http://creditmanagementassociation.org/forums/ en-US Wed, 10 Mar 2010 09:02:34 +0000 http://bbpress.org/?v=1.0.2 q http://creditmanagementassociation.org/forums/search.php http://creditmanagementassociation.org/forums/topic.php?id=6&page=2#post-463 Fri, 05 Mar 2010 20:15:54 +0000 Dina Amadril 463@http://creditmanagementassociation.org/forums/ <p>The previous forums data no longer being available, is my fault. The data was stored on an anscers server that we were upgrading to a new server, to increase speed and storage space.</p> <p>The old server was reformatted - wiping out the data - before I was able to save off the old forum data.</p> <p>My apologies to everyone. </p> http://creditmanagementassociation.org/forums/topic.php?id=95#post-462 Fri, 05 Mar 2010 19:12:54 +0000 Dina Amadril 462@http://creditmanagementassociation.org/forums/ <p>JC - regarding the NACM Report. Each affiliate that offers the report has their own pricing strategy. Some bundle with membership, some offer unlimited at set price, some offer quantity breakdowns.</p> <p>I should also add, CMA can only offer the NACM Report to our members. If your NACM membership is with another affiliate, they are who you buy the NACM Report from.</p> <p>CMA is using a per report pricing model with a $5 discount (per report) if you are a full accounts receivable contributor. </p> http://creditmanagementassociation.org/forums/topic.php?id=96#post-461 Fri, 05 Mar 2010 18:36:14 +0000 JC 461@http://creditmanagementassociation.org/forums/ <p>We still go by the “like customer” “like terms rule”. Things were easier when we sold to sole proprietor with one or two retail store. Terms were standard Net 30 &amp; spring / extended dating for their preseason orders. </p> <p>With the expansion of business, we now have a wide variety of clients that vary single store to multiple retail stores, high end department store, mass merchants, catalog, internet. OEM manufacturers, designers, contract orders, etc.</p> <p>We frequently get clients that get the biggest discount when they purchase the product but want the longest terms. After considering many of the factors listed in the previous postings and the long term value we might accommodate long terms for stock orders and short terms for special orders or offer a discount incentive to pay sooner. </p> http://creditmanagementassociation.org/forums/topic.php?id=95#post-460 Fri, 05 Mar 2010 18:14:22 +0000 JC 460@http://creditmanagementassociation.org/forums/ <p>Dina, Thanks for the suggestion! </p> <p>I do really like those NACM reports. The Midwest affiliate offers unlimited NACM reports for a set price, does CMA offer the same? If so what is the price? </p> http://creditmanagementassociation.org/forums/topic.php?id=95#post-459 Fri, 05 Mar 2010 17:54:10 +0000 Dina Amadril 459@http://creditmanagementassociation.org/forums/ <p>Here is how I see it:</p> <p>Experian strength: amount of trade data on companies. Intricate scoring algorithms. Combination of consumer and business data for sole proprietors - Intelliscore. </p> <p>Equifax strength: exclusive bank and credit line information which can really help when dealing with new companies. Acquiring more trade data. Here is a sample of their report: <a href="http://www.anscersx.com/download/equifax_sample.pdf" rel="nofollow">http://www.anscersx.com/download/equifax_sample.pdf</a></p> <p>D&amp;B strength: Name recognition with upper management. Financial data - but you have to watch the age of that data. Strong on the east coast.</p> <p>I think every credit department can benefit from access to all these reports. Depending on the type of company or the credit extended one or more reports is your best bet.</p> <p>For example: 1. your reviewing a new account, a corporation that is less than a year old: Pull an Equifax to see how extended they are with their bank lines, how many do they have, what size. </p> <p>2. your reviewing a new account, a sole proprietor: Pull an Experian Small Business Intelliscore which combines the principals credit with the company.</p> <p>3. A company is seeking a very large credit line - pull all three to cover your bases. A less than $100 investment in reports helps you see all aspects of the company.