The InterConnection VOLUME 9
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ISSUE 2
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MARCH/APRIL 2021
2021-2022 NACM/Chicago-Midwest Board of Directors Candidate Slate The Results Are In!
Lillian Novak, CGA Vice President of Education, Marketing, and Member Services NACM Connect
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he NACM/Chicago-Midwest Nominating Committee, in a meeting held on February 24, 2021, has recommended the following slate of officers and directors for the April 1, 2021 – March 31, 2022 fiscal year. The new Board of Directors will be installed during the NACM/ChicagoMidwest Annual Meeting taking place virtually on April 22, 2021 beginning at 3:30 p.m. There is no cost for members to attend the business meeting portion of this event. Zoom links will be sent to all requesting to attend this session.
2021-2022 NACM/Chicago-Midwest Board of Directors Chairperson Mike Hill, CCE MiTek USA, Inc. Vice Chairperson Kevin Stinner, CCE, CCRA Pinnacle Agriculture Distribution
Treasurer Brendon Misik, CCE, CICP Nutrien Directors – Terms Ending 2022 Joe Lange, CCE, CCRA Brenntag Great Lakes, LLC John-John McEvilly, CBA, CICP PSAV Continued on page 17>>
Nominees for NACM National Honors & Awards Lillian Novak, CGA Vice President of Education, Marketing, and Member Services, NACM Connect NACM Connect has put into nomination the following members for National Awards: CCE Designation of Excellence • Mike Hill, CCE, MiTek USA, Inc. • Brendon Misik, CCE, CICP, Nutrien CBA Designation of Excellence • Devon Glenn, CBA Emerging Leader Award • Devon Glenn, CBA THE INTERCONNECTION
NACM Connect congratulates these outstanding members. We are proud to include you in our long list of esteemed member-nominees. ■
GREAT NEWS! Deadline extended for Scholarship Application and Elite Membership! NACM Connect is committed to providing opportunities to our members. If you are interested in applying for the scholarship or nominating a member for elite membership, the deadline has been extended to March 31, 2021.
MARCH/APRIL 2021 PAGE 1
2020-2021
Board of Directors CHAIRPERSON Patrick Nelson, MBA ACCO Brands, Inc.
In This Issue 2021-2022 NACM/Chicago-Midwest Board
1
NACM Connect Missouri /Kansas Local Industry Group Meeting
18
Nominees for NACM National Honors & Awards
1
NACM Connect Pennsylvania Local Industry Group Meetings
18
TREASURER Kevin Stinner, CCE, CCRA Simplot AB Retail, Inc.
2021 Institute of Credit Class Schedules
3
NACM Connect Indiana/Michigan/Ohio Local Industry Group Meetings
19
Education Digest
3
Legal Symposium
4
NACM Connect Nebraska Local Industry Group Meetings
19
DIRECTORS—TERMS ENDING 2021 Tracey Bland First Citizens Bank Staci Cima, CCE Huttig Building Products Diana Hoffmann, CBA Rockline Industries, Inc. Brendon Misik, CCE, CICP Nutrien Dave Zahller, CCE Tubular Steel
FREE NACM Connect Webinar: Check Fraud and Washing- A BIG Problem for US Banks and Businesses
6
NACM Connect National Industry Credit Group Meeting
20 20
NACM Connect Webinar:Top Risks in Accounts Receivable and How Finance Leaders Overcome Them
7
NACM Connect New York Local Industry Credit Group Meeting Event Calendar
21
Virtual 2021 NACM Connect Annual Meeting
8
Craig's Corner
22
NACM Connect Credit Reporting Solutions
25
Institute of Credit 2021 Course Schedule
26
Credit 101, 102, & 103
27
NACM Connect Groups
28
Why You Should Use a CLLA Certified Agency
30
NACM Southwest 2021 Quarterly Giveaways: January, February, March
31
VICE CHAIRPERSON Mike Hill, CCE MiTek USA, Inc.
