by Nancy Seiverd | Jun 6, 2022 | Uncategorized
Father’s Day is coming up on the 19th and for many families, it’s a time to appreciate one’s father. Throughout the centuries, I suppose we could boil down a father’s role in the family as the protector and to “bring home the bacon.” Chances are pretty...
by Nancy Seiverd | Jun 6, 2022 | Hector the Collector
Hi Everyone, It’s Hector here and I hope all is well. Always a pleasure when I hear from many of you with your thoughts, ideas, and even complaints about life in the credit and collection lane. We credit professionals often end up trying to please everyone, but...
by Nancy Seiverd | Jun 6, 2022 | Uncategorized
Over the many years I’ve been in business, a regular reading and studying of the basic economic indicators has helped to me see the rhythm of how our economy works. As a credit professional, allow me to share with you my general understanding of the top three indices...
by Nancy Seiverd | Jun 6, 2022 | Uncategorized
Have rising gas prices directly affected your business?not at allslightlyconsiderablyvery much soChoose Small businesses have struggled over the past two years of the pandemic, facing shutdowns and closures, dealing with supply chain issues and a shortage in labor....
by Nancy Seiverd | May 3, 2022 | Feature Article
Mother’s Day in the US had several starts and contributors, but it is Anna Maria Jarvis (May 1, 1864 – November 24, 1948) who is credited as the founder of our national Mother’s Day holiday. Anna Jarvis’ campaign for a special day to...
by Nancy Seiverd | May 3, 2022 | Dear Crabby
Dear Crabby, I have been the controller at a US subsidiary for the past 11 years which has its headquarters in Germany. Like every year, in March our organization was audited. Normally when the auditors are here, they spend a great deal of time verifying...
by Nancy Seiverd | May 3, 2022 | Uncategorized
Every day there seems to be another revelation regarding the global economy. Although the Covid pandemic seems to have come under a reasonable level of control in the US and Europe, China has continued to implement severe anti-virus spread restrictions in some of its...
by Nancy Seiverd | May 3, 2022 | Uncategorized
Take the Poll - The invoice is now two months past due and your customer tells you for the first time that there was a problem with the product which is holding up payment. Do you consider this answer to behonestevasiveaggressive deceptiveChoose In the above scenario,...
by Nancy Seiverd | Apr 11, 2022 | Feature Article
Between the middle of March and the middle April, I get a little strange feeling in my stomach. Not only does it have to do with turning our clocks ahead one hour, but that corporate and personal taxes are coming due very soon. My thoughts swing back and forth...
by Nancy Seiverd | Apr 11, 2022 | Hector the Collector
Hi Everyone!It’s Hector and hope Spring has arrived in your area. As always, I appreciate hearing from you regarding your credit and collection issues and challenges, from which we can all benefit. I heard from one senior credit manager who has a full-time...
by Nancy Seiverd | Apr 11, 2022 | Uncategorized
In these unpredictable times, regretfully there are going to be instances where the scruples of some customers, for whatever reasons, may begin to fall short. Consequently, we need to be vigilant about the validity of financial statements submitted to support...
by Nancy Seiverd | Apr 11, 2022 | Uncategorized
Take the poll — How often have you had to pursue a personal guarantee to pay an outstanding commercial A/R? Don’t recall ever needing to do this. Once or twice.A few times.Several times.Choose Personal guarantees will often make the difference in collecting a...
by Nancy Seiverd | Mar 8, 2022 | Feature Article
If you didn’t know, it’s alright — I didn’t know either. But here we are with a wonderful event to keep our personal and professional spaces clean and tidy. National Cleaning Week begins each year on the fourth Sunday in March. It is a week-long lineup of...
by Nancy Seiverd | Mar 8, 2022 | Dear Crabby
Dear Crabby, I’ve been working as the credit and collection manager at a large heating & cooling equipment installation and maintenance company for the past 20 years, and about two months ago a new CFO came on board. From the start this person has been...
by Nancy Seiverd | Mar 8, 2022 | Uncategorized
Every business in every industry is ultimately susceptible to a disruption, stagnation, and becoming obsolete. As technology progresses or sudden events occur, many new opportunities will arise, while leaving many people behind who cannot change with the times. For...
by Nancy Seiverd | Mar 8, 2022 | Uncategorized
Do you deposit post-dated checks earlier than the check date?No, we wait until the date. On occasion with permissionSometimes if we think the customer/debtor might be in serious trouble.Yes, we do it as a matter of our normal operation. Choose Sometimes creditors will...
