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Our Subscribers Say...
I think Credit Today is fantastic. You cover many practical topics in the credit field that I use regularly. Just one recent example—a conversation on the ListServ about preferential payments—gave me tips that I used in an actual case. The specific information I picked up from this one discussion saved me $10,000, enough to cover my membership for many years!
- Steve Savino
Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
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
"We've recently started using the ListServ tool within Credit Today. This is phenomenal and powerful forum for gaining immediate feedback, ideas, and suggestions, relative to any credit topic under the sun, all in a real-time e-mail format."
-Javier Vela, Senior Credit Manager, Global Credit Services, JDA Software Group Inc.
"Being a part of the Credit Today online community is like having the expertise of hundreds of credit managers at your fingertips. These credit execs are willing to help you solve topical business issues as they arise. In the current environment of ever increasing competing priorities which reduce our opportunities to meet peers out of the office face-to-face, this is the most valuable tool you can have on your desktop! It's important that we have a mechanism to reach out to our counterparts quickly to exchange knowledge as well as to stay on top of industry trends."
- Victoria Artis, Director of Customer Financial Services, Pfizer, Inc.
"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."
Doug M. Thomas
Kimberly-Clark Customer Financial Services |
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Speeding Up Collections
"Almost every credit manager has as a goal to collect balances owed quickly. Most companies now use bank lockbox remittance processing services to reduce check float, limit handling costs, and give the company access to funds deposited as quickly as possible. Almost every credit manager has a certain customer who does not mail checks to the remittance address. Often, this customer sends payments to the corporate office. This results in additional work and unnecessary delays.
"I recommend the following steps to correct the problem of misdirected payments:"
- Don't ignore the fact that payment was sent to the wrong address. Send a simple, low-key letter to every customer that sends payments to an incorrect remittance address, asking it to correct its records.
- Keep track of the customers that have received these 'friendly reminder' notices.
- Follow up with a telephone call if you have to send more than one letter. Make sure the customer has corrected your company's remittance address in its accounts payable system.
- If, after your letters and your telephone calls the customer continues to send payment to the wrong address, go 'up the ladder' as you would with any other collection-related problem until the matter is resolved.
"Using these ideas will help maximize your company's working capital, speed up collections, and improve DSO."
Michael Dennis,
Director of Credit
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Collection Resource Center
Your one-stop resource for collections information - tools, tips, tricks of the trade
Collection Resource Center
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Handling Chargebacks
"One of the most difficult tasks in credit management is to collect chargebacks and deductions. The following approach usually yields good results:"
- Make sure your company is not at fault. Verify shipments were made within the time window specified on the purchase order. Was any merchandise substituted or back ordered? Was freight shipped as required on the P.O.? Were shipments made with a carrier other than the one specified? Only go after chargebacks you can prove were deducted in error.
- If your case is not rock solid, don't pursue it. This will only irritate the customer.
- When corresponding with customers, send all pertinent documentation. Make it as easy as possible for them to research what is necessary to get reimbursed.
- Direct your correspondence to the proper person: traffic manager for freight-related deductions, co-op advertising manager for advertising, and Accounts Payable for other chargebacks.
- Sometimes both parties are adamant and you are at an impasse. At that point, it's time to settle for half.
"Make sure all proper people are notified about chargebacks so they are aware of all problems. This will hopefully stop any future errors that would generate chargebacks the next time a check is cut."
Joseph Seruya
Corporate Credit Manager
Commodore Manufacturing Corp.
Brooklyn, New York
Adlip Company
Aliso Viejo, CA
Editor's Note: The above article originally appeared in the Credit & Collection Manager's Letter, a newsletter purchased by Credit Today in 2006. This article originally appeared prior to 2000.
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Outlook 2012
This month's survey explores...
- What the top problems are facing credit execs currently, and
- What the top improvement initiatives are.
Click here to participate!
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