</p> <p>Another report to consider, if you make your decisions based on tradeline information, is the NACM Report offered through anscers.com. It combines the data from 23 NACM Affiliates and costs $14.95 per report. No contract is needed. </p> http://creditmanagementassociation.org/forums/topic.php?id=95#post-458 Fri, 05 Mar 2010 17:40:15 +0000 JC 458@http://creditmanagementassociation.org/forums/ <p>I am currently pull Experian reports. They do provide an Advantage report that contains data from the following sources: Experian, Equifax, Lexis/Nexis, and EDGAR. It also includes a business score and recommended credit limit. I also have the option to pull a Commericial Credit plus report (the old Intillscore plus BPR) which is The Commercial Credit Report Plus contains data from the following sources: Experian, Lexis/Nexis, and EDGAR. It also includes a business score and recommended credit limit.</p> <p>So far we do like the Advantage reports very similar to what D &amp; B offers. The cons so far have been some of the company officer information is outdated in one case by 4 years. </p> http://creditmanagementassociation.org/forums/topic.php?id=95#post-457 Thu, 04 Mar 2010 23:32:27 +0000 Rita 457@http://creditmanagementassociation.org/forums/ <p>Yes, I am also am looking at Experian and interested in any pros or cons. Pricing is a factor and availability to good information on public and private firms. Any comments on Intellscore Plus and/or BPR reports will be welcomed. </p> <p>Thanks, Rita </p> http://creditmanagementassociation.org/forums/topic.php?id=95#post-456 Thu, 04 Mar 2010 18:30:14 +0000 Michael Dennis 456@http://creditmanagementassociation.org/forums/ <p>Thank you. I also look forward to hearing from others about this topic. </p> http://creditmanagementassociation.org/forums/topic.php?id=95#post-455 Thu, 04 Mar 2010 16:06:31 +0000 F Scott Wilson 455@http://creditmanagementassociation.org/forums/ <p>We are right now piloting exactly such a move. Our admin is running Equifax reports in place of D&amp;B reports, and the credit managers are reviewing them. The biggest thing, besides price, is the ease of use. In my experience, very few private firms are giving *any* financial data out right now, largely due (I suspect) to the economy.</p> <p>I know someone who used to work for D&amp;B, and he was able to validate my concerns about their current methodology. Years ago, D&amp;B sent audit teams out to review companies and their financials, getting "eyes on" to really investigate the companies they were rating. Nowadays, much of the information seems to come from a phone call saying, "So, tell us about your company."</p> <p>We're leaning, I think, in the direction of Equifax, but the decision hasn't been made yet. I would also be very interested in finding out what others think about choosing between one or the other firm. </p> http://creditmanagementassociation.org/forums/topic.php?id=96#post-454 Thu, 04 Mar 2010 16:00:07 +0000 F Scott Wilson 454@http://creditmanagementassociation.org/forums/ <p>There are a couple of things to consider. First, what is your customer willing to give in exchange for extended terms? Are they willing to pay a higher unit price, or, as Guy suggests above, interest? Is your customer a key partner in your business or in one or two markets, or are they a smaller customer just trying to extend their terms in difficult times?</p> <p>Extended terms are *very* hard to pull back on without a written agreement, giving them a specific date or conditions when the agreement ends. If the customer isn't different from other customers in some way, you could very easily wind up having a lot of other customers coming back to you and saying, "If they can get those terms, why can't we?" These sorts of deals should be based upon mutual gain, and focus on what makes this customer different, in order to limit the applicability of the terms to others.</p> <p>Also, don't count on any agreement remaining secret. Work will get out to the rest of your customers, eventually or sooner. To paraphrase an Arabic saying, "Two salesmen can keep a secret when one of them is dead." </p> http://creditmanagementassociation.org/forums/topic.php?id=97#post-453 Wed, 03 Mar 2010 23:46:24 +0000 Dina Amadril 453@http://creditmanagementassociation.org/forums/ <p>The Credit Research Foundation has selected San Diego as the site for its March 2010 Open Forum. This event will take place March 8th to 10th at the Hilton San Diego Resort.