by Nancy Seiverd | Jul 9, 2024 | Feature Article
Last month’s article, “A Young Man’s Nursing Home Journey,” resulted in many readers leaving comments and contacting me with their own stories. So many of you have had very heartfelt experiences in taking care of a loved one. They really touched me. One lady,...
by Nancy Seiverd | Jul 9, 2024 | Uncategorized
A couple of months ago I received a claim from a creditor in China. The creditor is a marketing research consulting firm, and they performed various focus groups on behalf of a beverage manufacturer in Pennsylvania that was trying to enter the Chinese...
by Nancy Seiverd | Jul 9, 2024 | Hector the Collector
Hi Everyone, It’s Hector here and I hope you’re enjoying your summer. Mine has been busy reading and answering many of your emails concerning all kinds of credit and collections issues and challenges. One email reflected my own life story as a...
by Nancy Seiverd | Jul 9, 2024 | Poll
Take the Poll – Has inflation impacted your credit protocols?No impact. It’s business as usual.We’ve adjusted credit limits only slightly. We’ve classified several more accounts as high risk.We’ve tightened credit across the board on all customers. Choose For the past...
by Nancy Seiverd | Jun 4, 2024 | Feature Article
At the end of last month, I attended my granddaughter’s high school graduation. Naturally, I am very proud of her and all that she has accomplished during her four years. As she prepares for college in the fall, I’m excited to see her future unfold in many promising...
by Nancy Seiverd | Jun 4, 2024 | Uncategorized
When it comes to obtaining credit information on privately held companies where financial information is often carefully guarded, the quality of the information in a report should be treated with some level of skepticism. As we have often seen, there can be a huge...
by Nancy Seiverd | Jun 4, 2024 | Dear Crabby
Dear Crabby, I am the credit and collection manager at a plastics recycling company and have been here for about 15 years. Our company buys all kinds of scrap plastic and after putting it through our recycling process, we sell it as raw material to other...
by Nancy Seiverd | Jun 4, 2024 | Poll
Take the Poll – How would you feel if the credit override was only about 20% of the amount you originally granted to the customer? I don’t like any credit overrides - period.I’d feel that my judgment is being questioned.I would grudgingly accept it.I wouldn’t mind....
by Nancy Seiverd | May 7, 2024 | Feature Article
As I was making some minor adjustments to our home security system recently with my grandson, he mentioned that the first home security system was invented by a woman. I said to him, “How do you know something like that?” He responded that his 7th grade history class...
by Nancy Seiverd | May 7, 2024 | Uncategorized
I have a client who has always sent a birthday gift to his customers as a way of showing his appreciation for their business. The client currently has about 100 customers, which means that he will send a gift to about 9-10 customers per month. The expense of the...
by Nancy Seiverd | May 7, 2024 | Hector the Collector
Hi Everyone! It’s Hector and as always, it’s wonderful to get your emails about your joys and challenges of collecting. I recently received one email from a gentleman, I’ll call him Ted, who has been struggling with his accent during collection calls. Ted is 45 years...
by Nancy Seiverd | May 7, 2024 | Poll
Take the Poll – How many times have you relied on a credit report that turned out to be misleading?3 times or less4-5 times6-7 times8 times or over Choose Credit reports are not perfect and in fact, they may often contain information that is either erroneous,...
by Nancy Seiverd | Apr 2, 2024 | Feature Article
It’s April and tulips all over the world are coming up. In my front and back yards, I’ve been monitoring my sweet little darlings since it became unusually warm in February. Now at the beginning of April, they are about one week away from blooming. Last October,...
by Nancy Seiverd | Apr 2, 2024 | Uncategorized
My grandkids love to tease me about how technologically behind I am. While they can type on their tiny smart phone keyboards at a speed that would rival a concert violinist, my fat fingers can barely plunk out a text message without several mistakes. Although I’ll...
by Nancy Seiverd | Apr 2, 2024 | Dear Crabby
Dear Crabby, I’m the controller / credit manager / accountant and all around cleaner upper at our very small beer and wine distribution company. We import very specialized craft beers and wines from all the world and have hundreds of customers throughout the...
by Nancy Seiverd | Apr 2, 2024 | Poll
If your customer was not responding to your requests for payment and was located very close by, would you make an unannounced visit to talk to the person in charge?No, it’s not our SOPPossibly, let me think aboutYes, but I’d be a little nervousYes, definitely would do...
by Nancy Seiverd | Mar 5, 2024 | Feature Article
One of the only reasons I happen to like March is because of Daylight Savings Time. Finally, I feel like with the extra daylight, we’re getting out of winter’s grip. Not that this winter in my neck of the woods has been so terrible, but it’s not one of my...
