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Our Subscribers Say...
"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."
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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
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Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
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Corporate Credit Mgr
Fulton Paper Company
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Doug M. Thomas
Kimberly-Clark Customer Financial Services
"As a corporate credit manager with over two decades of experience, I consider Credit Today to be one of the best credit newsletters. Whether it is because of Credit Today's management, its distinguished panel of advisors, or the caliber of Credit Today's subscribers, it would be fair to say that some of the best and brightest minds in our profession are represented. The credit issues, technologies, news, credit department profiles, etc. are interesting and useful. Credit Today is a valuable reference and communications tool which I look forward to reading each month."
Paul Brunner
Corporate Credit Manager
Mitsubishi Electric Automation, Inc. |
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Your One-Stop Resource for Collections Information - Tools, Tips, Tricks of the Trade
You've just found the ultimate resource for credit execs interested in reducing DSO. Everything you'll need to know about managing your collection function, from big picture concepts to specific details. What's working in business collections and what pitfalls to avoid. How to hire and train a collections staff, control slow paying customers, speed payments by phone, make better collection calls, negotiate better deals, and manage collection agencies and collection litigation. Actionable items to help you bring in cash faster!
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Guerilla Settlement Negotiations
The keys to successfully negotiating a settlement with a problem customer, like any other negotiations, are preparation, careful consideration of all the facts and circumstances, and plain old fashioned common sense. Here are seven guidelines offered from the perspective of a creditors' attorney that will always serve you well in negotiating with debtors: . . .
keep reading
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Know Thy Customer
"The most important factor in good collections is knowing your customer," says one New York credit manager. "Join job-related organizations so you can network with customers. Call on customers when th . . .
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Proper Collection Call Procedure
"Our terms are net 30, and if we haven't received a check by the thirty-fifth day, we're on the phone to the customer," says an East-Coast credit manager. "To make sure the call will be as effective a . . .
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Straight Talk on Collections
"Fool me once, shame on you. Fool me twice, shame on me." That sums up the collection philosophy of Troy Anglin, credit manager for Radiator Specialty Company (Charlotte. N.C.). "I always give t . . .
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Identifying Potential Bad Debts
Early detection, the key to loss prevention, requires that accounts be updated regularly. Certainly, high-risk accounts must be updated more frequently than once a year. A note of caution, however: ea . . .
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IACC Board Named For 2010
February 1, 2010
(MINNEAPOLIS, Feb. 1, 2010) The International Association of Commercial Collectors (IACC) recently elected its board of directors for the 2010 year during the association's 39th Annual Convention in F . . .
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Accounts Placed for Collection With Collection Agencies Set a New Record
January 26, 2010
The Commercial Collection Agency Association (CCAA) reported that its members received a record volume of business-to-business accounts for collection in 2009. This represents an increase of 33.4 percent over 2008. Account placement in 2008 held the previous record, $13,311,932,553. Emil Hartleb, Executive Director of CCAA reported that in 2009 CCAA members received $17, 762,139,514 in accounts placed for collection. . . .
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Working With Subcontractors
Space Flooring, Inc. (Smyrna, Ga.) is a wholesale distributor of commercial floorcovering products. "We sell our products primarily to subcontractors, who then install it for general contractors," explains Credit Manager Ben "Rocky" Thomas, CCE. The company sells to a wide range of subcontractors. Some are very large and have both business- and finance-savvy and the financial wherewithal to make large purchases within pre-defined credit lines. Other are very small, know little about business, finance, and legal requirements/rights in general, and often do not have the financial ability to make the large purchase they need for their projects. . . .
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How to Reduce Slow Payments
Over the past five years, I've seen a change in the payment patterns of our better accounts. The long-term, well-established customers have come to expect that creditors will accept slow payments. The . . .
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How to Handle Consistent Complaints
"I've called about your past due account," said Kerry Taylor of Quality Containers. "Is there a problem with the account?" "I'll say. Your company seems unable to mail a proper invoice," replied Ja . . .
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Postdated Checks and Bad-Check Laws
"We still haven't received payment for the shipment we sent you two months ago," announced credit and collection employee Bart Kent. "Can you tell me why?" "We've been a little short on cash," admi . . .
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Collecting in Canada
If you find yourself doing business in Canada, chances are you'll end up collecting there, too. If so, here is a look at some of the collection differences you can expect to find regarding calling hou . . .
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This month's topic: Processing of Credit Applications
Click here to participate!
We're examining:
- What information is being captured on credit applications
- What additional information is being requested during the credit app process (such as personal guarantees, financial statements, resale certificates, etc.)
- What the primary challenges are relative to the processing of credit apps
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March 2010
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