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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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The BEST of... Credit & Collection Manager's Letter
Credit Today recently acquired the original newsletter in the credit space - Credit & Collection Manager's Letter. Edited by founding editor Wayne Muller, the newsletter contains much classic wisdom for credit, collections, and accounts receivable professionals. This material is too good to not post for our members and beyond.
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Why The Credit Department is a Critical Area of Customer Support and Steps to Take to Improve Customer Satisfacton
"The second person a customer will have contact with after the salesperson is usually someone from the credit department," says one senior credit manager. "How this contact is handled can affect a customer's perception of the entire organization, either positively or negatively. That's why it's so important to recognize the credit department as a critical area of customer contact within your company. Make sure your people are making the most out of every customer contact." Here are some of his ideas for improving customer satisfaction: . . .
keep reading
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Core Competencies for Credit Staffers
What are the most important "core competencies" for credit staffers? Well, one of them is "business perspective," according to one Iowa credit manager. Noting that staffers need to focus on DSO measu . . .
keep reading
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The Right Combination
"We have automatic dunning cycles. We call customers, and we write to them. We try to stay on top of slow payers as much as possible. The biggest credit challenge," continues Steven A. Fistel, directo . . .
keep reading
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The Importance of Proof of Delivery
By Christine Alfonso
A veteran of 10 years in credit and collection management, Christine Alfonso has been in her present position since 1996. Solar Services sells and services solar heating systems in both the commercial . . .
keep reading
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Placing a Priority on Customer Visits
Sure, customer visits are important. But how much time can a busy credit manager allot to them? One California company has solved this problem by appointing four "area credit representatives" (ACRs) l . . .
keep reading
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Selling Your Value
I was recently surprised and disappointed to hear that a friend--a credit manager who I knew and respected--had lost her job due to a reduction in force (a.k.a. reengineerng). I was surprised because . . .
keep reading
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Repossession - Who Owns the Collateral?
When Tom Sorley arranged financing for a new van for his home decorating business, the bank insisted that he execute a personal guarantee. Less than a year later Tom and Audrey, his wife and business partner, were divorced. The court awarded Audrey the van, but at the same time ordered Tom to make the remaining payments. Tom continued to do so for some time, but when he could no longer single handedly keep Sorley Decorating in business, he was forced to default. The bank was patient for awhile, but when the payments were not forthcoming from either Tom or Audrey, they had no alternative but to repossess the van. After the repossession, but before any sale or disposition, Tom filed a petition in bankruptcy under Chapter 13 of the Bankruptcy Code. Tom's counsel immediately requested that the van be returned to Tom. The bank, of course, refused. At this time Audrey bought a proceeding in the bankruptcy court asking the court to direct the bank to turn the van over to her. The bank argued before the court that when they repossessed the truck, they effectively became the owner and since ownership was transferred to the secured party, the van was really not subject to a turnover proceeding. Who's entitled to the van--the bank, Tom, or Audrey? . . .
keep reading
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Selling to Non Creditworthy Accounts
At one California high-tech company, where (as we noted in an earlier issue) customer visits are regarded as investments rather than expenses, there is keen interest in seizing the sales and profit potentials available from properly crafted relationships with "non creditworthy accounts." "Controlled sales to selected non creditworthy accounts under the right conditions can be a source of incremental profitability." is how this company's written credit policy put it. . . .
keep reading
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The Growing Risk of Uninsured Losses
Many of us in Credit have a tendency to gloss over our customers' insurance programs. We rely on customers to evaluate the magnitude of the hazards to which their businesses are exposed and to properl . . .
keep reading
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Generalists and Specialists
More and more often, credit managers are expected to be both generalists and specialists. As middle managers in an era of downsizing, mergers, re-engineering and reorganizations, credit professionals . . .
keep reading
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Getting Paid Through Assignments
If you have customers who are chronically late because they can' t collect on time from third parties, you may want to consider using assignments to get payments directly from those third parties. This stops the funds from going through the debtor and prevents the debtor from being tempted to use the funds to pay someone else. . . .
keep reading
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Defending Against Bankruptcy Losses
Not many customers of Pennsylvania House Furniture Inc. (Greensboro, N.C.) go bankrupt, but those that do can hit the company very hard. "If it's a big customer, there can be a potential bad debt o . . .
keep reading
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This month's topic: Credit Card Usage
Click here to participate!
We're examining:
- What percentage of credit departments are currently accepting credit cards
- What percentage of sales are paid via credit card
- The various ways by which credit cards can be accepted (phone, web interface, etc.)
- Which merchant accounts are most popular
- What discount rates are being charged
- Lessons-learned when setting up an account
- ... and much more!
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September 2010
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