by Nancy Seiverd | Mar 5, 2024 | Uncategorized
Like many of you in our industry, I often read through a great deal of economic data and indicators to get an idea of where the country is headed, and how the economy affects our credit and collection decisions. According to the American Bankruptcy Institute,...
by Nancy Seiverd | Mar 5, 2024 | Hector the Collector
Hi Everyone, It’s Hector here and as we come to the end of winter, hope all is well. As always, your emails and letters continue to interest me. I received one email from a credit manager that asked for “my thoughts” on a collection situation that...
by Nancy Seiverd | Mar 5, 2024 | Uncategorized
Take the Poll – How many credit granting decisions that you made last year resulted in not getting paid?Less than 56-1011-15Prefer not to sayChoose I have a client that has 500 active accounts at any given time and the credit manager has to make decisions very quickly...
by Nancy Seiverd | Feb 6, 2024 | Feature Article
It was 8:30am on Friday, February 2nd, and while I was sipping my coffee in the office gearing up for a busy morning, I received an email from one of our suppliers wishing me a very Happy and Healthy Ground Hog Day! When I saw it, I did a double take! This was the...
by Nancy Seiverd | Feb 6, 2024 | Uncategorized
I have heard and been told that credit risk management professionals don’t really have a sales professional’s spirit. The idea of getting out into the unknown and trying to sell ourselves and our company’s products or services seems uncomfortable. In fact, I’ve...
by Nancy Seiverd | Feb 6, 2024 | Dear Crabby
Dear Crabby, After 20 years, I continue to run the office at a mid-size pottery manufacturing company, which has been in business since 1971. We are very proud of the 30 artisans, who create personalized and customized pottery and ceramic products. In...
by Nancy Seiverd | Feb 6, 2024 | Poll
Take the Poll – What keeps you up at night regarding your credit & collection position?DSO not coming downLarge account(s) not payingNever enough time in the dayKeeping sales on a leashChoose In the early days of CMI, I can tell you that for years I worried about...
by Nancy Seiverd | Jan 15, 2024 | Feature Article
Can you believe it’s already 2024? Where did the time go? It was just 1964 when the Beatles came to the US for their first tour. I was a teenager back then and like all teenage girls, I was totally entranced with the look, the sound, and the swagger that the Beatles...
by Nancy Seiverd | Jan 15, 2024 | Uncategorized
I always appreciate when clients reach out to me for advice or guidance on credit, collection, and other issues. As a credit risk management professional, I either try to help a client directly and/or introduce the resources that can support their needs. ...
by Nancy Seiverd | Jan 15, 2024 | Hector the Collector
Hi Everyone, It’s Hector and I hope all of you are now back in the saddle after a very enjoyable holiday season and New Year. Apparently, many of you didn’t waste any time getting on the phone with your past due clients, letting me know about some of the issues...
by Nancy Seiverd | Jan 15, 2024 | Poll
Take the Poll – Do you review customer credit limits every year?Yes, at the start of the yearYes, but only when I have timeYes, but on a need only basisNo, it’s not our standard operating procedureChoose As credit professionals, it seems intuitive that a credit limit...
by Nancy Seiverd | Dec 8, 2023 | Uncategorized
by Nancy Seiverd | Nov 8, 2023 | Feature Article
Can you believe we’re already coming up to the end of the year and starting to plan Thanksgiving? Time goes by so fast and honestly, I feel like I’m still digesting last year’s turkey dinner! Year after year (and decade after decade), I still love having family...
by Nancy Seiverd | Nov 8, 2023 | Uncategorized
Regardless of the language, even very fluent non-native speakers may not know the idioms and colloquialisms that native speakers grow up with and have heard throughout their lives. When you think about it, we are unconsciously hearing, using, and enjoying all kinds of...
by Nancy Seiverd | Nov 8, 2023 | Dear Crabby
Dear Crabby, My name is Bernice and I’m the office manager at a small scrap recycling business. At first blush, scrap recycling probably doesn’t sound too exciting, but our specialty is the retrieval of large elevator motors and generators which contain...
by Nancy Seiverd | Nov 8, 2023 | Poll
Are you still requiring letters of credit for your cross-border transactions?Very rarelyFrom time to timeDepends on the customerIt’s our required payment methodChoose Letters of credit (L/C) are still commonly used for cross-border transactions in international trade....
