The Importance of Conducting Credit Investigations on Existing Accounts
Credit investigations on a customer don’t end once an application is approved and an account is established. Every company’s credit policy should include procedures for updating customer credit applications periodically, keeping in mind that certain specific events should trigger an immediate reevaluation. When to Investigate an Account It is recommended that credit applications be updated […]
Doing Business in the Middle East and Northern Africa
The Middle East and North Africa (MENA) region is notorious for its instability, yet this should not automatically eliminate the consideration of doing business there. In fact, opportunities for growth exist in these markets, if you and your company go in prepared. Assessments Take time to gather and assess available information about the prospective customer(s) […]
Go Ahead and Work Late: Your Phone Can Manage Your Life
By Beth Ziesenis, Your Nerdy Best Friend At the Western Region & CFDD National Conference in October, author Beth Ziesenis, will share secret tech weapons to increase productivity and organization at the office, but busy credit management professionals can start nerding out now to help manage the day-to-day tasks of home. This January, Beth, also […]
Points to Consider When Doing Business in Brazil
Brazil’s rise as one of the two or three most prolific emerging economies in the world at the beginning of the decade is nothing short of impressive. However, within five years it faltered despite being positioned as host of the World Cup 2014 and the Olympic Games in 2016. Brazil has always been a bit […]
Embrace Technology, But Know it is Not a Cure-All
By Chris Ring, NACM’s Secured Transaction Services There’s a poignant article written by Vivek Wadhwa in MIT Technology Review titled, “Laws and Ethics Can’t Keep Pace with Technology,” that is well worth reading for anyone in the business-to-business credit industry. The last part of the article read as follows: “Thomas Jefferson said in 1816, ‘Laws […]
Three More C’s: A Trio of Practices to Consider for International Business Dealings
Most credit professionals are well aware of NACM’s vaunted “Five C’s of Credit:” (character, capacity, capital, conditions, and collateral). These guiding tenants have long provided a base-level guide to drive credit professionals toward best practices in their daily business dealings. A group of veteran credit professionals, while attending NACM’s Graduate School of Credit and Financial […]
E-Signature Act Benefits Business and Consumers FTC Reports, so What Does it Mean to the Credit Professional?
By Scott E. Blakeley, Esq. republished from www.blakeleyllp.com The Electronic Signatures in Global and National Commerce Act (The E-Sign Act) went into effect November 2000. The E-Sign Act makes an electronic signature (e-signature) as legally binding as ink-and-paper signatures, and can be used in legal proceedings. An e-signature is generally defined as a form of […]
The Export-Import Bank of the U.S.: A Vital Resource for Community Banks
By David Josephson at Export-Import Bank of the U.S. Why should a small bank with a focus on its local customers and deposits care about including export finance in their offerings to customers? The answer is quite simple: more and more, their customers who are manufacturers or service providers are going global in order to […]
Mitigating Risk Through Credit Insurance
By Aaron Lindstrom, Euler Hermes Few companies can effectively compete without extending credit to their buyers. But each time a business grants credit to a customer, it is taking a chance that the debt will not be paid. This creates risks for the business’s cash flow and profitability, since one large unpaid invoice may have […]
Reporting Credit Experience to the Credit Bureaus – A Natural Component of Credit Policy
By Shannon Abnal, Group Services Manager – Data Contribution & Industry Groups Obtaining credit information upfront on customer applications is an integral part of credit management. Performing some due diligence in deciding a customer’s creditworthiness is part of every firm’s credit policy. There are varied methods of getting the info – pulling credit reports, checking […]