Newsletters and Publications

The Pros & Cons of Implementing an Online Credit Application Process - 10/17/2017

In our world of ongoing technological improvements, it seems that companies are continuously striving to rationalize many aspects of their operations. Whether it’s the assembly line process, in which manufacturing robotics often replace factory workers, many functions, including the accounts receivable management cycle, are also a prime target for technological refinement...Read More

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How to Turn a Stressful Morning into a Great Day! - 10/17/2017

Some of us, in spite of spending a lot of time planning our days and weeks, know that with one phone call at 8:00am, our entire schedule can be thrown off and all the things meticulously planned can be put on the back burner...Read More

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How Just-in-Time Inventory Systems Can Create a Sudden Cash Flow Crunch - 9/20/2017

One of the things I greatly appreciate about working with a wide range of clients is that we can learn from each other. Some days I’m the teacher and other days, I’m the student. As every client’s business and credit risk management system has a vast array of distinguishing characteristics, it’s imperative to listen and learn what makes each of them unique....Read More

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Can’t Get the AP Supervisor to Come to the Phone! - 9/20/2017

I’ve been trying for the past several weeks to get my customer's AP supervisor (at a very large company) to come to the phone regarding some past dues. Every time I call I can only leave messages with his secretary and they keep telling me the same things, “He’s not in right now.” “He’s in a meeting.” “He’s indisposed.” etc....Read More

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The CMI Spirit - Cheryl Carliss - 8/20/2017

As we are delighted to spotlight Cheryl Carliss for our August newsletter, please read through her short interview which conveys her passion for CMI and the collection business.....Read More

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How a Curious Credit Manager Uncovered a Terrible Fraud Situation - 8/20/2017

One of the most important aspects in executing the functions of a credit manager is to keep one’s eyes open, especially for the possibility of a fraudulent situation. Although there are countless examples of how fraud can rear its ugly head from internal and external sources, allow me to share one story with you about how a very curious credit manager was able to put a stop to a significant fraud scheme....Read More

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My Collection Manager Is too Nicey-Nicey - 8/20/2017

Dear Crabby,

I’ve been enjoying your column and now find myself writing to you for help. Our staff collector was trained to be very polite, understanding, and to be reasonably, “accommodating” to our customers, as many of them have been with us for decades. I would describe our collector as having a "gift of gab.” He can make enjoyable conversation with our customers to the extent that he remembers their birthdays, inquires about their recent vacations, and even in a few cases makes them feel like he’s their best friend....Read More

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Excuse Me, Is this the Argument Room? - 07/20/2017

From time to time we at CMI receive an inquiry from a potential client with a heads up that their conversation with the customer got a little intense. In a recent inquiry, we were informed that after making several prior requests for payment, suddenly during the last request the customer became very angry and started shouting, even taking some personal shots at the creditor. Unfortunately, the creditor reacted to the attack by going on the offensive, which caused their heated exchange to shoot into the atmosphere. Needless to say, after the debtor abruptly hung up the phone, the creditor was beside himself...Read More

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When the Debtor Contacts You After Submitting Your Claim - 07/20/2017

Hi Everyone, It's Hector the Collector here and as always, it’s a pleasure to work with you. Just a quick thought that I'd like to run past you. You know how sometimes a debtor may contact you after you’ve given me the claim and I’ve contacted them? Perhaps you’ve received an email or call in which they'll suddenly promise to make their payment to you very shortly. ...Read More

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A Signed Credit Application Really Helps Us Help You - 06/14/2017

Hi Everyone, It’s Hector the Collector here, and as always, it’s a pleasure to work with you. Just a quick thought that I'd like to run past you. If you could, please kindly include the Customer Credit Application when sending over the claim. As we read over it, sometimes we’re able to see another email address, another contact name, cell phone number, or other important life line that will help us to help you in getting that claim collected....Read More

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The Real Meaning of Being Your Trusted Outsourcing Partner! - 06/14/2017

What’s the meaning of being a trusted outsourcing partner who can confidently fulfill a range of a client's needs?
Every new business relationship is usually met with a dose of skepticism, since the supplier and customer each have their concerns about fulfilling their respective obligations. But as time goes by and the needs of each are duly satisfied, a level of compatibility and trust take root and the seeds of a long term relationship are planted...Read More

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Trying to light a fire under a burned out collector! - 05/16/2017

Dear Crabby,

I’ve been having a problem at my company over the past couple of years trying to keep our collection people from getting bored and burned out in their jobs. Our company sells a magazine on credit and most customers who fill out the order form from the magazine owe less than $100.00 for a one year subscription Now, your first impulse might be to suggest that we should require all of these customers to pay by credit card in advance...Read More

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When Sales Professionals Can Get Into The Mind Of Credit - 05/16/2017

By Nancy Seiverd

Back in February after I published my article, "When Credit Managers Understand the Mind of Sales," I received several requests from credit managers around the world for an article supporting their perspective. As I mentioned last time, when sales and credit professionals walk in each others’ shoes, they soon learn to appreciate the challenges that each faces. As a collection professional myself who has interacted with literally thousands of other credit professionals over the decades,...Read More

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Need to know the truth! - 04/07/2017

Dear Crabby, I'm at my wits end. I have a customer who has gone through good and bad times over the years (decades) and our president continues to do business with him no matter how bad the bad times get. My problem is that one of those bad times has produced one weird excuse after another. First the invoice was not received even though it goes out by email and regular mail. Then their computer system was on the blink and they could not issue checks until it was repaired, which was two months ago. Now the other day when I called, I was told the owner of the company is in the hospital...Read More

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If DSO doesn't mean Days Sales Outstanding, then what does it mean? - 04/07/2017

By Nancy Seiverd

As credit and collection professionals, we’re always under pressure from upper management to get the DSO down. Many years ago when I was just getting started, I remember learning that DSO is often determined on a monthly, quarterly or annual basis. Not to bore you but if I recall correctly, DSO can be calculated by dividing the amount of accounts receivable during a given period by the total value of credit sales during the same period, and then multiplying that result by the number of days in the period measured...Read More

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The CMI Spirit - Guy Lang - 04/07/2017

Dear Crabby, This is embarrassing but I completely messed up on a collection call. Here’s what happened. I had been calling one of our regularly delinquent, but long term, customers for the past three months and dealing with several broken promises. Then last week when I called again, I was so frustrated before the call that even though the customer said we could send one of our people over to pick up the check, I suddenly got angry and warned him “not to play any games” with us...Read More

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When Credit Managers Understand the Mind of Sales - 02/22/2017

It’s been said over and over that credit professionals should walk in the shoes of sales professionals and vice versa. Why is that so important? It’s because by experiencing each other’s challenges and frustrations, there will be a better understanding of what it takes to work together more effectively...Read More

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I Completely Messed up on a Collection Call - 02/22/2017

Dear Crabby, This is embarrassing but I completely messed up on a collection call. Here’s what happened. I had been calling one of our regularly delinquent, but long term, customers for the past three months and dealing with several broken promises. Then last week when I called again, I was so frustrated before the call that even though the customer said we could send one of our people over to pick up the check, I suddenly got angry and warned him “not to play any games” with us....Read More

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