Written By: Rod Wheeland, Wheeland Consulting
Over the years I’ve reviewed hundreds of credit applications used by trade creditors. They sometimes have a limited terms and conditions section – which sets expectations and the tone for the relationship. And they may leave out important provisions that give you a leg up in resolving delinquency. They also may cover the associated collection costs, should it become necessary to use a third-party to try to get paid. The most obvious provisions that help are listed below, and I’m sure there are many more depending on your product and industry.
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- Customer agrees to pay according to the terms stated on Seller invoices. Require that any variance to these terms be agreed to in writing by the Seller.
Finding your herd is a thing of beauty and comfort
Industry credit groups are a powerful tool. At industry groups, NACM members get together to discuss accounts in common, network, and receive credit education. If you are not in a group, I encourage you to join one! It’s a great experience, both personally and professionally. NACM Commercial Services has 42 groups of all shapes and sizes. We have small local groups all the way up to large national groups.
If we don’t have a group that meets your firm’s needs, we would be happy to help you search for one that another NACM hosts. Or we can even work together to build a group from the ground up.… Read the rest
Credit managers are seeing the profound effects of technology in their day-to-day operations. Software programs are conducting credit investigations, sending customers collection notices and even handling payments once they are received. In a job where efficiency is key, technology is certainly beneficial; however, credit professionals are finding there is one task technology cannot replace: personalizing the creditor-customer relationship.
Picture this scenario: A customer of more than 10 years has fallen behind on a payment but has a clean history of making payments on time, with little to no disruption to the credit department’s cash flow. Within the past month, the credit department implemented new software to send email alerts to customers for failed payments—a task previously handled by credit managers—that warn the customer incoming orders will be withheld until payment is received.… Read the rest
From: Dun and Bradstreet
You can have all the data in the world, but without analytics and insights, you won’t have much. As with data, the value of a credit report lies in the users’ ability to extract information from it, which can often be as difficult as reading a foreign language. Uncovering truth and meaning from data is what Dun & Bradstreet does best, and with D&B Credit, you can uncover new, meaningful insights yourself.
Comprehensive, intuitive, and dynamic, D&B Credit delivers Dun & Bradstreet’s industry-leading data and analytics in a modern, user-friendly platform. With D&B Credit, you can get deeper insights into your business partners and make smarter credit decisions, faster.
D&B Credit helps you maximize the insights from credit reports by giving you:
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- A clear and customizable view with tagging that lets you flexibly organize, monitor, and report on your customer portfolio.
By: Keith Prather, Armada Corporate Intelligence
Many of us have heard of the famed “Wall of Worry” that purveys through the financial media today. It is the cumulative fear of events from Brexit to a China trade war, the inverted yield curve to an overzealous Federal Reserve and everything in-between that affects executive behavior. Sometimes we need to step back and ignore sensational headlines to focus on the fundamentals. The following may seem like overly simplistic ones, but they work.
As I travel the country and speak about corporate intelligence and the economy, I get the same questions repeatedly. We could speak for hours on various components of the U.S. economy. But frankly, when we look at 2019, most of us simply want to know if 1) the U.S.… Read the rest
Please share and extend one last thank you to everyone who contributed, planned, and helped put together an amazing and sensational vacation package for last year’s fundraising efforts. Mark and I made some amazing memories and made the most of our week-long stay including a dinner cruise, a tour of the palace, and a day trip to visit the Arizona Memorial and Missouri. Of course, there was so much more between, but what a great way to start the year!
Mahalo and thank you again!
Teresa… Read the rest