</p> <p>The CRF Open Forums are typically attended by as many as 250 credit professionals from major companies around the country. This 3 day conference offers attendees the opportunity to learn ideas and concepts relative to efficiently managing the credit department from experts in various credit related disciplines. It also affords those in attendance the facility to network and exchange thoughts and ideas amongst each other geared toward better management of the receivable portfolio.</p> <p>We want to point out that the CMA has arranged with CRF, for the benefit of its members and associates, a significant registration discount to attend this event. Typically registration runs as high as $525 per person for non CRF member companies. However CMA is pleased to advise that it has arranged a registration fee of only $250 per person.</p> <p>In this current environment of budgetary constraints and travel restrictions we feel that the significantly reduced registration we have negotiated on your behalf with CRF, coupled with nominal travel expenses, affords you the opportunity to attend and enjoy a major national credit conference with credit professionals from throughout the country at a price your organization can afford.<br /> For further details on the March CRF Open Forum we encourage you to click on:http://www.crfonline.org/events/current.asp</p> <p>To register and receive the special rate, click on: <a href="https://www.crfonline.org/ssl/forms/CMA_SanDiego2010/regform.asp?script=on" rel="nofollow">https://www.crfonline.org/ssl/forms/CMA_SanDiego2010/regform.asp?script=on</a> </p> http://creditmanagementassociation.org/forums/topic.php?id=96#post-452 Wed, 03 Mar 2010 19:29:14 +0000 Guy Nishida 452@http://creditmanagementassociation.org/forums/ <p>Michael,</p> <p>Nothing profound but it sounds like you will take anything and hope something sticks. If nothing else, it will reinforce how much of the thinking is universal.</p> <p>I don't know that the default approach is to start on the basis that you need to give up something. The offensive posture (but more beneficial to your company) is to reply with valid reasons why you can't give longer terms or discounts.</p> <p>What are the competitive forces? In this economic climate, everyone is asking for a better deal; that is to be expected. But how many of these accounts actually expect that anything can be done and what leverage do they have to apply to make it a reality?</p> <p>The downside to giving up your hard-earned margin is that customers couch their request as a temporary give-back but when the economy turns, turning back the clock on terms is very difficult. It's always give an inch; take a mile. Unless you are prepared to strictly enforce any revised terms/discount, you may find the company takes the discount and still drags the terms.</p> <p>Every company in a supplier/customer loop is aware that unless you can extract extended terms from your supplier, you have nothing to pass along to the account. You are more than willing to ask your suppliers bu in my experience, suppliers are tightening the terms, not relaxing them. This is a real fact that needs to be presented to your customer. You would if you could but you can't. I would reserve giving back anything as a last resort since giving in quickly often leads the customer to conclude you have been enjoying a nice margin all along. Some grumbling on your part demonstrates to the account that any giveback will be very painful. Then you position yourself for some reciprocity.</p> <p>If longer terms or a discount is inevitable, I would consider asking the account for a bigger piece of their business. More volume for less margin. I would also insist that they help you by providing stronger forecasts and firm order/release dates to minimize your inventory costs. If transportation savings can be effected by larger order sizes, these should be explored as well. It goes without saying that you must clear-off the table all the nonsense that accounts use to extend the terms further - - they have their rules for when the clock starts. You are both in agreement that you invoice them on day one and are paid on a date certain.