Tag: Best Practices

Contract review is a core responsibility for credit professionals, requiring careful attention to detail and consistency across agreements. However, when managing high volumes under tight timelines, even well-established processes can leave room for key terms to be overlooked.

As more credit department functions transition to online platforms, credit professionals may find themselves working with customers to find the best way to transition away from traditional payment methods towards more streamlined online platforms.

Payment delinquency is a common but costly reality for credit professionals. Although cash flow issues are the primary cause of payment delays, sometimes the fault lies with internal inefficiencies on the servicing company’s end. Distinguishing between the two causes can help determine who is responsible for the delay and how to respond.

Every credit manager knows bad debt all too well. Mounting bad debt can send ripples throughout a company, as quarterly targets are missed, budgets tighten and meaningful investments are delayed as cash flow cramps.

Business-to-business (B2B) credit has come a long way from 30 years ago. Back then, you either had to make a phone call, mail a letter or knock on someone’s door to conduct business. Nowadays, credit professionals can work virtually from anywhere, holding virtual meetings, emailing documents and sending messages instantaneously.

A thorough credit investigation is a hallmark of a strong approach to extending credit. Learning the ins and outs of a company’s operations, their financials and their ability to pay in a timely manner informs the credit manager on how to best extend credit without putting their company at risk.

Artificial intelligence (AI) has taken a life of its own, integrating itself into almost every facet of our daily lives. Over the years, its use has only increased in both professional and personal settings. However, AI is only as useful as the information you provide it, and without the right context, it can generate false or inaccurate responses.