orders. "I've just been asked to draft a deck for best practices surrounding purchase orders -- soup to nuts -- to be used as a job aid for sales/marketing," the inquirer noted. They were seeing invoice payments delayed due to missing or inadequately funded purchase orders and she wanted some help. As is typically the case, another member of the list's "braintrust" shared a well-thought out practice that she'd put together. . . . keep reading
Considerate Collections
Considerate Collections "We're sales and customer relations oriented." We hear that all the time. What we don't hear that much about are collection tactics that are based on deep understandings of individual customer's needs and problems and designed to assist them to the maximum extent that reasonable risk allows. And what we almost never hear about is collectors empowered to use their judgment in employing these tactics. But we heard about them from this company. . . . keep reading
Credit Today Benchmarking Survey: Requests for Extended Terms: The Burden and the Opportunity
By David Schmidt
Credit Today Benchmarking Survey: Requests for Extended Terms: The Burden and the Opportunity Requests for longer terms by customers is one of the most irksome of issues for many credit execs these days. We set out to learn what's going on in this arena. Learn...
  • How pervasive the requests for extended terms are
  • The extent to which it is increasing (and it is increasing)
  • How requests for longer terms are handled
  • Which departments have responsibility for approving such requests
  • How long typical terms requests are (and the range), and
  • What percent of survey respondents report losing customers when declining requests (perhaps the most important finding in the survey!)
. . .
keep reading
Case Study: Missing Out on Reclamation
by Ann Morales Olazábal, MBA, JD
Case Study: Missing Out on Reclamation Payment for a delivery of a $9,000 order for sugar cones and waffle bowls that Sugar Treats had delivered to Mae's Ice Cream Corner, LLC on August 1 was late, which was no surprise. Mae's had been stretching out Sugar Treat's 30-day terms for the past year.

This time, however, the problem would go well beyond stretched-out terms. On September 9 Mae's filed for Chapter 11 bankruptcy, giving Sugar Treats just five days to seek reclamation under the Bankruptcy Law's 45-day rule.

Worse yet, Credit Manager Vic Blackburn, recently reduced to a staff of one, was on special assignment assessing a potential acquisition while all of this was going on. An AR clerk had been assigned to handle routine credit approvals in his absence. Anything beyond totally routine issues just piled up on Vic's desk.

"Oh, Lord," he muttered to himself when he returned on October 1 and came across the Mae's filing notice. "I think we just had 20 to reclaim after the filing, and we've missed that too."

Is Vic right? And, if so, what recourse does he now have?

. . .
keep reading
Persuading Sales Reps to Ask for Down Payments
Persuading Sales Reps to Ask for Down Payments Sometimes perfectly logical steps get left out of credit and collection procedures. And, over the course of time, those incomplete procedures come to seem logical and normal. That happened at this 105-year old company until this credit management professional arrived to set things straight. . . . keep reading
Shipping and Chasing No More
For the first 70 years of its operations, this company followed the time-honored business model of selling and chasing - aggressively selling and, of necessity, just as aggressively collecting. Then, 10 years ago, there was a radical transition to rigorously professional credit management, and nothing has been the same since. . . . keep reading
Sales Input For Your Credit Manual? Taking it up a Notch!
"It was amazing," said Dan Sproat, credit manager at Bakersfield, CA-based oil and gas distributor Wholesale Fuels, Inc. He was referring to the reaction of his sales department after he solicited their input on the newly compiled Credit Department Policies and Procedures Manual. Sproat, who . . . keep reading

NACM Affiliates: A Rundown of Dues, Services, and Easy Links to All
Originally posted: November 12, 2013
Eight NACM Affiliates offer Memberships below $300 and one is offering Membership for less than $200! But more important than the dues is what you get for those rates. Here's a rundown of all NACM affiliates, including the services offered, their location, service area, their website and their dues.

Do you know what each of the "four core services" are and which are offered at each affiliate? Find out within! . . .
keep reading
Credit Card Surcharges and State Laws to the Contrary
By David Schmidt
Credit Card Surcharges and State Laws to the Contrary As part of a January 2013 settlement agreement in an antitrust lawsuit against Visa and MasterCard brought by retailers, vendors have been able to charge a surcharge to consumers who choose to pay with a credit card. This surcharge is capped at 4 percent of the purchase price for consumers, but can be any percentage the retailer chooses up to that limit, as long as it does not exceed the merchant rate being paid by the retailer. The same rules apply to B2B vendors. This surcharge only applies to credit cards and not to debit or prepaid cards.

