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...
by Nancy Seiverd | Jun 6, 2023 | Uncategorized
It’s so frustrating when our customer doesn’t pay, especially after we have fulfilled all of our obligations to provide the products or services with the utmost total customer satisfaction possible. Subsequently, when we start to get some payment delays, which turn...
by Nancy Seiverd | Jun 6, 2023 | Hector the Collector
Hi Everyone, It’s Hector here and hope your summer has begun with a lot of nice weather. Recently, I received an interesting email from a well-known logistics carrier explaining a claim situation that kind of stumped me. Back in the Spring of 2022, goods were...
by Nancy Seiverd | Jun 6, 2023 | Poll
Take the Poll - How many times have your credit decisions been overridden in favor of sales?NeverOnce or twiceSometimesRegularlyChoose When economic times get tight and companies are vying to take business from their competitors, there may be a tendency for credit...
by Nancy Seiverd | May 2, 2023 | Feature Article
It’s coming up to Mother’s Day again and for all those who still have their sweet and tender mothers (this also includes wives, grandmothers, mothers-in-law, and anyone who might fall into the “mother” category), trying to find that special gift can be a...
by Nancy Seiverd | May 2, 2023 | Uncategorized
Are credit and collection positions immune to the difficulties that a bad economy can often bring with it? In strong economies, when business is booming and customers have more than the usual amount of cash to pay their debt obligations on a timely...
by Nancy Seiverd | May 2, 2023 | Dear Crabby
Dear Crabby, I’m the collection person at our company and I’ve been employed here for decades. About two years ago I had an illness that kind of wiped me out and I was off work for several months. Although I made a complete recovery, there were some physical changes...
by Nancy Seiverd | May 2, 2023 | Poll
Take the Poll - You have overlooked a customer that you now realize is 75 days past due. Do you:Call immediatelyStop all shipmentsSend out a demand letterFind out why this account was overlookedSome of the aboveAll the aboveChoose I was talking with a client recently...
by Nancy Seiverd | Apr 4, 2023 | Feature Article
It’s April and as I walk around the neighborhood, I’m enjoying seeing all the flowers coming up. First there are the daffodils, followed closely behind by the tulips. There is one house that always has a magnificent display of flowers throughout the spring, summer,...
by Nancy Seiverd | Apr 4, 2023 | Uncategorized
We recently received a claim for quite a large amount at about six months passed the due date from a regular client we have supported for many years. During our long relationship, I’ve become good friends with the credit manager who has worked at her...
by Nancy Seiverd | Apr 4, 2023 | Hector the Collector
Hi Everyone, It’s Hector here! Not sure what’s happening by you but in my neck of the woods, there have been a lot of April showers. The streets have become a little flooded, there are puddles everywhere, and the weather continues to be gray, drizzly, and cold....
by Nancy Seiverd | Apr 4, 2023 | Poll
Take the Poll - As a credit professional, have you ever asked your customer to provide a certificate of business insurance?No, and it’s not on my radar.No, but should I do so?I have thought of it when I’ve seen large assets.Yes, on occasion I have requested...
by Nancy Seiverd | Mar 7, 2023 | Feature Article
During the past forty-seven years, CMI has had the honor of having several team members contribute to our success for three or more decades. Over this period, getting to know each of them professionally and personally has been extremely rewarding. Each one is highly...
by Nancy Seiverd | Mar 7, 2023 | Uncategorized
As credit professionals, there is a tendency to look at only the most familiar current assets and liabilities on the balance sheet of a prospective company. If the current or quick ratio turns out to be acceptable, we quickly move on to the next credit request. But as...
by Nancy Seiverd | Mar 7, 2023 | Dear Crabby
Dear Crabby, I have been the credit manager at my company, a confectionary goods distributor, for the past 35 years and our customers are retail shops across the nation. Although I’m in my sixties, I still have a lot of energy and motivation to do my job....
