Archive for the ‘Blog Posts’ Category
How Should You Respond When a Customer Asks for Extended Payment Terms?
Thursday, December 6th, 2018Throughout history, credit terms and the way they’ve been offered have changed depending on the strength of the economy. For example, during the Great Recession, many credit managers found that their commercial customers needed extended time to pay their invoices. Businesses and individuals alike struggled to survive in the difficult reality of the stagnant economy….
A Quick Introduction to the Mechanic’s Lien
Tuesday, March 20th, 2018It isn’t uncommon for credit managers to provide services or products to customers on credit. But when subcontractors complete work only to discover that their payments won’t arrive as agreed, credit managers need to act. On construction projects, one good place subcontractors and suppliers can start is obtaining mechanic’s liens. Timely filing is key Most…
What is OFAC?
Thursday, October 19th, 2017What is OFAC and what does it do? The Office of Foreign Assets Control administers and enforces economic sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. The sanctions can be either comprehensive or selective, blocking assets and enforcing trade restrictions to accomplish foreign policy and national security goals….
Ever Thought of Outsourcing Your 60- and 90-Day Receivables?
Monday, September 18th, 2017Slow-paying customers are not fun to deal with, and tracking them down is even less enjoyable. But to recoup what you’re rightfully owed, you’ve got to do so much more than send simple reminders or wait for them to be another month late before sending them to collections. Working to receive these payments, of course,…
Collection Agencies: Friends or Foes?
Wednesday, June 21st, 2017If you have heard anything about commercial collection agencies, chances are it was not necessarily positive. Maybe you heard collection agencies are expensive or their employees ruthless — or perhaps that they are simply unnecessary. As a result of these misgivings, collection agencies often suffer poor reputations. However, these agencies and the professionals their directors…
How to Protect Your Firm from Common Fraud
Wednesday, May 17th, 2017Unfortunately, some fraud likely exists in your firm right now. Do not wait until you identify a problem to take action and protect your assets.
Employ Effective Conflict Resolution and Communication
Monday, May 1st, 2017Conflict with customers, particularly over broken promises or missed payments, is unavoidable. No matter how great your customer service, employee relations, prices, or services are, it’s inevitable: Someone will be dissatisfied — and tempers may even flare. Instead of avoiding conflict, you and your staff members can use effective conflict resolution skills to help resolve…
Accelerate Your Application Processing
Thursday, January 19th, 2017To keep your business running smoothly and effectively, you must be able to determine whether it’s worth extending credit to individuals or business leaders in a timely fashion. Try these strategies to speed up your application process while maintaining system integrity.
Business Owners Out-Manage Credit Compared to Their Consumer Counterparts
Wednesday, December 14th, 2016Before venturing out to start small businesses, people often ask themselves, “How will this affect my personal financial situation?” Many are fearful new venues will have negative implications on their personal credit and debt ratios. In The Face of Small Business data study, Experian researchers set out to get an answer:1 Is there a correlation…
We’re Heading to Chicago!
Friday, August 5th, 2016Will you be attending the Credit Research Foundation (CRF) Expo Monday, Aug. 8, through Wednesday, Aug. 10, in Chicago? Jack Tootill and Tom Claybaugh will be at the Mountain States Commercial Credit Management (MSCCM) booth, ready to discuss all things credit! Keep up to date on industry trends, prepare for what may be coming your…