by Nancy Seiverd | Feb 7, 2022 | Feature Article
Who doesn’t love getting a gorgeous bouquet of flowers on Valentine’s Day? They are not only beautiful to look at, but they remind us of how special we are to someone. Along with a lot of chocolates and other delicious sweets, they make us feel like a million bucks. ...
by Nancy Seiverd | Feb 7, 2022 | Hector the Collector
Hi Everyone! It’s Hector and as always, I greatly appreciate hearing from you. Recently, as Valentine’s Day is coming up, readers have been letting me know about how company romances in the collection department are having an impact on collection performance. Before I...
by Nancy Seiverd | Feb 7, 2022 | Uncategorized
We often hear and read about ways to improve a company’s culture, but we often don’t realize the things that may be going on which are negatively impacting a company’s culture. Following below is my list (not totally comprehensive) of what I believe can nibble at...
by Nancy Seiverd | Feb 7, 2022 | Uncategorized
Has the Great Resignation Affected Your Workplace?Not at all.A few employees have resigned but it’s not noticeable.Several employees are gone and we’re hiring some replacements.We are definitely very shorthanded and need as many new staff members as possible.Choose...
by Nancy Seiverd | Jan 7, 2022 | Feature Article
I have to tell you an interesting story that occurred over the holidays. I bought a personal computer last year and to be on the safe side, I decided to sign up for one those 24-hour tech support services. Since I’m a very active nighttime computer user, being able to...
by Nancy Seiverd | Jan 4, 2022 | Dear Crabby
Dear Crabby,I wish I could tell you that I had a nice holiday and new year, but something was gnawing at me dampening my holiday spirit. Let me explain. I have been the credit and collection manager at a mid-size industrial electronics part distributor for the...
by Nancy Seiverd | Jan 4, 2022 | Feature Article
You can probably forecast winning at Monopoly if you are able to buy Park Place and Boardwalk early in the game. If you have the cash and can build hotels, before long, the other players who land on your expensive properties will be paying you big bucks. I wish...
by Nancy Seiverd | Jan 4, 2022 | Uncategorized
What’s your credit and collection goal for 2022?Collect more dollars with less resources.Improve on existing credit controls or implement new ones.Keep customers and sales reps happy. Minimize the risk of selling on creditGoing to just keep things on an...
by Nancy Seiverd | Dec 7, 2021 | Feature Article
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by Nancy Seiverd | Nov 9, 2021 | Feature Article
As credit professionals, most likely we are rarely thinking in terms of global supply chains. Conversely, our natural focus is on how much credit to approve and are customers adhering to our credit and payment terms. That said, if you were trying to buy a car...
by Nancy Seiverd | Nov 9, 2021 | Hector the Collector
Hi Everyone! It’s Hector and over the past couple of months I’ve been hearing from you regarding more than the usual share of short pays on your invoices. Let me take a moment to recap the Short Pay problem and offer some solutions. Short Pays, Short...
by Nancy Seiverd | Nov 9, 2021 | Uncategorized
Are you still sending invoices out by snail mail?Yes, and we don’t see any change coming to electronic invoices.Yes, but perhaps we should be changing this over to e-invoices.Yes & No, as we have customers who still want the hard copy.No, all of our customers...
by Nancy Seiverd | Oct 4, 2021 | Feature Article
One of the nice things about my day-to-day activities is lending an open ear to my clients and staff. Recently, I was talking with the credit manager of a new client who was placing some claims with our office. One of the claims, a sizable amount, was...
by Nancy Seiverd | Oct 4, 2021 | Dear Crabby
Dear Crabby, I’m the credit and collection manager at a mid-sized fragrance manufacturer and like many managers, beyond the usual credit and collections challenges, I also deal with a myriad of human relations issues. So, it’s that time of year again when...
by Nancy Seiverd | Oct 4, 2021 | Uncategorized
Have you ever been called about a Zombie Debt?No, and I’ve never heard of such a thingOnce and it was many years agoOn occasion I’ll get a callYes, and sad to say, I’m often getting contacted for theseChoose You may be asking, what on earth is a Zombie debt? Like the...
by Nancy Seiverd | Sep 8, 2021 | Feature Article
One of the most uncomfortable situations for many SME’s has to do with divulging their detailed financial information, whether it be to a credit information and reporting bureau (CRB) or directly to their supplier. A colleague of mine and I were talking the...
by Nancy Seiverd | Sep 8, 2021 | Hector the Collector
Hi Everyone! Hope you all had a wonderful summer and took some badly needed vacations. I was informed from one collector, Ms. A, at a mid-size stationery company, about a very interesting summer vacation planned by one of her team members, Mr. B. Here’s what...