DIRECTORS—TERMS ENDING 2022 John-John McEvilly, CBA, CICP PSAV Presentation Services Joe Lange, CCE, CCRA Brenntag Great Lakes, LLC Adam D. Ross, CCE Feralloy Corporation George Valletti, CFO/COO Ginsey Home Solutions DIRECTORS—TERMS ENDING 2023 Curtis Litchfield, CCE Land O' Lakes/Purina Mills Luz Moreno, CCE, CICP Klein Tools Jeff Weber Uline Yazmin Yepez, CBF, CCRA, CICP Mitsubishi Electric Automation Inc. PRESIDENT Phillip J. Lattanzio, CCE, COO NACM/Chicago-Midwest SECRETARY Kerry Jensen, CPA NACM/Chicago-Midwest COUNCILOR Erica White, CCE Ferguson Enterprises EDITORIAL STAFF EDITOR Linda Herbst Senior Marketing Administrator ASSOCIATE EDITORS Lillian Novak, CGA V.P. of Education and Marketing Margaret Krafft Marketing Administrator THE INTERCONNECTION
IOC Course: Business Credit Principles
10
Future of Remote Work Requires Investment of Time and Money
11
Caine & Weiner 2021 Quarterly Giveaways: January, February, March
12
Illinois Construction Stuff and Stuff
13
Esker Credit Management Automation
14
Welcome New Members and Reps
16
NACM Connect Illinois/Wisconsin Industry Credit Group Meetings
18
NACM Connect Mission Statement To provide a forum to its members within the credit profession for education, networking and business resources. Vision Statement Striving to have the most comprehensive and leading NACM affiliate serving the commercial credit profession by consistently exceeding the members’ expectations.
Value Statement We are committed to the highest ethical standards and recognize that our Association must take a leadership role in our profession. Through our integrity and dedication we will earn the respect of our members as we know that our success as an Association depends on their trust in us. By creating strong relationships we will attain the loyalty of our members and alliance partners. We continuously seek to build an environment for learning to enhance the knowledge and expertise of our members.
The InterConnection newsletter is published bimonthly by NACM Connect, a not-for-profit Association affiliated with the National Association of Credit Management. For membership information, visit our website at www. nacmconnect.org, call 800.935.NACM or fax us at 847.253.6685. NACM Connect Headquarters is located at 3005 Tollview Drive, Rolling Meadows, IL 60008. MARCH/APRIL 2021 PAGE 2
Institute of Credit (IOC)
S
Education Digest
tart the process of earning your professional designation. If you would like more information, please contact the NACM Connect Education Department at 800.935.6226 or email Margaret Krafft at margaret.krafft@nacmconnect.org.
WINTER/SPRING 2021 Tuition Must be Paid Before the First Class Begins. Online registration only through www.NACMConnect.org. Registrations will not be accepted past the registration deadline. Classes are subject to cancellation based on enrollment. Questions? Contact Margaret Krafft at 847.483.6420 or send an email to margaret.krafft@nacmconnect.org.
CBA
Rolling Meadows Business Credit Principles Available via Live Videoconference
Mondays March 15 – May 17
VIA ZOOM Rolling Meadows, IL
Financial Statement Analysis 1 Available via Live Videoconference
Thursdays March 18 – May 27*
VIA ZOOM Rolling Meadows, IL
THURSDAY | April 22
CBF
Rolling Meadows Business Law Available via Live Videoconference
Wednesdays March 17 – June 2
NACM Connect 2021 Annual Meeting! 9 a.m.–5 p.m. CST
VIA ZOOM Rolling Meadows, IL
(7 a.m.–3 p.m. PT; 10 a.m.–6 p.m. ET) ZOOM VIDEOCONFERENCING
* No Class on April 15 (Chicago Annual Meeting).
Credit 101, 102 & 103 Rolling Meadows
Credit 101 Available via Live Videoconference
Wednesday, May 5
VIA ZOOM Rolling Meadows, IL
Credit 102 Available via Live Videoconference
Wednesday, June 9
VIA ZOOM Rolling Meadows, IL
Credit 103 Available via Live Videoconference
Wednesday, March 10
VIA ZOOM Rolling Meadows, IL
All Credit 101, 102 &103 classes are from 9 a.m. to 4 p.m.
