By Laurie Hager, Sussman Shank
Collection of accounts receivable is vital to any business, and the construction industry is no exception. When a customer timely pays without incident, things are great. Sometimes, however, customers do not pay on time for a variety of reasons. Perhaps the customer cannot pay because of cash flow problems. Other times, a customer may choose not to pay, because it disputes work or product provided, or because of a dispute, the customer has with another party on the construction project for which the work or product was provided. Here are a few business practices that could help improve your company’s chances of getting paid in the event a customer cannot or does not willingly pay.… Read the rest
Every day, people communicate with one another. Whether it’s face to face, over the phone or through social media, people are constantly engaging to accomplish daily tasks. For credit managers, Syntesis Global LLC President and CEO Rick Hernandez says communication is pretty much in the job description, as it is the key to running a successful operation with colleagues and customers alike. As part of FCIB’s leadership webinar series, Hernandez explored how best to communicate with these parties during his presentation, “C.A.P.T.U.R.E. the Excellence of Communication,” in April.
Nowadays, it’s become somewhat of a cliché when someone says to “think outside the box.” However, from Hernandez’s perspective, this broadening of horizons is part of getting out of the comfort zone, in turn, thinking and planning ahead.… Read the rest
By: Experian – Gary Stockton
The lease for the $50,000 office equipment seemed like any other order at first glance. The customer passed the credit check without issues. But when the multinational corporation was unable to collect payment, it dug deeper and realized that the ship-to address was a residence. With more research, the business discovered that its “customer” had used stolen identity information to pass the credit check.
Because the company did not use systems to check for fraudulent ship-to addresses, the fraudulent order was unnoticed and the company fell victim to ship-to fraud. Although only a handful of the company’s customer accounts were fraudulent, the company lost a significant amount of money last year because each account included large six-figure deals.… Read the rest
By: Rod Wheeland, CCE
NACM Commercial Services
Judy D. Thompson and Glenn C. Thompson, Survival Guide to Bankruptcy for In-House Counsel, American Bankruptcy Institute, 2017.
This book might readily be entitled Survival Guide to Bankruptcy for Trade Credit Management. The content includes an overview of bankruptcy and the various chapters usually seen by trade creditors; debtor, trustee, and DIP rights as they impact creditors; creditors’ rights in bankruptcy; doing business with companies in bankruptcy; and out of court alternatives. It’s written with readily understandable concepts, and includes a glossary of bankruptcy terms and FAQs.
Survival Guide provides excellent, higher-level explanations of the automatic stay, preferences and defenses, avoidable transfers, obtaining information, litigation in bankruptcy, the planning process, and doing business with the DIP.… Read the rest
By Lauren M. Visoria
Miller Nash Graham & Dunn LLP
On April 17, 2018, the U.S. Supreme Court will hear a case called South Dakota v. Wayfair, Inc. The outcome of this case will affect both small and large businesses across the country, as well as the typical online consumer. In short, the case deals with “remote sellers” – meaning sellers who are located outside a state and sell their products to consumers within that state – and whether a state may require remote sellers to collect sales tax from their customers.
Here’s the issue in a nutshell:
If you are a business owner selling products to consumers in a state where you have no physical presence, this case could open your business up to various taxing jurisdictions throughout the U.S.… Read the rest
Congratulations to our long-term members who have all hit milestone years of 25, 50, and 75 with NACM.
… Read the rest
We are pleased to share that Eve Sahnow, CCE has been awarded both the NACM National and Commercial Services 2018 CCE Designation of Excellence award. We applaud her energy and efforts on behalf of the organization and her personal educational achievements. Eve will be acknowledged at the Credit Congress in Phoenix in front of her peers. She was also acknowledged at the NACM Commercial Services Annual Meeting.
Eve has been a member of NACM since 2011 and it didn’t take her long to become very active in our Affiliate. She has a very positive, enthusiastic attitude and steps up freely to help others.
In Eve’s position as the Corporate Credit Manager at Orepac Building Products, she manages a centralized credit department with 11 branches operating in 9 states.… Read the rest