Tag: B2B

Collecting important project information for payment documents, like preliminary notices or lien waivers, can pose a widespread challenge across the construction industry—and it can become frustrating when you realize essential project details are left behind when completing documentation.

B2B trade credit professionals are not confined to any one set of responsibilities or one single role. It’s a profession that branches out into multiple areas of work. Even for those who did not start out in the profession at the beginning of their career—credit has opened doors for new opportunities. Through NACM’s Professional Certification Program, credit professionals have the tools they need to explore more about their passion and learn new skills.

Gone are the days of cash and checks, as payment methods have taken a leap into the future. Last year, we surveyed credit professionals on customer payment methods from most to least common. Checks topped the list, closely followed by Automated Clearing House (ACH) payments.

At NACM, we pride ourselves on the professional advancement of our members. By providing them with opportunities to learn, grow and succeed, our members can not only improve but add value to the B2B credit profession—which is why NACM established its’ six-level Professional Certification Program, allowing credit professionals to widen their credit knowledge and skills, significantly improving their performance at the workplace.

Insurance is a form of protection and risk mitigation tool to protect against contingencies or unexpected loss. It serves its purpose in several instances—whether it’s your car, health or even your pet. Most people want to have a cushion to be prepared for unexpected circumstances, so, they pay for the protection. But how exactly does insurance function in the B2B trade credit industry?

Credit scores reflect how likely or unlikely a person is to pay any loaned amount of money back. Three digits, typically between the range of 300 to 850, can decide your fate in a multitude of purchases from vehicles to mortgages or student loans, for example. These scores are used by companies to determine the interest rates and credit limits you should receive.

Arbitration is an alternative dispute-resolution process that uses a neutral third party to make a binding decision. Disputes are inevitable in any business or partnership, but most do not expect future litigation against the other party. However, in the construction industry, the average value of disputes in North America increased by 42% in 2023, according to a report from Arcadis. And 70% of construction projects end up with claims.

Credit scores reflect how likely or unlikely a person is to pay any loaned amount of money back. Three digits, typically between the range of 300 to 850, can decide your fate in a multitude of purchases from vehicles to mortgages or student loans, for example. These scores are used by companies to determine the interest rates and credit limits you should receive.

All credit management responsibilities stem from one essential skill—the ability to form strong relationships. Business relationships have many layers, all of which credit managers must master. In global trade, credit professionals should try to understand the cultural differences of their customers overseas to ensure a successful relationship.