by Nancy Seiverd | Sep 8, 2021 | Uncategorized
How often do you need to renegotiate a past due payment agreement? Not very oftenSomewhatA fair amount, especially in an unstable economyIt seems like all the timeChoose It’s frustrating when payment agreements are not upheld but it’s also important to recognize that...
by Nancy Seiverd | Aug 9, 2021 | Feature Article
From majestic entertainment giants to world famous department stores, the coronavirus devastated certain parts of the U.S. economy. Falling consumer demand and reduced pleasure spending took its toll on many areas of the retail industry, along with its endless...
by Nancy Seiverd | Aug 9, 2021 | Dear Crabby
Dear Crabby, I’m the credit and collection manager at a small scrap and metals processing company. We basically buy old industrial electric motors and disassemble them for the copper, silver, titanium, and other precious metals. We’ve had a long-term client, who...
by Nancy Seiverd | Aug 9, 2021 | Uncategorized
To what extent do you help a customer to resolve the reason(s) for non-payment?Almost never as I don’t want to get involved and send the wrong messageI listen and I'm empathetic and very lightly make some suggestions.A fair amount and try to advise them as best...
by Nancy Seiverd | Jul 14, 2021 | Feature Article
For many credit professionals, LinkedIn and Facebook may not be usually viewed as sources of important credit risk management information. When it comes to LinkedIn, it is often perceived as being mostly about finding new clients, a new job, or prospective employees....
by Nancy Seiverd | Jul 14, 2021 | Hector the Collector
Hi Everyone! Although most people are having fun in the warm weather, I heard from one colleague about how the excessive heat and the lack of air conditioning at their office resulted in exacerbating an already difficult collection situation. Let me recant the...
by Nancy Seiverd | Jul 14, 2021 | Uncategorized
How often do you use statistics to analyze your work?Never - not even sure what they areOn occasion - just the basic measurements Sometimes - we find them useful for improving our operationAlways - they help us immensely in understanding all aspects of our business...
by Nancy Seiverd | Jun 8, 2021 | Feature Article
A colleague of mine who is a credit professional at a mid-sized beverage wholesale distribution company was recently asking me for some advice about requesting a raise from his employer. He felt that since his job duties were considerably increased during the...
by Nancy Seiverd | Jun 8, 2021 | Dear Crabby
Dear Crabby, I have an interesting scenario to share with you. A month ago, I received a new credit application with an unusual looking company name. At first blush, the company looked good as I began the credit risk evaluation. This new customer was requesting...
by Nancy Seiverd | Jun 8, 2021 | Uncategorized
At what point should Sales get involved in a collection situation?Never - as they usually give in to unfounded excusesAs necessary - when you as the credit/collection professional are trying to resolve a dispute against the product or serviceFrequently - as we work in...
by Nancy Seiverd | May 4, 2021 | Feature Article
When a debtor has his funds in a bank account at an institution to which they owe money, for example on a working capital loan, that institution may have the right under state law to seize any funds from the debtor’s checking account, money market, or other...
by Nancy Seiverd | May 4, 2021 | Hector the Collector
Hello Everyone! I hope all is well and that your businesses are turning around. Like you, I’ve been watching many of the economic indicators and with the unemployment rate trending downward, I suppose one can start to feel encouraged that we are slowly...
by Nancy Seiverd | May 4, 2021 | Uncategorized
Does it help or hurt one’s credit career when being assigned to a different position within the company? Very helpfulSomewhat helpfulNot helpful at allPossibly detrimentalChoose I’ve been hearing from some credit professionals informing me they have been assigned to...
by Nancy Seiverd | Apr 6, 2021 | Feature Article
Over the years when we receive claims, I’m always delighted to see a signed credit application attached and completely filled out. As we know full well, the credit application is the initial contractual document by which the terms and conditions are established. It...
by Nancy Seiverd | Apr 6, 2021 | Dear Crabby
Dear Crabby, I’m glad there’s someone like you to talk to right now because I have a touchy problem at work and I’m not sure how to manage this delicately. First, a little background. We’re a small business of about thirty employees with a long history in our...
by Nancy Seiverd | Apr 6, 2021 | Uncategorized
What's the most important thing for you when doing your credit & collection job?Collecting a large outstanding account.Helping sales to get the new client.Making sure you stay motivated.Keeping a tight lid on past due accounts.Working with past due accounts...
by Nancy Seiverd | Mar 9, 2021 | Feature Article
One of the most difficult parts of being a global credit manager is that trying to find an overseas collection agency or law firm can be daunting. The biggest question that often comes to mind is, “Can this entity be trusted.” Unfortunately, there are many unsavory...
