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...
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...
