Where Everybody Knows Your Name

Sep 26, 2017

Posted by & filed under Industry Groups, Member Spotlight.

By: Shannon Abnal, NACM Northwest

At an industry group meeting recently, I noticed as folks entered the meeting room, the members already present would call out each person’s name in greeting as they came in. “Dave!” or “Mary!” rang out as members trickled in. It reminded me of that old TV show, Cheers. Remember how everyone would call out “Norm!” when regular, Norm Peterson, came in the door?

In some ways, coming to a credit group is like heading to your favorite spot. It’s a safe, familiar place to go where everyone knows your name, they’re always glad you came, and your troubles (credit troubles at least!) are all the same. In our personal lives, we don’t always have someone that can relate to what being a credit manager really means.… Read the rest

Educating Customers About Credit

Sep 27, 2017

Posted by & filed under Credit.

A large majority of consumers in the United States are credit card holders. In 2015, the Federal Reserve reported 70% of U.S. consumers had at least one credit card, meaning roughly 174 million people were credit-active. With these types of numbers, it would seem it’s the norm to charge it, yet this could not be further from the truth in business credit. “It’s a privilege to have credit,” said Graybar Electric Company Financial Manager, Rick Weisman, CCE. This is his No. 1 takeaway when trying to educate his customers about what he does for them as a credit professional.

“It works as a partnership,” he added. Weisman is used to dealing in good faith with customers since he is typically unsecured as a supplier on a project.… Read the rest

When to Hold ‘Em, When to Fold ‘Em: Negotiation Skills for the Credit Professional

Sep 27, 2017

Posted by & filed under Credit.

“You’ve got to know when to hold ’em,
Know when to fold ’em,
Know when to walk away,
And know when to run.”
– Kenny Rogers, “The Gambler”

Though the song is about a gambler, the lyrics hold good advice for anyone involved in a negotiation. After all, according to an expert, negotiating is a game.

At NACM’s Graduate School of Credit and Financial Management held this past June, Bill Russell, vice president and regional director at Transacction Partners, presented a course on “Advance Negotiations” that took advice from Rogers’ song. “Knowing” is an important part of negotiating, since the person with knowledge has the upper hand. Also, smart negotiators give in when they should. When you know when to walk away, that’s playing it smart.… Read the rest

D&B Credit: Next-Generation Risk Intelligence

Sep 29, 2017

Posted by & filed under Credit, Dun & Bradstreet.

D&B Credit is Dun & Bradstreet’s next-generation risk intelligence platform. Built on a foundation of the most comprehensive and reliable business credit data in the world, and providing customizable, intelligent risk assessment, D&B Credit is going to change the way modern finance works. User-friendly, smart and simplified, D&B Credit makes accessing the industry-leading relationship data and financial scoring models of Dun & Bradstreet easier and more effective than ever. And our newest edition, D&B Credit Advantage, allows you to combine your accounts receivable data with Dun & Bradstreet’s leading data and analytics to get a more holistic view of your customers. D&B Credit is Dun & Bradstreet’s next-generation risk intelligence platform. Built on a foundation of the most comprehensive and reliable business credit data in the world, and providing customizable, intelligent risk assessment, D&B Credit is going to change the way modern finance works.… Read the rest

Fraud’s Evolving…But So Are You – Three trends that will help you outsmart fraudsters

Sep 28, 2017

Posted by & filed under Security and Fraud.

Introduction

Fraud loss has long been accepted as a cost of doing business. But something has changed. Fraudsters have evolved—they leverage technology and sophisticated underground networks—and actual losses now exceed expected losses. To plug the holes and patch the gaps, fraud prevention has become overly complex and is negatively impacting the customer experience.

Fraudsters are relentless. They count on vulnerabilities that you can eliminate. They expect to be chased, not outmaneuvered. Organizations need to be as forwardlooking in fighting fraud as they are in growing revenue and attracting new customers. It’s time to move beyond one-size-fits-all fraud strategies and instead deploy rightsized solutions so that the appropriate level of protection is applied to every single transaction for increased confidence and effortless customer interactions.… Read the rest