Industry Group Spotlight – Western Region Building Materials Credit Association

Mar 21, 2019

Posted by & filed under Credit, Industry Groups.

The Western Region Building Materials Group is a progressive group of building materials distributors and/or manufacturers, all selling in the western U.S. This group is engaged in the exchange of credit experience information to assist each credit manager in their own respective credit decisions for their companies. The group has been successful in entertaining other credit topics of interest and welcomes special guests for presentations, both customer based and/or professional development.

This group is currently meeting quarterly at various locations in the western U.S. to assist all members with travel expenses. They welcome guests and companies potentially interested to seek and find the same values they have established together working and networking with each other. The group recently met in Long Beach, CA and enjoyed staying on the Queen Mary for their overnight accommodations.… Read the rest

Oregon Lien Law – Traps for the Material Supplier

Mar 21, 2019

Posted by & filed under Legal, Lien Law.

By: William Fig, Partner, Sussman Shank

Everyone involved in the construction industry should be generally aware of the technical, statutory quagmire that is Oregon construction lien law, ORS Chapter 87.001, et. seq. The most known requirements are the deadlines for lien notices, the recording of a lien, and the foreclosing of a lien that must be followed in order to preserve your right to perfect and enforce a construction lien. However, mired in the bowels of the Oregon lien law statutes are several less obvious traps for the unwary material supplier.

The first such trap may be sprung early on in the life of a project, well before any problems arise or a lien is filed, and it has serious consequences for material suppliers.… Read the rest

Patterns in Markets and Financial Statements to Be Mindful of When Making Risky Credit Decisions

Mar 21, 2019

Posted by & filed under Business Credit Journal, Credit.

By: Christie Citranglo, NACM editorial associate

When working with customers, paying attention to the volatility of the current market can be a deciding factor when extending credit to a new or existing customer. Terms can be impacted by the state of the current economy, and customers may have complications in their industry due to bullish or bear markets.

With any trends in the market, taking note of patterns from past recessions and flourishing markets can aid in making credit decisions, despite how unpredictable a certain market can feel at times. According to a recent webinar by Moody’s Analytics titled “Navigating Choppy Markets: Focus on Asia,” Asian and American markets are becoming increasingly risky, but this pattern of risk does not deviate from patterns of the past.… Read the rest

Experian Moody’s Analytics Report Q4 2018

Mar 21, 2019

Posted by & filed under Credit, Experian.

With the release of the Experian/Moody’s Analytics Q4 2018 Main Street Report, you can view the latest insights on small business credit conditions; interact with dynamic graphs; read commentary from the economists at Moody’s Analytics and share them with your network.
Use the latest quarterly small business credit data to spot trends before they affect your bottom line — DOWNLOAD REPORT.

Q4 2018 Highlights:
Small business credit shifts from positive to neutral
Rising delinquency in Construction industry
Government shutdown impact on small business

Look for Q1 2019 coming soon.… Read the rest

When’s the Best Time to Help Yourself Collect a Delinquent Account? When You Get the Signed Credit Application and Before You Ever Ship!

Feb 20, 2019

Posted by & filed under Bankruptcy, Collections, Credit.

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.

  1. 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.
… Read the rest

Finding the Right Industry Credit Group

Feb 20, 2019

Posted by & filed under Industry Groups.

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

When Technology Isn’t Enough: Personalizing the Creditor-Customer Relationship

Feb 20, 2019

Posted by & filed under Business Credit Journal, Credit, Technology.

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