DESIGNATION EXAM DATES & DEADLINES Exam Dates Monday, March 8, 2021 Sunday, May 16, 2021 at Credit Congress Monday, July 26, 2021 Monday, November 8, 2021
Application and Paperwork Deadlines Friday, January 15, 2021 Friday, March 19, 2021 Friday, May 28, 2021
During the last year the partners of NACM Connect have stepped up in more ways than one to support the members and the Association, and it’s time to celebrate them! Join us for our 2021 Annual Meeting honoring these providers of valuable products and services to the credit community. Although virtually, we are back with one Annual Meeting for our members in all 17 states that are now part of our NACM Connect family. We will be offering four educational sessions in one day ending with our traditional business meeting open to all members. The business meeting is free to all members and will include our usual comments from our incoming and outgoing chairs as well as our President, Phil Lattanzio. Details on the educational programming can be found on nacmconnect.org. We hope you can join us and look forward to celebrating both our members and our partners.■
Friday, September 10, 2021
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 3
VIRTUAL March 16 & 17 LEGAL SYMPOSIUM
2021
TIME March 16 | 9 AM — 5 PM March 17 | 9 AM — 3:30 PM PRICING $199 members (Two coupons per company are valid)
$398 nonmembers
Member pricing for two days of legal advice is only $199 per department! AND you can use two coupons!
SPONSORED BY:
The Bankruptcy and Creditors’ Rights Sections of the Commercial Law League of America
ALL REGISTRATIONS ARE TAKEN ONLINE AT
NACMCONNECT.ORG
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 4
SYMPOSIUM EDUCATIONAL SESSIONS
CEU points and CCE recertification points are available for all educational sessions.
9 AM
MARCH 16
BANKRUPTCY TRENDS POST-COVID Brian Jackiw and Thomas Fawkes Tucker Ellis LLP
Bankruptcy filings, while ahead of the last several years, still lag because lenders have elected to forebear rather than exercise default remedies against borrowers. We anticipate, however, that as we go into 2021 lenders will become far more aggressive, which will result in substantially increased bankruptcy activity across a number of industries. We will discuss anticipated trends in bankruptcy in the post-covid environment and strategies that creditors should employ to mitigate future risk.
10:30 AM
TEN COMMANDMENTS OF ETHICAL COLLECTIONS
John Mayer, Ross, Banks, May, Cron & Cavin, P.C. A review of ten best practices to incorporate into your collections strategies before, during and after collection efforts take place.
1 PM
ARE THEY REALLY OUT OF BUSINESS?
Timothy Wan, Smith Carroad Levy Wan & Parikh Sometimes they might appear to be out of business, but there are ways to collect the debt using alias theory, successor-in-interest, and/or other techniques. Hear reallife first-hand case studies from a twenty-year commercial litigator where a seemingly uncollectible debt could be collected because of ingenuity, creativity, and the creditor’s quality of documentation, information and cooperation.
2:30 PM
PROACTIVELY PROTECTING YOUR COMPANY’S ACCOUNTS RECEIVABLES Wanda Borges, Esq., Borges & Associates, LLC
During this pandemic, it is more important than ever for credit executives to be proactive in protecting their company’s accounts receivable even before they become due. As companies reopened their businesses trade credit grantors were asked to extend seasonal credit with larger dollar exposures. On an ongoing basis, utilizing the tools available to you can safeguard your company from bad debt exposure in the future. This program will discuss how to determine which tool is the best option for your company and how to properly document that choice once you have decided.
