Magazine article Business Credit

NACM Membership Is a Requirement for Meeting Future Needs

Magazine article Business Credit

NACM Membership Is a Requirement for Meeting Future Needs

Article excerpt

Membership in NACM has always been a requirement for meeting demands placed on you and your firm.

When I joined the NACM Western Washington-Alaska staff in the mid-60s, accounts receivables were maintained on manual ledger cards and credit department communications occured via letters or rotary telephone. Now, most accounts receivable are computerized and the credit department communication network includes faxes, cellular phones, and PC to PC communication.

Credit sales are no longer local in nature, but selling internationally is becoming more of a requirement for business success.

Just using trade references is no longer good enough to make a proper credit decision. To obtain all the necessary information, you have to obtain credit reports and attend industry credit group meetings.

In the 1960s, NACM members were pleased to receive a credit report that was updated and completed in 21 days. Now, reports are available in 21 seconds, containing possibly 21 times more information. Now, industry credit groups providing information on local businesses must be regional, national, and even international in scope.

Collections are more complicated today also. The state of the economy and the expansion of business requires more assistance from a professional third party.

Basic education is not enough. Continuing education is necessary. Some credit positions even require the CCE designation.

NACM affiliates have always provided the services to meet your past, present, and future needs.

Credit Reports: NACM affiliates' automated databases are supplied by a broad spectrum of local, regional, and national firms. The information provided is fast, accurate, current, and objective. The reports contain a wide variety of information ranging from payment experience, legal information, and some provide scoring models. There are not only reports on businesses, but also on owners/partners. Some reports are industry related in the form of group reports and/or flash reports. All reports are delivered to you using the latest technology. Reports on international firms can also be easily obtained.

Industry Credit Groups: More than 1,500 industry credit groups are sponsored and operated by NACM affiliates. Most groups are local or regional in nature; many are national in scope. Some affiliates and the Finance, Credit & International Business (FCIB) Division of NACM also offer groups on international credit.

Groups consist of member's firms, in the same industry, participating in informative roundtable exchanges of credit information on common accounts and concerns. All account discussion is carefully governed by the "Antitrust Guide for NACM Group Members Affiliate personnel act as secretaries and meeting monitors. Credit management procedures and techniques are also discussed.

Collections: NACM affiliates have the most experienced staff of collectors in the credit industry. And, since the affiliates are member owned and not-for-profit, they provide efficient service in the collection of accounts at the lowest cost available. …

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