</p> <p>An even harder sell is to pitch the idea that if you are acting as a bank, you should be able to charge a bit more for extended terms. You'll be tapping your line and paying interest to carry their receivable. After all, the customer will presumably generate revenue as a result. And if he could get the money from a bank cheaper; he would. </p> http://creditmanagementassociation.org/forums/topic.php?id=96#post-451 Wed, 03 Mar 2010 00:34:17 +0000 Randy Peinado 451@http://creditmanagementassociation.org/forums/ <p>How about consingment? </p> http://creditmanagementassociation.org/forums/topic.php?id=91#post-450 Wed, 03 Mar 2010 00:26:19 +0000 Randy Peinado 450@http://creditmanagementassociation.org/forums/ <p>Provided you've done your due dillgence and have establised that Co.B is not owned or partnered with the owners of Co.A, I would issue the credit to Co.B and proceed with your collection efforts for Co.A as a seperate issue. </p> http://creditmanagementassociation.org/forums/topic.php?id=96#post-449 Tue, 02 Mar 2010 21:16:29 +0000 Michael Dennis 449@http://creditmanagementassociation.org/forums/ <p>Hi Everyone,</p> <p>We have a customer that has asked for extended dating. Senior management at my company is interested in options and alternatives. For example, rather than offering longer terms, we might offer a larger cash discount to incentivize the customer not to press for longer dating.</p> <p>Does anyone have any other suggestions? I am looking for as many ideas, options, alternatives or suggestions as possible. Thank you !! </p> http://creditmanagementassociation.org/forums/topic.php?id=95#post-448 Mon, 01 Mar 2010 20:18:56 +0000 Michael Dennis 448@http://creditmanagementassociation.org/forums/ <p>Has anyone switched recently from D&amp;B to Experian as their primary credit bureau, and if so how have you found the quality and quantity of information with Experian? In you experience, is Experian able to get financial statements as often from privately held companies?</p> <p>Thank you</p> <p>Michael Dennis </p> http://creditmanagementassociation.org/forums/topic.php?id=93#post-447 Thu, 25 Feb 2010 19:03:13 +0000 F Scott Wilson 447@http://creditmanagementassociation.org/forums/ <p>If someone asks me to authorize shipment to a mailbox service, I'm generally going to want to do it with payment in advance. This customer may very well be legitimate, but a using a place like this could also have fraudulent intent. </p> http://creditmanagementassociation.org/forums/topic.php?id=94#post-446 Wed, 24 Feb 2010 16:16:05 +0000 Michael Dennis 446@http://creditmanagementassociation.org/forums/ <p>Hi</p> <p>Does anyone know if the United Kingdom has the equivalent of the US Uniform Commercial Code and if so what it is called?</p> <p>Thank you.</p> <p>MCD </p> http://creditmanagementassociation.org/forums/topic.php?id=93#post-445 Mon, 22 Feb 2010 20:25:05 +0000 DMarc CBA 445@http://creditmanagementassociation.org/forums/ <p>I was asked recently about shipping product to a UPS Store/Mailboxes Etc type location.<br /> In the past, I have declined to set these up as a ship-to location because of POD issues or claims they didn't get product (because someone else signs for it). In this particular situation, it is a custom installer (works out of his home) and he is often not home to receive shipments, so he wants to have them delivered to one of these facilities. I'm curious about the current policies other companies have regarding shipping to Mailboxes Etc type places. </p> http://creditmanagementassociation.org/forums/topic.php?id=91#post-444 Mon, 22 Feb 2010 20:08:46 +0000 DMarc CBA 444@http://creditmanagementassociation.org/forums/ <p>Company B would be the 4th party (secured lender was actually the 3rd party)to this transaction. Any chance you have a copy of the bill of sale from the bank to Company B, that may have limited or waived any warranty. I would approach it from the point of view of whether we wanted to start a relationship with Company B and what sales potential that has over the long term. Just something to consider.... </p> http://creditmanagementassociation.org/forums/topic.php?id=92#post-443 Fri, 19 Feb 2010 18:51:08 +0000 Michael Dennis 443@http://creditmanagementassociation.org/forums/ <p>Hi</p> <p>Can anyone recommend an escheatment management software that monitors applicable state laws?</p> <p>Thank you.</p> <p>Michael Dennis </p> http://creditmanagementassociation.org/forums/topic.php?id=91#post-442 Thu, 18 Feb 2010 19:50:32 +0000 F Scott Wilson 442@http://creditmanagementassociation.org/forums/ <p>Taking this from another direction, where is Company A, or rather its erstwhile owners, at this point? Selling only the assets doesn't make the debts magically vanish. Do you have a personal guaranty or some other way of forcing payment?</p> <p>Since there is no bankruptcy, there should still be some options for getting the owners of the original company held responsible for their liabilities.