4 PM
INVESTIGATING AND REMEDIATING WORKPLACE FRAUD AND SIMILAR BUSINESS DISPUTES John Schmidt, Partner, Phillips Lytle LLP; Bart McGloin, CPA/CFE, Dopkins & Co.; Peter M. Vito, Peter M. Vito & Associates
When you discover that your business has been the victim of workplace fraud, it can be devastating. And the prevalence of such fraud is on the rise in this age of telecommuting and reduced on-site workforces. Mr. Schmidt, Mr. McGloin, and Mr. Vito have worked together for many years on these matters-counseling clients, litigating, and interfacing with law enforcement, insurers, and government regulators, as appropriate-on the prevention, detection, and remediation of fraud.
MARCH 17
9 AM
DON’T GET BURNED: WARNING SIGNS AND BEST PRACTICES TO DETECT AND AVOID CREDIT AND PAYMENT FRAUD Bruce Nathan and Andrew Behlmann, Esq., Partners, Lowenstein Sandler LLP
Everyone is familiar with the big-name corporate and financial frauds that make national news. But although high-profile names like Enron and Madoff make headlines, businesses like yours are getting hit day after day with schemes and scams that are less obvious but every bit as onerous. From traditional financial statement fraud, to sophisticated e-mail spoofing schemes, to “old school” credit fraud tactics such as same name and ship-to scams, devious charlatans are just a mouse click away from wreaking havoc on your bottom line – and, in some instances, even the viability of your business as a whole. This program deals with credit and payment fraud, the schemes commonly employed by modern fraudsters, red flags and warning signs, and the defensive tactics, tips, and tools to protect yourself and your business from the havoc that fraudsters seek to create.
10:30 AM
THE SMALL BUSINESS REORGANIZATION ACT Michael King, Philip Mitchell and Brian Fullmer, Partners, Gammage & Burnham, PLC
In 2019 Congress passed the Small Business Reorganization Act, allowing for an expedited bankruptcy process for businesses with debt below a dollar limit (currently $7,500,000 under the CARES Act). This presentation discusses the method under which this process occurs, what credit managers and creditors should be prepared for, and how creditors and credit managers can effectively position themselves.
1 PM
PPP LOAN PROGRAM AND THE IMPACT ON THE COMING ECONOMY Brian Jackiw and Thomas Fawkes Tucker Ellis LLP
We will discuss the PPP Loan Program, forgiveness of the loans, and the impact on trade creditor recoveries, creditor rights and remedies in a bankruptcy or insolvency scenario.
2:30 PM
MANAGING EXPECTATIONS BEFORE, DURING AND AFTER LITIGATION Howard Weber, Law Office of Howard Weber
You haven’t been paid. You’re upset and you seek legal help in collecting every penny due you. However, it is important to understand what’s involved in the litigation process and how it might affect your decisions regarding settlement of the case. Learn how your professional, personal and psychological skills must all come into play in order for you and your lawyer to move forward in a positive and constructive way towards a satisfying resolution.
ALL REGISTRATIONS ARE TAKEN ONLINE AT
NACMCONNECT.ORG
Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478. THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 5
NACM Connect Webinar
PROFESSIONAL EDUCATIONAL
Check Fraud and Check Washing A BIG problem for US Banks and Businesses Tuesday, March 9
WEBINARS
FREE WEBINAR
2–3 p.m. Central Time (12–1 p.m. PT; 3–4 p.m. ET) ABOUT THE WEBINAR According to the Association of Financial Professionals, US businesses still pay over half of their bills with a paper check. Check fraud is on the rise again in a big way despite anti scam efforts. Paper check fraud makes up a full 47% of all successful bank fraud, says the American Bankers Association. In this session, we will learn about check washing and how it is accomplished. You will learn how to protect your company from being a victim of check washing and check fraud, be able to identify a washed or fraudulent check, and receive an outline to create an internal check acceptance policy for your company. On a personal note, we will also learn about scams targeting your family, who the prime targets are in a family, and how the scammers gain the confidence of family members.
ABOUT THE PRESENTERS
Participation points are available for this webinar
MICHAEL WILLIAMS UnitedTranzactions
Michael is a graduate of Troy University with a Bachelor of Science in Business Administration. Out of college, Michael served as a US Marine Corp Captain for 7-year as a Marine pilot, an Aide to 2 commanding Generals, and is a proud Vietnam Veteran. A familiar face within the industry for the past 23 years, Michael has partnered with merchants of all sizes to introduce creative solutions for third party payment processing efficiencies and system integrations.