by Nancy Seiverd | Mar 7, 2023 | Poll
Take the Poll – How Would You Rate Your Company’s Customer Service?I’d rather not sayWe’re really trying but…Depending on the day, not too badThe feedback is that it’s getting betterOverall, we’re pretty goodChoose An associate of mine was telling me about the...
by Nancy Seiverd | Feb 8, 2023 | Feature Article
Like hundreds of millions of people around the globe, February 14th is your day to either receive a special gift, give some special flowers, or both. In the US and the UK, Valentine’s Day means heart-shaped cards and heart-shaped boxes of chocolates. But...
by Nancy Seiverd | Feb 8, 2023 | Uncategorized
I had a fascinating discussion recently with a colleague of mine who was interviewing several candidates for their credit and collection manager position, and one of them was particularly intriguing. When the subject of compensation came up and the...
by Nancy Seiverd | Feb 8, 2023 | Hector the Collector
Hi Everyone, It’s Hector here and as always, I greatly enjoy reading your emails. One email that really caught my eye was from a collector who works at a national office supply goods chain detailing the problem he is experiencing with the office set up and...
by Nancy Seiverd | Feb 8, 2023 | Uncategorized
Take the Poll - From a credit perspective, how do you consider Goodwill on a customer’s financial statement?What is Goodwill?Don’t even look at it.I consider it based on its materiality.It can be very telling, and I consider its importance.Choose Like many of you, I...
by Nancy Seiverd | Jan 10, 2023 | Feature Article
First things first, let me wish everyone a very Happy New Year! Whatever holiday you celebrated, I hope you had a wonderful time with friends and family, and that you have lots of health and happiness in this New Year. As we enter the new year, I’m finding the...
by Nancy Seiverd | Jan 10, 2023 | Uncategorized
A few years back I wrote an article, Avoiding the Pitfalls of an Outdated Credit Application, and one of the things I mentioned was the importance of maintaining updated information on your customer’s credit application. The impetus behind that article had to do with...
by Nancy Seiverd | Jan 10, 2023 | Dear Crabby
Dear Crabby, As collectors, we always strive to get all of the invoices paid in full. But, in the manufacturing business where you send pallets or shipments out on a daily basis, you are bound to have discrepancies. These discrepancies include shortages,...
by Nancy Seiverd | Jan 10, 2023 | Poll
Take the Poll - What was your biggest credit risk management regret in 2022?Letting myself get persuaded by Sales to grant credit against my better judgment. Didn’t follow up quickly on some past due accounts.Watched DSO get longer and longer.Never got around to...
by Nancy Seiverd | Dec 12, 2022 | Uncategorized
by Nancy Seiverd | Nov 2, 2022 | Feature Article
Did you know that there are roughly 20 million American veterans in this country? Of this number, there are 6.4 million Vietnam War veterans over the age of 70. Many are not in such good condition, both mentally as well as physically. Sadly, there are many veterans...
by Nancy Seiverd | Nov 2, 2022 | Uncategorized
The other day when I was talking with some friends about our current economic situation, one of them mentioned that although they lost their job and their financial situation is stressed, for the time being they have several months of savings in their “emergency fund”...
by Nancy Seiverd | Nov 2, 2022 | Dear Crabby
Dear Crabby, I’m the collection manager at an elevator maintenance, repair, and installation company. We’re a small organization but have been around for decades in a major metropolitan area. We’ve developed a reputation for servicing those small businesses that...
by Nancy Seiverd | Nov 2, 2022 | Poll
Take the Poll - Should you send a long-term customer, who Is unfortunately now past due, a holiday gift?No, it would send the wrong messageNo, if we haven’t done so regularly in the past.Yes, it might keep our relationship on the positive side.Yes, especially if we...
by Nancy Seiverd | Oct 4, 2022 | Feature Article
As the summer comes to a close and everyone returns to their normal working routines, hiring managers are ready again to post jobs, schedule interviews, and shore up employment needs before the end of the year. There are a few factors that drive employment...