</p> <p>On the question of the warranty clause, I would think that if there is nothing in the agreement addressing it, it might be wise to make them prove they are due any sort of consideration for the warranty issues. You also mention that the product Company B is trying to return is *not* the same as what Company A bought from you. At the least, I would make them argue why something you didn't sell to Company A should be covered free of charge. </p> http://creditmanagementassociation.org/forums/topic.php?id=89#post-441 Thu, 18 Feb 2010 18:38:54 +0000 F Scott Wilson 441@http://creditmanagementassociation.org/forums/ <p>Guy--</p> <p>Generally, people purchase the plot itself, but since it can't be freely sold after the passing of the owner, since he/she is presumably interred there, I'm not sure that it's an actual sale, or a permanent license to use the space. Certainly, the cemetery is responsible for the upkeep of the grounds. I don't think the cemetery would be acting as the contractor for the client; more like an agent, I think. It would *not* affect where a lien is filed, since that is always in the county where the property is, at least in the case of real property, which is unlikely to be moved from one county to another. </p> http://creditmanagementassociation.org/forums/topic.php?id=89#post-440 Thu, 18 Feb 2010 17:48:02 +0000 Guy Nishida 440@http://creditmanagementassociation.org/forums/ <p>Scott,</p> <p>I still think your question is fun. In that spirit: in the case of a cemetery plot, who owns the plot? Is it the cemetery or an individual? Is the improvement considered for the benefit of the cemetery or the individual plot? Is the cemetery acting as a contractor for the plot owner, presumably obligated at the time of the plot's sale? Having never purchased a plot I don't know if you own the land or just rights to use/occupy it under certain conditions. Or do you actually get some sort of deed to sub-divided property. Technically, does this affect where you file a lien? </p> http://creditmanagementassociation.org/forums/topic.php?id=91#post-439 Thu, 18 Feb 2010 17:08:58 +0000 Christine 439@http://creditmanagementassociation.org/forums/ <p>Ashley,</p> <p>Then it's definitely a business decision that should be made by Executive Management. If I were in your position I would let them decide whether to issue the credit or not, and I would simply Credit Company B's account. It would definitely be Company's B credit, not Company A's.</p> <p>-Christine </p> http://creditmanagementassociation.org/forums/topic.php?id=91#post-438 Thu, 18 Feb 2010 16:22:26 +0000 Ashley Wexler 438@http://creditmanagementassociation.org/forums/ <p>I asked warranty and they do not have a clause as to whether it is or isn't transferable so I think we honor our product 18 months out regardless of transfer, so it is owed from what I understand here. </p> http://creditmanagementassociation.org/forums/topic.php?id=91#post-437 Thu, 18 Feb 2010 16:10:47 +0000 Christine 437@http://creditmanagementassociation.org/forums/ <p>Ashley, if Company B did not make the purchase with you, I don't think you would be required to accept the defective merchandise...unless your warranty is transferable.</p> <p> OR unless you want Company B's future business...</p> <p>Anyone disagree? </p> http://creditmanagementassociation.org/forums/topic.php?id=91#post-436 Thu, 18 Feb 2010 15:27:23 +0000 Ashley Wexler 436@http://creditmanagementassociation.org/forums/ <p>Thank you for your thoughts on this Christine-very helpful. There was no bankruptcy-the bank recovered its' secured assets and sold off to co. B.</p> <p>Michael-Co. B is returning defective product and wants credit-I have reviwed what was sold and owed by Co. A, and the product is not the same as what Co. B is returning to us, so specifically part for part, no, it is not the same items but just the general request that we issue credit to Co. B for their new, ongoing account for parts that were sold at some point to Co. A. </p> <p>I was thinking that my defense would be that while Co. A still has a balance, we would use credit toward their balance but B feels that they have no part of what A owed; Co. B says they now own inventory and want the credit. I suppose this is what an asset sale is, parties invovled in the sale make out and the creditor is screwed?