MATT FLUEGGE Worldpay
Matt Fluegge is a Certified Payments Professional and Executive Consultant with Worldpay. Worldpay is the nation’s largest credit card acquirer, processing more purchase transactions than any other processor. Worldpay has recently merged with FIS and is now known as Worldpay from FIS. Matt has been with the company for 18 years and specializes in credit card acceptance and payment processing in the Business-to-Business industries. He has a Business Administration degree in Finance and manages Worldpay’s 22-year partnership with the NACM and UTA. Through the NACM Program, Matt works one-onone with members to provide credit card processing services that reduce fees and improve security and efficiency.
CONTEST ALERT GET A CHANCE TO BE A WINNER
WEBINAR REGISTRATION All registrations for NACM Connect educational events are taken online at nacmconnect.org While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed. Cancellation Policy: Cancellations must be received in writing, via fax, email or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.
Questions?
Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478
Watch for an announcement from NACM Connect and our partner UnitedTranzactions on an exciting new contest for NACM Connect members.
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 6
NACM Connect Webinarlil
PROFESSIONAL EDUCATIONAL
Top Risks in Accounts Receivable and How Finance Leaders Overcome Them Tuesday, March 23
WEBINARS
Cost (per Webinar) $99 - Member, $198 - Nonmember (One coupon will be accepted)
2–3 p.m. Central Time (12–1 p.m. PT; 3–4 p.m. ET) ABOUT THE WEBINAR Whether forecasting receivables or projecting cash flow, companies are having to anticipate a greater number and variety of risks than ever before. The most significant risks companies are likely to encounter are those they do not see. During this Webcast, we will highlight the top accounts receivable risks companies tend to overlook, and how finance leaders can enable their companies to recognize and overcome these risks. We will discuss: • Why companies often lack full visibility into receivables • How to identify bottlenecks and breakdowns throughout the order-to-cash cycle • What finance leaders should know about applying advances in technology, including those in artificial intelligence and robotic process automation, to streamline collections and cash application • Best practices finance leaders can use to lower days sales outstanding and improve the accuracy of cash flow forecasts
ABOUT THE PRESENTERS JON SEAMAN Esker
Jon Seaman has been with Esker for almost 10 years. Having sold all of Esker’s product offerings during his time with the company, he has focused in on the Accounts Receivable side for the last 5 plus years and enjoys helping companies save time and money and becoming more efficient. Jon loves watching movies, cheering on the Nebraska Cornhuskers football team, and figuring out the adventure of fatherhood with his 2 year old little girl.
SAVE THE DATE! April 6 April 20 May 11 May 25
| Effective Collection Strategies | Building the Credit and Collections Playbook | Unclaimed Property Survival Guide for Accounts Receivable managing the mechanic’s lien process from | Effectively a national perspective
THE INTERCONNECTION
Participation points are available for this webinar
WEBINAR REGISTRATION All registrations for NACM Connect educational events are taken online at nacmconnect.org
While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed. Cancellation Policy: Cancellations must be received in writing, via fax, email or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.
Questions?
Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 MARCH/APRIL 2021 PAGE 7
SAVE-THE DATE
VIRTUAL 2021 ANNUAL MEETING
APRIL 22, 2021
WITH A Little HELP FROM OUR FRIENDS
CELEBRATING OUR THE INTERCONNECTION
PARTNERS MARCH/APRIL 2021 PAGE 8
WITH A Little HELP FROM OUR FRIENDS 9 – 10 A.M.
10:30 – 11:30 A.M.
2021 ECONOMY - TURNAROUND YEAR?
Speaker: Chris Kuehl, NACM Connect Economist and Managing Director, Armada Corporate Intelligence The pandemic crisis has shown some early signs of fading but it will still be with us for months to come and there has been considerable damage already. What can we expect from here? What sectors withstood the recession and which suffered? What changed permanently and what will likely return to norm? What do credit managers have to look forward to now? It is still a year of transition.
