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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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Benchmarking Central
Here you'll find Credit Today's Benchmarking Section, one of the most powerful features of your web experience. Look around here to see the results of past benchmarking surveys and participate in our current survey.
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Benchmarking Extended Terms: Everything You'll Need to Know Manage This Critical Marketing and Credit Process
By Dave Schmidt
Nearly two-thirds of the 289 participants in Credit Today's Extended Terms Benchmarking Survey experienced an increase in requests for extended terms over the past six months, with just under one-quarter reporting a significant increase. Only two percent report a decrease in requests for extended terms. In addition, you'll learn: - What percentage of extended terms requests are granted, including differences between industry category
- What percentage of extended terms approvals are for temporary vs. permanent extensions
- Who with the corporation has the authority to approve extended requests
- What percentage of companies have policies for extended terms requests, and what form those policies take
- What factors are most important when considering whether or not to approve extended terms
. . .
keep reading
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Benchmarking Extended Terms: Survey Participants Weigh In on the Process With Some Great Advice
Credit Today's Benchmarking Survey on Extended Terms concluded by asking participants to share any additional thoughts they have about the granting of extended terms, including any special challenges they are facing; how they are coping with those challenges; and where they have had success in dealing with requests for extended terms. Responses are broken down into the following categories: - Why many avoid granting extended terms entirely
- Reasons for approving extended terms
- The challenges caused by extended terms
- A discussion of industry specific issues
- Why credit worthiness is so significant in the decision to extend terms
- How the Robinson-Patman Act impacts request for extended terms, as well as credit department strategy
. . .
keep reading
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Benchmarking Hold Orders: Reasons Why Some Companies DON'T Use An Automated Approval Process to Release Orders on Hold
Most of the responses to this question addressed the issue of system limitations. More than a few reported having to deal with old systems with limited upgrade possibilities or ERP systems that are not a good match in terms of order approval processing requirements. In addition, many companies are not willing to make the technology investment to better automate the order approval process. Finally, there was a group that liked the control that goes with approving and releasing all orders manually. Taken as a whole, these responses indicate a lack of insight, especially on the part of upper management, of the importance of an effective order approval process and the benefits technology can deliver in that regard. . . .
keep reading
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Credit App Processing: Inordinate Tension and Challenges
One of the most intriguing overall findings from Credit Today's benchmarking survey on the credit application process - completed by 343 credit execs - is that there is much tension related to the processing of new customer credit applications. For instance: - Just getting customers to complete credit applications is problematic.
- Credit applications are often submitted with incomplete information, and the information submitted isn't necessarily up-to-date or valid.
- Customers are reluctant to sign the credit application, credit agreement, and reference-checking authorizations.
- Credit application processing and reference-checking are time consuming
- Getting audited financial statements from applicants is difficult.
- A lack of cooperation from the sales team increases the challenge of getting new customers to cooperate fully
- There is a lot of pressure to ship initial orders before the credit application process can be completed.
And the list goes on. While we received dozens of insightful and practical comments from our survey participants (all of which can be viewed online), the following three responses offer a good synopsis of the challenges many credit departments face with regard to credit application processing. . . .
keep reading
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The primary challenges faced in credit application processing and what credit departments are doing to address those challenges
According to Credit Today's benchmarking survey on credit applications, incomplete applications and missing signatures are the primary challenges in credit app process. Another big challenge involves the credit reference checking process. Tied into both of these issues is the challenge of turning around credit applications in a timely manner, especially when orders have already been booked. On more than a few occasions, the sales department was brought into the conversation, both for good and bad. In addition, other respondents are challenged by the automation of the credit application process, compliance requirements, credit bureau report quality, getting financials, etc. We may have not have captured every challenge related to credit application processing, but we think the following list provided by our survey participants is as comprehensive a list as you will find anywhere. You will also find some great tips related to how credit pros are dealing with the challenges they face. . . .
keep reading
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There are many good reasons why some credit execs do NOT require a completed credit app.
While 84 percent require every new customer to complete a credit application, it does not necessarily mean the remaining 16 percent do not use credit application at all. Instead, many of them tend to exclude from the credit application process cash or credit card customer, customers requesting credit under a specified threshold, large public companies, and government entities. A large contingent believes the data is more important than the application, and so are willing to capture background and reference data from an available form. Those who indicated they do not use credit applications at all indicated it was either because of industry characteristics or that they found credit references not useful. Here are the full responses: . . .
keep reading
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From our Benchmarking Survey: Checklists of 100 Items You Can Include on Your Credit App
In addition to the basic components found on most credit applications -- basic company and contact information, a signed credit agreement, reference and signed authorization to contact same, personal guaranty, request for financial reports, and the amount of credit being requested -- there is still a substantial amount of information that can be elicited via a credit application. In fact, Credit Today's Benchmarking Survey on the credit application process identified over 100 items that can be included on a credit application. They are summarized below in a checklist that you can review whenever you are designing a new credit application or looking to update your current application. . . .
keep reading
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Reader Secrets For Getting Financial Statements
Another key set of procedures that we explored in this month's benchmarking survey was the process of getting financial statements at the time when credit applications are submitted. Financial statements provide critical insights about customer cr . . .
keep reading
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Benchmarking Credit Apps: Three Ways to Upgrade Yours
The vast majority of credit applications (almost 81 percent) require applicants provide three or four trade references. Interestingly, 11.5 percent ask for at least five references. There are a couple of advantages to obtaining more, rather, than fewer trade references: . . .
keep reading
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Survey Results: The Battle For Financial Statement Information
Credit professionals quickly learn that getting most customers to release financial information, much less audited financial statements, is never easy. That does not mean it's impossible; in fact, some firms are very good at getting financial statements. Our latest survey shows that roughly two out of three credit organizations make obtaining financial statement information a priority and are generally pretty good at getting them. . . .
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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Webinars
