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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
"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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"Outside the Box" -- Vendor-Submitted Articles and White Papers
In our efforts to bring our readers the very best thinking on credit, collection, and accounts receivable issues, we continually look for actionable and relevant material from "outside the Credit Today box." On these pages you'll find articles and white papers from the vendor and consultant community.
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9 Steps to Help Your OCA Help You
By Loral Narayanan
It's the nature of the beast, the law of averages. Whatever you choose to call it -- some of your accounts are going to end up past due. You're going to have to call on a professional to help you collect. So you hand the account off. It's up to the agency now. You've done all you can. Right? Maybe. . . .
keep reading
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Collecting Interest and Recovering Collection Costs on Delinquent Accounts
By Loral Narayanan
Legal and Practical Issues - Based on the financial information available and the customer's promise to pay, you extend credit terms to your customer. Most of the time this works quite well. The customer receives what they ordered, and you get paid. There are those times, however, when, in spite of you best efforts, you have to place an account with a collection agency. Now, you're going to have to pay to get paid. You'll have to foot the bill for fees and expenses, as well as the interest costs that accrue in carrying bad debt. All to collect money that's owed to you. Doesn't seem fair, does it? . . .
keep reading
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Experian's latest Business Benchmark Report shows signs of improvement in business performance in Q4
January 24, 2012
Experian®, the leading global information services company, today released its Q4 Business Benchmark Report, which shows general improvement in business performance in most categories quarter over quarter, while metrics remain negative from a year-over-year perspective. Risk scores remained relatively flat across all industry groups and geographic regions quarter over quarter and year over year. Interestingly, the largest businesses (those with more than 1,000 employees) showed the greatest quarter-over-quarter improvement (2.2 percent) but the largest decline (14.7 percent) year over year. . . .
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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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Fear And Lothian Oil: Are Unsecured Creditors Under Greater Threat From Insider Loans?
Johnny White, Esq.
The controversial doctrine of recharacterization empowers bankruptcy courts to ignore the formal labels of a loan and, looking instead to a transaction's substance, reclassify a lender's claim as equity instead of debt. The primary goal of the doctrine is to stop shareholders retaining assets of a bankrupt estate at the expense of creditors simply by dressing up their capital investments as loans. Recharacterization can have significant impact on the treatment of unsecured creditors in many bankruptcies. Its practical consequence is that the newly recharacterized loans fall down the ladder of priority (below the trade creditors) in the scheme of distribution at the end of the case. In large Chapter 11 cases where the debtor is carrying millions, perhaps hundreds of millions, in mezzanine bond debt for example, relegating the bondholders could be the difference between zero and hundred cent dollars for the trade. . . .
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Brushing Up Your Listening Skills
By Peggy Morrow - January 11, 2012
The New Year is always a time to step back and see what kinds of things you would like to improve. First on the list for many people is to "improve my communication skills". But when people think about what they want to improve about their communication skills, listening is often not considered or is at the bottom of the list. Well, I recommend that you move it to the top of the list! First, see if you are guilty of any of these barriers to effective listening. . . .
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How To Handle Criticism
By Peggy Morrow
We all think we are perfect most of the time so when we receive criticism, either in a performance review or informally, it can make you feel terrible. Oh, yes, I know about constructive criticism and all that and we need to hear it, but it certainly is no fun when you are on the receiving end. Every person has to deal with criticism but it doesn't mean you are a failure or incompetent. It is just a situation to be handled with as much composure as possible. Here are some tips to try next time you are the target of criticism. . . .
keep reading
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Creditors Employ New Credit Policy Strategies in 2011
January 9, 2012
Based on the information generated by our Children's Industry Credit Manager's Network, 2011 saw a slight increase in the number of member-generated Alerts (Up 3%.) Based on 2010's decline of 3%, this should be viewed as a sign of the industry's continuing struggles. . . .
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Recent Developments Regarding Section 503(b)(9) Of The Bankruptcy Code
By Ronald A. Clifford, Esq.
The case law continues to develop regarding Section 503(b)(9) of the Bankruptcy Code. Issues such as the conditions under which a 503(b)(9) claim may be paid prior to the effective date of a plan, and what constitutes a "good" under 503(b)(9) have been at the forefront of case law in recent years. Many of these issues remain unresolved at the national level, and what vendors are left with are varying decisions from different jurisdictions around the country. . . .
keep reading
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The Sole-Source Supplier: Working Through Your Key Customer's Financial Difficulties While Bettering Your Position For Payment On the Delinquent Account
By Scott Blakeley, Esq.
Your company is a sole-source supplier with a multiyear supply contract with a customer, who is a significant source of business for your company. You are the sole sole-source supplier because of the uniqueness of your product or service. The supply contract was negotiated by sales and marketing when the customer was financially sound. A year into the contract, the customer's cash flow is negative and they have failed to honor the 30 day invoice terms. They blame a downturn in the economy as why they cannot pay according to invoices. The customer has placed additional orders, but needs the credit because of cash flow. Your credit research and evaluation indicates that the customer's cash flow problems are projected to last but two quarters (and, of course, confirmed by the sale's department), and may remain a significant source of business over the balance of the supply contract. The customer's cash flow problems result in the lender calling the loan in default. Your account is now 45 days past due. . . .
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Getting Good Service
By Peggy Morrow
Are you fed up with the poor service you seem to experience everywhere? Especially during holiday season, it can be a real hassle just to get people to take your money. Well, have you ever considered that you may be part of the problem? Here are some tactics you can use to get better service. . . .
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Changing a Toxic Workplace
By Peggy Morrow
Do your employees show very little appreciation for each other, gossip, and complain? In other words, do you have a toxic team? I hope not, but if that is the case, here is an idea you might use to turn things around. I discovered it while I was looking through my team exercises for a recent teambuilding session I conducted. . . .
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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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Basic Outline for Developing a Credit Policy
By Loral A. Narayanan
Credit policy: a document providing "clear, written guidelines that set (1) the terms and conditions for supplying goods or services on credit, (2) customer qualification criteria, (3) procedures for making collections and (4) steps to be taken in case of customer delinquency." (BusinessDictionary.com) A credit policy, however, should be more than a list of credit department guidelines. Properly developed, it can be a critical tool for maintaining alignment on credit issues throughout your company. . . .
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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! . . .
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Credit Scoring Modules: A Credit Manager's Best Friend
By Craig Combs
As credit manager, your greatest asset is the ability to determine risk. This means not just minimizing the credit risks for your company, but also supporting sales growth. How well, to what degree, and how fast you can perform the task of risk assessment of a new customer or an established account can have a huge impact not only on your company's bottom line, but also on sales growth, controlling credit costs, and your ability to collect accounts receivable. . . .
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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