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Our Subscribers Say...
Credit Today's Resource Directory and their online e-mail forum (ListServ) provide information on almost any credit-related topic you can think of. It is a great way to exchange information with other credit professionals. As the saying goes, "You don't know what you don't know."
- Scott Goen,
Credit Manager, Big Lots Stores, Inc., Wholesale Division
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"Over the last 10 years I've seen Credit Today evolve from a monthly credit publication into a quality source of information and guidance for the B2B credit community. The website, with its user friendly form downloads, will take you from examples of new account credit applications to bankruptcy forms and everything in between.
The Credit Today ListServ has become the pre-imminent online forum, providing an opportunity for discussion and comments (and occasional humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
"There are numerous credit periodicals available to the credit professional today. How good is Credit Today? Is it relevant? I always have to read it late, or online because my credit analysts want to read it the minute it comes in. When my staff wants to read a publication before I have a chance to read it then something is working in that publication. We have cancelled our other subscriptions. When you have the best you do not need the rest."
Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
"The newsletter, coupled with the website and the ListServ, are to us, more valuable than any other credit publication, bar none. I try to use at least one article out of each newsletter for departmental training/discussion sessions."
D. Mark Constantine
Corporate Credit Mgr
Fulton Paper Company
"I love Credit Today and read every issue cover to cover. For me, the greatest perk of a subscription is ListServ. I believe Credit Today's ListServ members may be the most knowledgeable Credit brain trust in existence today. I have saved and categorized hundreds of contributions on a wide variety of topics which I refer to often. It's an easy and cost effective way to network and learn."
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Kimberly-Clark Customer Financial Services |
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Glossary of Terms to Help You Understand "Check 21"
Here is a glossary of terms to help you understand "Check 21." Check truncation - The act of stopping a check during the settlement process and from there on processing it electronically. Epayments - payments processed electronically.
MICR Line - Stands for magnetic ink character recognition, and is the line of numbers and symbols imprinted on the bottom of a paper check that includes the bank transit number, account number, check number and check amount.Settlement process - There are two aspects of this. When banks refer to settlement process, they are referring to the physical process of clearing checks from bank-to-bank. When businesses refer to "the settlement process," they are talking about the matching of customer payments to a transaction (invoice or debit memo). Straight Through Processing (STP) - The end-to-end automation of the settlement aspects of the quote-to-cash process. STP involves the ability for the delivery of goods or services by a vendor to generate an electronic invoice to the buyer. This in turn automatically matches with an existing purchase order, thereby scheduling an electronic payment and payment advice so that the actual payment can be automatically posted to the vendor's accounts receivable. Substitute Check - A paper reproduction of the original check that is its legal equivalent under Check 21 if it meets the following five criteria:
Includes an image of the front and back of the original check that accurately represents all the information on the original at the time it was truncated
Contains a MICR line containing all the information displayed in the MICR line of the original
Conforms to generally accepted industry standards for
Is suitable for automated processing in the same manner as the original check
Bears the following legend: "This is a legal copy of your check. You can use it the same way you would use the original check."Wholesale Lockbox - A lockbox for handling B2B payments as opposed to a retail lockbox that handles C2B payments.
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