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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."
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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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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
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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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I What policies do you have in place when customers ask to pay via credit card when that basis of payment was not indicated up front.
June 3, 2010
In the industrial distribution market we serve, less than 1% of our orders are counter sales and about 10% of our overall sales are paid via credit card. Our credit cards fees are generally higher because additional interchange fees are incurred when you handle Government cards and Corporate procurement cards and we operate in a cardholder not present environment. We do address verification and the Security number on the card when provided. We try to always settle the same day of authorization/shipment to minimize interchange downgrades. We have recently encountered an increased desire on the part of our customers to pay via credit card 30, 60, or even 90 days after the Invoice Date. We welcome all requests to pay via credit card WHEN THE ORDERS ARE ORIGINALLY PLACED because we settle the day we ship and invoice and then have use of the funds 1 or 2 days later. I was hoping to see what policies other companies in our industry have in place when customers ask to pay via credit card when that basis of payment was not indicated up front. Just to cite a few examples, here are some of the situations that we have encountered: * We had a customer request to close out a small back order sale invoice because it was below his firm's dollar threshold for normal trade payment submission. * Some customers do not specify a request for Credit Card terms when placing orders over the phone and/or faxing their orders, they seek aggressive discounted unit pricing and then request to pay by credit card 30,60 or 90 days after invoice date. * One customer had a $60,000 equipment order and then asked to pay by credit card at 90 days. Thanks for any insights on this issue. . . .
keep reading
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Do any of you take personal credit cards?
May 17, 2010
Do any of you take personal credit cards? Or have any of you run into buyers from large companies using their personal credit card as a purchasing card? Also, they gave a "verbal" p.o. instead of generating a p.o. number. The product is shipped to the company . . .
keep reading
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Watch Those Credit Card Fees
The credit card charge was declined. The invoice was for $1 million for a large order from a military account, and the bank- imposed limit was $99,999. A check from the customer saved the sale, and th . . .
keep reading
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SBA to the Rescue?
Since it was the banks that pushed these businesses into credit card financing to begin with, it seems unlikely that there is a bank solution, but the Federal Government is trying to create one. Ameri . . .
keep reading
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Are Credit Card Payments at Risk in Bankruptcies?
January 16, 2009
We are putting a customer on credit hold and asking them to prepay for all future orders. My question is, if they prepay us with a credit card today, since there are about three days before the bank card processor pays us, if the customer files for Chapter 11 before we get funded by the bank card processor, is the credit card payment at risk? I would think this will be an issue between our company and the bank per our standard bank card agreement, and won't be subject to the bankruptcy case, but would like to know your experiences/opinions. . . .
keep reading
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2008 Credit Card Survey: Advice and Lessons-learned For Those Thinking of Setting Up a Credit Card Account
One of the questions in our survey asked respondents if they had any advice for someone thinking of setting up an interface to accept credit cards, but was not sure of how to go about it. We also asked for lessons-learned. Based on the responses to this question, it is quite clear that the devil is in the detail. While the basic concept behind accepting credit cards in payment of commercial transactions is relatively straightforward, any number of peripheral issues can crop up. We've organized the great responses into the following categories: - Evaluating Your Options
- Implementation
- Process Issues
- Unintended Consequences, and
- Success Stories
. . .
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
