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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
"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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Credit Management 101
What are the fundamentals of superior credit management? A veteran credit woman of our acquaintance lists these: Consistency. "Timely and accurate billing is the most obvious method," she says. "Consistent collection techniques can be documented. Make a schedule of monthly statements and phone calls. If your procedures are repetitive and predictable, your customers should not only be able to comprehend what you send them but should also have an idea about when it will be sent."
Promptness. Early on, make status calls to verify that invoices were received. She calls these "humble calls," because you don't want to be aggressive at this point, "but it is far better to find out if an invoice is not received or is in dispute at 30 days than at 60 days."
Persistence. Set up tickler files, track phone calls, and keep notes for your follow-ups. If you say you'll follow up in 10 days, do so. "If you don't indicate that what you're seeking is important, no one else will take it seriously," she points out.
Knowledge. Don't leave any room for doubt. State terms, finance charges, discounts, and refusals of disclaimers on all the documents--invoices, statements, order acknowledgments, rate cards, and credit applications. Reinforce the terms on every collection call. "I'm a firm believer in information overload," she says. "The best way to condition customers is to expose them to the important information that directly affects their paying habits. This repeated exposure of information can also help your case if you should have to litigate."
Credit Management Portal
Unparalleled resources to help you with all aspects of the credit function: partnering with sales, reducing DSO, efficient ways to manage A/R, credit reporting resources, how today's credit leaders are solving problems, best practices in all phases of the quote to cash process...
Check out Credit Today's
Credit Management Portal
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Inquisitiveness. When you ask questions, show your concern about the situation. Make it clear that this is a problem for you, that you're not treating the delinquency as an everyday occurrence. Try to find solutions, she suggests, by asking the following questions:
- What's holding up payment? Is there a problem?
- Should I be concerned about your cash flow?
- How much can you send immediately? How much in two weeks?
These questions can give you a good indication as to how serious the cash-flow problem may be, based on outstanding debt. At the same time, your company's sales force can give you information. "Ask them for information, especially on new accounts," she advises. "You'll be surprised how much salespeople know about the companies they sell."
Flexibility. "Be a chameleon," she says. "Use different approaches and personas. The approach with your Fortune 500 accounts would be different from your approach with smaller or onetime accounts. How we approach a customer is contingent on what awaits us on the other end of the phone, and the amount of experience we have with the account, as well as the dollar exposure."
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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This month's topic: Extended Terms Requests
Click here to participate!
We're examining:
- Whether there has been an increase or decrease in requests for extended terms recently
- Whether or not credit departments have policies relative to extended terms requests
- Whether or not extended terms impact sales commissions
- What the primary factors are when considering extended terms requests
- Who is ultimately responsible for approving extended terms
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July 2010
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