Benchmarking International Credit Reports, Part IV: Credit Exec Advice For Those New to International Credit Extension
Our Benchmarking Survey on International Credit Reporting asked respondents for any advice they might be able to offer for those new to the field of international credit extension. Our members have been through the minefields before and made the mistakes so please read on for some great words of wisdom from a very savvy group of international credit execs: "Join an International Credit Group and learn where your colleagues are selling and on what kind of terms. Attend every seminar you can possibly attend on letters of credit, INCO terms, etc. Use the networking process and communicate with other Credit Managers, Trade Credit Insurance representatives and Export Banking people to enhance your understanding of international trade and how the current global recession impacts your individual company's marketing overseas."
- Susan Nash, CBF, Credit Manager, TIW Corporation "Read about or take classes on International Credit. Get as much information as you can about the country you are doing business in. Understand credit enhancement options (LC's, guarantees). Understand your company's international policies and goals and tie those to your international credit policy."
- Gent Culver, Credit Manager, International Game Technology (IGT) "Know your customer and country, ask lots of questions, establish good solid terms and if it doesn't look right ask for cash in advance or a standby by letter of credit to support the transaction."
- Patrick Spargur, Corp. Credit & Collections Manager, Bally Technologies "Check out the new FCIB website. Site has recently been upgraded and is outstanding source of information and credit reports available on a individual company. It offers both educational and certification programs in the area of International Credit Management."
- Ted Cwynar CCE CICP, Director of Corporate Credit, United States Pipe and Foundry Co. "What I always try to get is credit References in the United States. This way I can easily look up that company's credit/portfolio and hopefully get a truthful credit reference."
- Catherine Fitzpatrick, Credit Professional / Manager, Ohio Medical Corp "Utilize banks and other instruments of credit to manage risk and receivables. Be proactive and do not wait. Hesitation can make a huge difference from non-collection to being paid in full."
- Daryl Lawson, Billing Credit & Collections Manager, Squire Sanders & Dempsey "Everyone must be careful of the data. I recommend that everyone push the firms to include trade information in their reports and rate their in-country sources so we may make better decisions."
- Ken Smith, Credit Manager, Schwartz & Benjamin "Talk to as many people as you can regarding the country, customer and their business practices."
- Thom Beaupre, Corporate Credit Manager, Metal One America "I am not a member of FCIB yet, as I'm new to our company's international division, but I have heard very good things about their networking & educational programs."
- Brian Northrop, International Credit Manager, General Mills "If we don't have enough information to help us make an informed decision, we only extend credit with either a parental guarantee (if possible) or letter of credit."
- Patrick Bissonnette, Manager, Credit and A/R, PMC-Sierra "Look at country risk even more than individual company risk."
- James Albetta, Credit Manager, Ansell Healthcare "Stick to reputable bank letter of credits and wire transfers. Use credit insurance if financial information is unavailable."
- Ken Zanolini, Director of Credit, F Rodgers Insulation "However costly, get multiple reports or information."
- Andrew Keefer, Credit Manager, Orthovita, Inc. "Try to get information from more than one source. Also, get credit references from their U.S. vendors."
- Drue Cobb CCE, Credit Manager, Colfax Corp "Be careful and proceed slowly until you can gain experience."
- Scott Wade, Credit Manager, Exopack LLC "Be conscious of the sources and reliability of the information that is obtained on your behalf."
- John Sloan, Director of Credit Services, Turner Broadcasting "Leverage the contract with your domestic provider. Consult your legal counsel in the country(ies) in question to identify their sources."
- Michael Fay, Credit Manager "Opening up a non-email dialogue with the customers are very helpful. Skype video calls bring that face-to-face element in as well."
- Harris Semegram, Director of Credit, Prestige Brands Holdings, Inc. "Don't believe everything you read. Financial information is notoriously overstated and unaudited."
- Megan Kinsler, Credit Manager, Merisant "Join the FCIB and attend international credit seminars."
- Paul Brunner, Corporate Credit Manager, Mitsubishi Electric Automation "Learn that country's banking system and political environment -- then get an LC if comfortable."
- Brian Good, Sr. Manager: Credit and A/R, PUMA North America, Inc.
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