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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!
- Steve Savino
Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
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."
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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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"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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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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Credit Card Central
Not too long ago, it was uncommon for trade creditors to accept credit cards in the normal course of business, but that's changing rapidly in today's world. There are many issues surrounding the acceptance of credit cards that are important for credit execs to understand.
Credit cards can be a powerful tool to aid in collections and as a way to help market your product, but you'll need to be educated about them when setting up a program.
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Beware of the Square!
By Robert Day
Are you a home delivery or service company? Or a company that needs to take credit cards remotely for one of a hundred different reasons and thinking about using a cell phone device to accomplish this? If so, making the wrong choice can be very costly! The first problem is that no matter which company/provider/processor you turn to they want to sell you on why theirs is better than the other guys. The second problem is that it's all in a different language; no, not Spanish or French, but much harder . . .
keep reading
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Do you have any recommendations on getting credit card authorization forms on file?
January 4, 2012
We are changing our credit card process and will use this as a training opportunity to get credit card authorization forms on file. I've already viewed the Credit Today download section and found a form example. It covers the basic elements (name, address, card#, expiration, signature, date) but I was wondering if there are suggestions for any other elements or conditions that you recommend? . . .
keep reading
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Opinions Today: Legislation to Reduce Credit Card Fees -- a Big Mistake or Purposeful Slight of Hand?
By Robert Day
Was this a "cover up" or a "screw up?" Our government - with the passage by Congress of the Durbin Act on October 1st - came up with a game plan to help merchants hold onto their profits, while at the same time penalizing the banks. The Durbin Act caps interchange fees, which are what financial institutions can charge merchants for running purchases made with debit or credit cards. Legislation like this might make some feel good: It's about time the government protects the everyday Joe and puts the big banks in their place! . . .
keep reading
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Credit Card Processing Billing Scams--Are They Ripping You Off?
Your costs for accepting purchasing card payments probably aren't big enough to warrant much attention. But they are a bite out of profits. And you might find that your processor has inflated them by two or three times what they should be. That's worth a hard look and maybe switching to another processor. This article reveals a company that was overcharged by thousands of dollars a month, including how the problem occurred and what they did about it. We also talk with a former processing insider who now helps credit execs with his advice. He offers up five questions you should ask your processor. . . .
keep reading
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Is anyone in the group assessing a transaction fee for credit card purchases?
November 21, 2011
Lately there has been a lot of movement by credit card companies to entice large and small business to use their credit cards to make purchases on credit cards. With the addition of restrictions and controls governing the limit of fees a credit card company can now charge consumers they are moving to increase activity on the profitable commercial market. This increased transaction fees immediately decrease gross margins on your sales. Is anyone in the group assessing a transaction fee for credit card purchases? At the gas pumps in CT there is a price per gallon for cash purchases and a different price for credit card transactions. . . .
keep reading
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Is anyone assessing a transaction fee for credit card purchases?
August 26, 2011
Lately there has been a lot of movement by credit card companies to entice large and small business to use their credit cards to make purchases on credit cards. With the addition of restrictions and controls governing the limit of fees a credit card company can now charge consumers, they are moving to increase activity on the profitable commercial market. This increases transaction fees and immediately decreases gross margins on your sales. Is anyone in the group assessing a transaction fee for credit card purchases? At the gas pumps in CT there is a price per gallon for cash purchases and a different price for credit card transactions. . . .
keep reading
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NACM 2011 Credit Congress Notes
While the annual NACM Credit Congress has definitely recovered from the 2008/2009 downturn the EXPO is still not what it used to be. Even so, it still provides the best opportunity around for taking the pulse of credit and collection technology and services. Before discussing what's new, here are some observations we gleaned from the EXPO floor. Our take on: - the latest software trends in credit management and at the Expo this year
- vendor trends
- why Software as a Service (SaaS) solutions are increasingly popular
- changes you should be seeing on your monitor (if you're keeping up, that is)!
- which new vendor created the most "buzz" on the expo floor
. . .
keep reading
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Anatomy of Merchant Account Fees
By Robert Day
Here is a list of the main fees associated with credit card merchant accounts. Interchange Range: .62%-3.25% Makes up the largest component Has the greatest impact . . .
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Top 6 Ways Your Processor is Stealing From You
By Robert Day
This article details six ways your credit card processor is stealing from you, including details on the following billing strategies used: - Bucket & Numeric Billing
- Puzzle Billing
- Padded Billing
- Bundled Billing
- Pocketing Refunds/Rebates
- Undisclosed Volume & Partial Billing
. . .
keep reading
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When is a credit card charged?
April 26, 2011
Can anyone who takes credit cards on customers where terms have not been given (terms are Prepay), share with me the process of when the credit card is charged. Currently I am charging the credit card when the order is ready to ship. Most of the time the customer's credit card goes through. However, I would say that in six years I have had about four customers where the credit card was declined at the time the order was ready to ship and the credit card has never gone through, therefore leaving us with a product that we are not able to resell. . . .
keep reading
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Does anyone accept credit cards in foreign currency?
March 15, 2011
We accept Master Card, Visa and Discover Cards in the US however we do not accept credit card payments from our international customers. Does anyone accept credit cards in foreign currency? How is the charge processed? Do you receive US Dollars? Can you provide a recommendation? . . .
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If your company accepts these transactions, how do you handle the security process for acceptance?
Sometimes in the construction industry, a third party (i.e., consumer end user, General Contractor) might present their credit card to be used for puchasing material on their job. This is their way of ensuring that the funds are actually going toward materials purchases. Once in a while the 3rd party may be unhappy with the work (not our fault of course) or not recall the charges and dispute the charges. It is then up to us to prove that they authorized the charge or we lose the dispute. My question is regarding third-party credit card charges: If your company accepts these transactions, how do you handle the security process for acceptance? Do you ask the third party to complete a form, for example? What does the form ask for, or rather is allowed to ask for? . . .
keep reading
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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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