MERGERS & ACQUISITIONS AND THE IMPACTS ON YOUR CREDIT DEPARTMENT
Speakers: Thomas Fawkes and Brian Jackiw, Tucker Ellis; Jay Snyder, Vice President, Credit, Tech Data Corporation Corporate combinations can create unique challenges for a credit department, from a legal, cultural, and human resources perspective. During this presentation, our panelists will discuss the impacts on a credit department resulting from both a merger/acquisition involving your company, as well as a transaction involving one or more of your customers. Among other things, the following topics will be addressed: (i) harmonizing credit department contracts and documents, as well as credit policies; (ii) ensuring that credit protections, including security interests and guarantees, are preserved and maintained post-combination; (iii) preserving culture in a credit department that has just absorbed another credit department; and (iv) using a merger transaction as an opportunity to improve the credit function.
1:00 – 2:00 P.M.
2:15 – 3:15 P.M.
A PRACTICAL GUIDE TO AR AUTOMATION
Speakers: Kurt Albright, Uline; Staci Cima, CCE, Huttig Building Products; Kendra Gerdes, CBA, Systems LLC Join three of our members as they share their experiences in automating some or all of their AR and credit functions. Learn what steps they took internally to sell the idea to upper management and then to sort through the various programs now seemingly flooding the market. As always, our panelists will also be happy to answer your questions to help you get on your way.
MANAGING A REMOTE WORKPLACE: HELLO FROM THE VIRTUAL WORLD
Panelists: Beau Hays from Hays Potter & Martin, LLP; Erica White and Devon Glenn, Ferguson Industries In this session, our legal expert and practitioners will be available to answer questions you might have arising from the shift to work-at-home. Beau Hays from Hays Potter & Martin, LLP will field questions about the legality of electronic documents, while Erica White and Devon Glenn, Ferguson Industries, share their experiences of working remotely and how businesses have navigated the digital business world from the safety of our homes.
3:30 – 5:00 P.M.
BUSINESS MEETING AND NETWORKING EVENT
REGISTRATION INFORMATION PRICING: LOCATION:
$99 members*, $198 non-members *Two coupons per person are valid.
Zoom Videoconferencing
ALL REGISTRATIONS ARE TAKEN ONLINE AT WWW.NACMCONNECT.ORG
While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed. Cancellation Policy: Cancellations must be received in writing, via email or mail no later than two weeks prior to the meeting date to qualify for a full refund. Cancellations received later than two weeks prior to the meeting date DO NOT qualify for a refund of registration fees. Substitutions are allowed. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.
QUESTIONS? Please contact Lillian Novak at lillian.novak@nacmconnect.org. CEU points and CCE recertification points are available for all educational sessions. THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 9
s Credit Principles NACM Connect Institute of Credit CBA Certification Course
d:
Business Credit Principles Business Credit Principles is a 10-week course that provides a fundamental understanding of business credit procedures and policy. This class will also give students information about credit investigation and evaluation along with an overview of legal issues affecting the extension of commercial credit. • • • • • • • • • •
Credit in the business world Credit in the company
•
• Organizing the credit department • • The legal environment of credit • Credit policy and procedures • Terms and conditions of sale • Negotiable instruments • The legal forms of business • The Uniform Commercial Code Credit investigations
•
Know your customer Making credit decisions International trade
Mondays March 15 - May 17, 2021 5:30 - 8:30 p.m. CST LIVE ZOOM CLASSES
Financing and business insurance Business credit fraud Credit availability decisions Customer visits The credit-sales partnership Out-of-court settlements
NACM Connect 3005 Tollview Drive Rolling Meadows, IL 60008
Bankruptcy code proceedings
Instructor: Jason Borgardt, CCE
Member $450
(plus $100 textbook fee)
Non-Member $900 (plus $200 textbook fee)
Two coupons are valid per person
All registrations for NACM Connect educational events are taken online at nacmconnect.org While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed.
