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 […]
Graduate School of Credit and Financial Management
By: Tawnya Marsh, CCE, Columbia River Knife & Tool What is GSCFM? I’m sure most of you reading this article already know what GSCFM stands for but just in case, the acronym is defined as the Graduate School of Credit and Financial Management. For me, GSCFM represents a plethora of education and opportunity. I just completed my […]
International Sales and Credit Mistakes to Avoid… or Draw Regulators’ Ire
With the amount of fraud and terrorist group activity, U.S. government regulators as well as those from other established economies are watching more closely than ever for illegal activity. Businesses involved in global trade can easily get wrapped up in such activity, and it’s often by accident or for not taking that extra step of due diligence […]
Key Components and Importance of a Credit Department’s Mission Statement
A well-thought-out credit policy focuses a company’s risk-based decision making and is a highly-regarded guide for conducting B2B credit-related business by all departments—even sales. In order to establish an effective credit policy, a credit department must first have an effective mission statement. Without this strong, secure base, anything built upon it is prone to instability […]