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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!
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Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
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Corporate Credit Manager-World Wide
Thales Navigation, Inc.
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Corporate Credit Mgr
Fulton Paper Company
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Kimberly-Clark Customer Financial Services |
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International Credit Today
If you are not extending international credit today, you may be doing it in the next year or two. Learn the ins and outs of doing business in Mexico and South America and the future of business in Asia. We tell you how to collect foreign debts, how to use international credit reports, how to do international collections by telephone, the meaning of the key Incoterms, and the uses of forfaiting and letters of credit.
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Are buyers in Mexico responsible for the VAT?
February 1, 2012
We have recently received an order from Mexico. There is a very large VAT associated with this sale. It is my understanding that the buyer (in Mexico) is 100% responsible for paying this tax. Do I understand correctly? . . .
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Coface Report on Construction Sector: Persistent Credit Risk in Most Countries
January 24, 2012
The state of the construction sector closely reflects the world, regional and national economic trends, according to a report issued today on the global construction industry by credit insurer Coface. According to the report, "Global Construction: Substantial Geographic Differences, High Sensitivity to Economic Conditions, Permanent Credit Risk," which can be viewed online, the sector was badly hit by the 2009 crisis, and Coface notes that a large number of payment incidents were still occurring in 2011. . . .
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Coface Country Risk Outlook: European growth in 2012 will be -0.1%, with US at +1.6% and Japan at +1.8
January 16, 2012
The European economy will experience recession in 2012 with a -0.1% growth rate, according to Coface, one of the world's leading trade credit insurers. The US economy will grow +1.6% in 2012, while Japan will grow at +1.8%. The forecasts were announced here today at the Coface Country Risk Conference. According to Coface economists, overall growth in the advanced economies will be +1.1% while growth in emerging economies will be +5.1%. However, Coface warns of increased political risk in emerging countries. . . .
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Any advice on selling in Canada?
January 9, 2012
We are in the process of expanding into Canada. The tax laws, exemption status for delivery and pick up, and customs are concerns. Could use advise/help/web link/ to help navigate and understand the process. . . .
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Managing Export Credit--It's a Jungle Out There
Load a month's production into several 40-foot containers and ship them halfway around the world. How do you ensure that you'll be paid? How do you comply with all of the customs and other government regulations, both here and in the customer's country? And how can you be sure you'll get the containers and the on-board space you need when you need them to meet the contract delivery dates? These are the routine challenges of export credit management today. . . .
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Is there a problem getting authorized signatures on credit apps in Taiwan?
January 3, 2012
For business in Taiwan & the USA. Several customers have advised they cannot secure a signature from an authorized person on credit applications. They are offering the "chop" of the person placing the order for the very specific invoice(s) on the current order. My interpretation & resultant question is that specific of a signature/chop conveys that the credit application would be applicable to that order. I am inclined to consider open account privileges for the specific order / purchase order / invoice. We are not usually talking about very much money (usually under USD$50k), mostly OEM business, & 30, 45, or 60 day terms. Thoughts? Other experiences in Taiwan? . . .
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D/P, D/A and Their Use in International Sales Transactions
by David Greenberg
Most sellers are very familiar with Open Account (O/A) and Letter of Credit (L/C) transactions. In the international arena, open account sales are regarded as having the most risk; letter of credit transactions as having the least. Between these two poles, however, are two lesser-known transaction types: Documents Against Payment (D/P) and Documents Against Acceptance (D/A).These represent risk levels lower than an O/A, but greater than an L/C. Both rely on an instrument widely used in international trade called a bill of exchange or draft. . . .
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Lessons From a $4,000 Mistake
From bitter experience, a friend of ours tells us, he learned about some of the problems associated with selling on open account internationally. When his company received an order from a foreign government, he requested and received an irrevocable, confirmed letter of credit (L/C) for approximately $4,000. This L/C was intended to cover the $3,000 cost of the product plus $1,000 in airfreight. When their merchandise arrived at their freight forwarder, there were some unexpected problems and the airfreight cost jumped to $2,500. . . .
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PRS Group Risk Alert - Egypt: Revolution Losing Momentum
Pro-democracy protestors launched an assault on the Israeli Embassy in Cairo on September 9, prompting the military leaders of Egypt's transitional government to declare a state of alert and forcing the Israeli ambassador to temporarily leave the country. Although outrage over the killing of five Egyptian border guards by Israeli forces pursuing suspected Palestinian terrorists played a role in triggering the incident, the violence occurred within the context of the regular Friday demonstrations in Tahrir Square that have become a feature of the political landscape since early 2011. Moreover, the Muslim Brotherhood and other Islamist factions, wary of jeopardizing what . . .
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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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Webinars