Includes a chart detailing which states ban surcharges. . . .
keep reading
Tips For Setting Your Automatic Write-off Threshold
Do you have an automatic write-off threshold for small balances left outstanding on you're A/R?

Some companies can research every short payment that comes their way, but for many, it's simply not practical to do that. To keep up, you must set a minimum threshold, under which you automatically write off everything. . . .
keep reading

Achieving Credit's Potential as a Profit Center with a Cash Rebate Program
Achieving Credit's Potential as a Profit Center with a Cash Rebate Program Pay within 15 days and receive a 2 percent rebate by the middle of the following month. That's the gist of this company's program for accelerating payments, boosting sales and avoiding all the costly and time consuming effort of dealing with unearned cash discounts. It's been working beautifully for years, and the mystery is why more companies don't use it. . . . keep reading
Credit Today Interview: New Collection Certification Agency Establishes Standards Board
September 4, 2014
Credit Today Interview: New Collection Certification Agency Establishes Standards Board The newly formed Commercial Collection Agencies of America (CCA of A) has announced the formation of a Standards Board. To find out the significance of this event and its implication for the business credit granting community we contacted Emil Hartleb, one of the nation's leading authorities on business credit and the commercial debt collection industry. The following are the results of our interview with Emil: . . . keep reading
Bank Payment Obligations (BPOs) -- A Primer For Trade Credit Execs
By Ron Wells
Bank Payment Obligations (BPOs) -- A Primer For Trade Credit Execs In this article, we cover what you need to know in order to start replacing Standby Letters of Credit and/or Documentary Letters of Credit (LCs) with the BPO or BPO-Plus process respectively, including:
  • The five key benefits of BPO for trade credit execs
  • A sample bank liability disclaimer you can expect
  • Seller action steps - replacing Standby LCs with BPO
  • Seller action Steps - replacing Documentary LCs With BPO-Plus
  • Buyer action steps - replacing Standby LCs With BPO
  • Buyer action steps - replacing Documentary LCs With BPO-plus
. . .
keep reading

An Expert's Checklist of Key Solvency & Payment Indicators
"It is very easy to get overwhelmed in ratios and lose perspective," notes our old friend, veteran credit exec and former consultant Bruce Diamond. His advice: keep it simple and use this checklist to choose those areas you wish to focus on. . . . keep reading

Meetings that Work
By David Schmidt
Meetings that Work While a co-worker drones on about some problem his team is having that has nothing to do with you, you zone out. Staring into space you wonder if you should pretend to take notes, but instead make some sketches for the kitchen upgrade you've been contemplating and start working on a grocery list.

Sound familiar? Unfortunately, many of us find this scenario all too familiar. Businesses everywhere force employees to devote considerable time to The Meeting. . . .
keep reading
Private Equity Outfits May Be on the Prowl for Some of Your Best Customers
That privately held company--prosperous and well managed--you have long valued as a customer may, at this very moment, be being sized up as an acquisition by a private equity or hedge fund. These funds are sitting on an estimated $462 billion to be put to work in buyouts, up from $399 in December, according to research firm Preqin. And these choice, privately held companies--free from the nuisance of stockholder objections--are currently their favorite target. Their pristine balance sheets will be loaded up with debt, and you could be dealing with difficult and even hostile new management. . . . keep reading
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Members only, today...
Members-only, this month...
 Credit Jobs Today
 This Month's Survey

2014 Extended Terms Survey

This month's survey takes a look at:
  • The extent to which customers are demanding longer terms ("their" payment terms, rather than your selling terms)
  • Who approves any requests for longer terms
  • Whether companies have formal policies in place to handle such requests
  • How far terms are being extended
  • What strategies are used by companies when these requests are received
  • Whether credit managers' own companies are also seeking longer terms from THEIR suppliers (and what we can learn from that)
If you're as interested in these results as we are, then please click here to participate!

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