</p> <p>I did receive a letter from Co. B, from their attorney's office, that states B bought assets of A with no responsibility to debts of A...is this my answer...we issue credit I presume? </p> http://creditmanagementassociation.org/forums/topic.php?id=91#post-435 Thu, 18 Feb 2010 00:16:54 +0000 Michael Dennis 435@http://creditmanagementassociation.org/forums/ <p>I dislike answering a question with a question, but is the new owner asking you to buy back the inventory they have on hand - the same inventory you were never paid for by the debtor company? If so, I strongly suspect that you have no obligation to accept the return of this merchandise.</p> <p>This is a different question/issue from whether your company is responsible to Company B to replace defective returns received by them that are still under your original manufacturer's warranty. </p> <p>Please advise.</p> <p>Thank you</p> <p>Michael Dennis </p> http://creditmanagementassociation.org/forums/topic.php?id=91#post-434 Wed, 17 Feb 2010 23:52:04 +0000 Christine 434@http://creditmanagementassociation.org/forums/ <p>What does your warranty say regarding transferability?</p> <p>If the assets were sold, then it's a new entity, regardless if they kept the name going or not. </p> <p>I would *think*...</p> <p>...that your contract with Company A &amp; the warranty's transferability would govern the return issue.</p> <p>...and if the warranty is transferable, then it would be part of the assets that Company B purchased.</p> <p>...and if the credits are available to Company B as per above, then I wouldn't think you could apply those *new* credits of the *new* entity's to an *old* customer's balance.</p> <p>I have not encountered this before though, so don't take my word for it.</p> <p>Is there a Bankruptcy involved at all? </p> http://creditmanagementassociation.org/forums/topic.php?id=91#post-433 Wed, 17 Feb 2010 21:45:03 +0000 Ashley Wexler 433@http://creditmanagementassociation.org/forums/ <p>Company A has closed and their secured lender sold assets, including name, to Company B. Warranty returns are arrivng for credit under Company A's address for product they use to buy from us but Compnay B says part of owning the assets is to return and receive credit for whatever is in the warehouse...Company B correct?</p> <p>Company A still has a balance left open with us that Company B states is not their responsibility...if the return IS owed to Company B, can credit be used to close Company A's balance and then remainder surrendered to B or does B get all credit since they have no responsibility for debt of A? </p> http://creditmanagementassociation.org/forums/topic.php?id=90#post-432 Wed, 17 Feb 2010 21:36:06 +0000 Ashley Wexler 432@http://creditmanagementassociation.org/forums/ <p>Thanks so much for your insight-truly appreciated! </p> http://creditmanagementassociation.org/forums/topic.php?id=89#post-431 Tue, 16 Feb 2010 18:22:09 +0000 Guy Nishida 431@http://creditmanagementassociation.org/forums/ <p>Scott,</p> <p>Sounds like a fun technical question. I know nothing of lien laws but I was wondering if the vaults are treated as taxable improvements and depreciable under real property guidelines versus, say a car or a computer used in a business. Would that impact whether or not they were considered improvements to real property for lien purposes? Also, if the laborers fabricating them could file a lien, that would seem to bolster your downstream position to be in the same boat. </p> http://creditmanagementassociation.org/forums/topic.php?id=86#post-430 Tue, 16 Feb 2010 17:37:10 +0000 Michael Dennis 430@http://creditmanagementassociation.org/forums/ <p>I respectfully disagree. If and when the customer calls to find out why the account would not be re-opening in the future, I would either: (1) require that the sales department provide a script that describes the reason and rationale for their decision for me to read, or (2) I would inform that caller that the decision was actually made by the sales and marketing department and that since I have no other information relevant to their inquiry that they contact "Name" at extension #xxx.</p> <p>Best regards</p> <p>Michael Dennis </p> http://creditmanagementassociation.org/forums/topic.php?id=89#post-429 Tue, 16 Feb 2010 16:46:06 +0000 F Scott Wilson 429@http://creditmanagementassociation.org/forums/ <p>We are already planning to pre-lien, and are working on a joint check agreement with the cemetery and our customer, to ensure we're paid at the same time our customer gets their money.</p> <p>Thanks for your input on this. </p>