by Nancy Seiverd | Oct 11, 2023 | Feature Article
I was talking with a young person in my office the other day who mentioned that she is trying to learn some basic moulage techniques for her upcoming Halloween costume. Not having been a big participant of Halloween for several decades, I asked her what moulage...
by Nancy Seiverd | Oct 11, 2023 | Uncategorized
With all my years in credit risk management, one product that has come up from time to time which has a confusing name is “Accounts Receivable Put Option.” When I hear the term “put option,” my mind thinks in terms of placing something somewhere....
by Nancy Seiverd | Oct 11, 2023 | Hector the Collector
Hi Everyone! It’s Hector and I hope the trees in your area have begun to show their autumn colors. Over by me, things are starting to become quite beautiful. Recently, I’ve been getting a lot of mail from readers who have told me about their company’s policy on...
by Nancy Seiverd | Oct 11, 2023 | Poll
Take the Poll - Do you think it’s a good idea to check the owner’s credit score as part of your credit due diligence on a company, especially if it is a small enterprise?Would not consider doing itNot doing it now but maybe I shouldI have done this once or twice in...
by Nancy Seiverd | Sep 6, 2023 | Feature Article
Another Labor Day holiday has come and gone and with it, I’m reminded of my childhood when the dreaded thought of going back to school after a long and lazy summer was kind of depressing. First there was the need to get some new clothes and shoes, followed by...
by Nancy Seiverd | Sep 6, 2023 | Uncategorized
There are so many factors that impact the collection of an account. The depth of the customer relationship, the balance due, the period of time outstanding, the communication style, and the distance from your company are just a few of the major items that will frame...
by Nancy Seiverd | Sep 6, 2023 | Dear Crabby
Dear Crabby, I’ve been reading your column for several years and have always valued your advice, but I never thought I would actually need to write for myself. Let me start from the beginning. I have been working at my company for almost ten years....
by Nancy Seiverd | Sep 6, 2023 | Poll
Take the Poll - Would you decrease a credit limit if your customer informed you that they need to extend payment terms by 60 days? No, especially if it was only temporary.No, if they were not a good customer.Maybe, depending on their payment historyMaybe, depending on...
by Nancy Seiverd | Aug 20, 2023 | Feature Article
When I was a teenager, playing around in the sun on the beach for long hours with my friends was always a wonderful time, except for one thing – I got terribly sunburned. As I got older, realizing that I could not subject myself any longer to painful...
by Nancy Seiverd | Aug 20, 2023 | Uncategorized
In our July issue, the article, “Hidden Pension Liabilities May Be Hidden for a Reason” received quite a bit of readership traction. This in turn prompted me to talk about another neglected area on a customer’s financial statement, Related Party Transactions...
by Nancy Seiverd | Aug 20, 2023 | Hector the Collector
Hi Everyone! Hope all of you have been trying to stay cool in all the heat! It certainly has been hot, which can make collecting past due accounts more challenging. I heard from one agency collector about a long-term client who recently passed them a...
by Nancy Seiverd | Aug 20, 2023 | Poll
Take the Poll - Would you allow your third-party collection provider to collect for your debtor if it would facilitate receiving your payment?No, it’s a conflict of interestProbably not I would be open to the idea Yes, whatever will workChoose There are many times...
by Nancy Seiverd | Jul 3, 2023 | Feature Article
Summertime is one of the most challenging seasons to have an office job. While the fluorescent lights above your workstation may be giving you a dull headache, it’s gorgeous outside. Add to that, your co-worker is on vacation and continuously sends you...
by Nancy Seiverd | Jul 3, 2023 | Uncategorized
As credit managers, from time to time we need to dig into a financial statement to understand a potential customer’s credit worthiness. In doing so, there may be a tendency to only look at the easily identifiable current assets and liabilities, sales, profits, and a...
by Nancy Seiverd | Jul 3, 2023 | Dear Crabby
Dear Crabby, I’m the credit and collection manager at a small company and we manufacture designer paper bags for wine bottles. Our bags come in all kinds of very fancy patterns and textures, and they look beautiful when someone gifts a bottle of wine in them. ...
by Nancy Seiverd | Jul 3, 2023 | Poll
Take the Poll - How valuable are trade references for your credit decision?Don’t use themCan be a little helpfulRequired but not verifiedRely on them heavilyChoose Trade references can be valuable in certain situations, especially in business-to-business transactions....
by Nancy Seiverd | Jun 6, 2023 | Feature Article
You may recall the father and son marathon team, Dick Hoyt and his son, Rick, who became Boston Marathon legends after their first run in 1980. What was incredibly memorable was that Dick pushed Rick, who was a quadriplegic and had cerebral...
