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Tip of the Week

Every week we send a free e-mail on a practice, technique, or strategy used by successful credit executives.

The tips are short, to the point, and cover a wide range of topic areas but are all highly relevant to those managing credit, collections, or accounts receivable.

To sign up for our Tip of the Week, use the sign-up form on the right.

We value your right to privacy, and will never sell or share your email address with others, nor will we ever send you spam. Unsubscribe instructions are included with every tip you receive.

Find the archives of the Tip of the Week below.

Lots of Hold Orders and "Constant Pressure" Offer Opportunities For Enterprising Credit Execs
Did you know that roughly 19 percent of all orders are put on credit hold? That's an astonishing figure for a number of reasons, and much larger than we might have guessed before we conducted our rece . . . keep reading
THROW STRIKES!
Sometimes the best challenges we receive are the simplest - and also the most obvious. They also can be the most difficult to attain. But being simple, obvious and difficult doesn't mean we shouldn't . . . keep reading
Expert: Look Within For Non-Traditional Sources of Credit Intelligence
Expert: Look Within For Non-Traditional Sources of Credit Intelligence We spoke recently with Alice Knight, VP of Finance & Administration at Paper Products Marketing (USA) Inc., on how she uses information from non-traditional sources to make credit decisions. After all, sometimes credit reports - especially when dealing with international accounts - just don't have everything you might need. Knight has found that some of the best and most current information is available right within her company. And she recommends that, no matter what your market or industry, you should work on a two-pronged approach to gather the best information quickly and to use it to reach the right decisions. . . . keep reading
Expanding Credit's Influence By Using Your Skills on the Supplier Side
Expanding Credit's Influence By Using Your Skills on the Supplier Side Your expertise in investigating and analyzing the finances of other companies may not be limited to customers anymore. More and more credit managers are now being asked to determine whether key suppliers have the wherewithal to stay dependable in a more and more chaotic economy. If you haven't had that assignment yet, it's probably coming. . . . keep reading
9 Rules For Your Collection Correspondence
Here's a handy checklist for any collection correspondence (whether via email or snail mail) you send out. Whenever possible, it should be addressed to a specific person, not to a posit . . . keep reading
Five Reasons to Reject a Customer Purchase Order
Assume that a customer submits a purchase order listing terms of 90 days from the date of your invoice, rather than your usual terms of net 30 days. If your order-entry department fills the order with . . . keep reading
Employing Diplomacy, Tact, and Concern to Ensure Payment
When customers abuse your terms, you should write a personal letter to the o . . . keep reading
Mixed Up Priorities in the C-Suite
The latest issue of CFO magazine contains their annual Working Capital Scorecard of the nation's largest firms. The s . . . keep reading
Some Shocking Revelations from an AP Pro on Unclaimed Property
Last week's column "Making AP Pros Feel Appreciated" really struck a nerve with our friend Mary Schaeffer, the editor and publisher of AP Now and Tomorrow, the premier newsletter for accounts payable professionals. We won't hold that against her, and for what it's worth, Mary also edited a credit and collection newsletter for over a dozen years, so she knows finance inside and out, and we're always interested in her perspective. . . . keep reading
Making Accounts Payable Feel Appreciated
In many companies, accounts payable people feel estranged, contends one veteran credit manager we know. "They work hard, and they're rarely given any appreciation by their employers. So they have the . . . keep reading
Beating the Bounty Hunters
Not everyone can do this, but here's a story we just love about an innovative and aggressive approach to combat a post audit claim. This one's fun. A while back, a credit exec we know received a no . . . keep reading
What's Your Excuse?
It was 1962, and UCLA coach John Wooden, age 52, was a very good basketball coach. He'd never won an NCAA title, but then a lot of coaches never had. That year, a funny thing happened. His team . . . keep reading
Steps to Protect Your Company From a Bustout
You always have to be wary of the customer that sets up a seemingly legitimate business simply to "bust out"--taking goods and disappearing without paying. Here are some specific steps you can take to . . . keep reading
Five Tips from a Seasoned Credit Manager
"Identifying all the customers, both internal and external, of a business process such as Credit, is the first step in learning what you can do to deliver better service," says a Wisconsin credit mana . . . keep reading
Are You in the Cloud Yet?
Over the last year or so, you've probably heard the phrase "cloud computing" and thought, "oh, man, more corporate jargon" or perhaps you've ignored it, thinking it was just another corporate fad, des . . . keep reading
Everyone Seems to Have an Opinion About This
I recently agreed to ship an order to a customer in return for a promise that they would send a delinquent payment by overnight delivery. By midafternoon, the customer's payment had not arrived, and . . . keep reading
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Budgets Are Tight!
 This Month's Survey
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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