All payments must be received one week prior to class date.
Cancellation Policy: Cancellations must be received in writing via fax, email or mail no later than one week prior to the first class to qualify for a full refund. Cancellations received later than one week prior to the first class DO NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.
Register online at nacmconnect.org THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 10
News
Future of Remote Work Requires Investment of Time and Money Andrew Michaels, Editorial Associate, NACM
O
ver the past year, thousands of companies were forced to adapt their work environments to protect the health of their employees during the COVID-19 pandemic. By January 2021, PricewaterhouseCoopers’ (PwC) U.S. Remote Work survey found that 83% of employers and 71% of employees felt the shift to remote working was “successful for their company,” citing examples of increased productivity and collaboration. Moving into 2021, companies are discussing their investments to remote work and how remote work will factor into their operations post-COVID. The onset of the pandemic opened the eyes for many employers who realized their employees were able to perform their jobs at home just as successfully as if they were in the office. As of last month, PwC found that
“
workforce and conference rooms with enhanced virtual connectivity. “Companies that may have been slow to adopt technologies that support remote work—or to create clear rules and a secure structure around [work from home]—are playing catch-up,”
As of last month, PwC found that executives in the U.S. are pursuing new investments to support a hybrid workplace, the majority of respondents (72%) planning to invest in tools for virtual collaboration.
executives in the U.S. are pursuing new investments to support a hybrid workplace, the majority of respondents (72%) planning to invest in tools for virtual collaboration. Additional investments include IT infrastructure to secure virtual connectivity, training for managers to manage a more virtual
the study states. “Optimizing the hybrid workplace requires accelerating investments to support virtual collaboration and creativity, as well as for scheduling and safety. … Half plan to invest more in areas that support hybrid working models, including hoteling apps (50%) and communal space in the office (48%). ”
THE INTERCONNECTION
At Apogee Enterprises, Director of Credit and Collections Jerry Drake, CCE, said his company anticipates remote work for at least the next four months, continuing their use of WebEx and Zoom—software applications used for web and videoconferencing. The company and its credit department have invested time and money into remote work, he said especially as it pertains to security. “We provided everyone with VPN secured gateway access and allowed those without laptops to take their desk computers and monitors home with them,” Drake said. While VPNs, or virtual private networks, promote online privacy, secure web gateways act as “a cyberbarrier or checkpoint” that “keeps unauthorized traffic from entering an organization's network,” according to McAfee. “We also provided links to their desktop phones from home via Cisco IP Communicator,” Drake added. “While I am not a fan of remote work, it is the way of the future. A few positions will be working in the office, but several will alternate from home and office.” Continued on page 15>> MARCH/APRIL 2021 PAGE 11
Caine & Weiner Giveaway
$150
2021 Quarterly Giveaways
JANUARY | FEBRUARY | MARCH Place a collections claim with Caine & Weiner anytime during the months of January, February and March and become eligible to win a $150 NIKE gift card.
Each claim you place will be eligible for the drawings. Enter as often as you like! For information on placing claims, please contact Jim McGee at 847.407.2348. You may also place a claim online at www.caine-weiner.com.
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 12
NACM Connect
Illinois Construction Stuff and Stuff Norm Cowie, CCE
W
hen I graduated with a marketing/advertising degree, of course I went to work at a finance company to loan and collect money instead of designing ad artwork and writing commercials. No real difference there, right? But I took to it, and got promoted and transferred out of Michigan to Illinois, and ended up taking over their regional loss recovery office in Illinois. Anything written off to bad debt by their dozens of Illinois offices were sent to me to try to collect or purge. Sounds horrible, doesn’t it? Getting all of the rejects too hard for experienced financiers to handle. I loved it! Foreclosures, repossessions, skip tracing, suing, garnishing. All of it. It was like being a detective, even better that I was succeeding where other experienced collectors failed. Let me give you an example. One of the files I received was a loan for a cherry red BMW motorcycle whose owner defaulted on the debt and moved out of state. His friends and family wouldn’t fess up to where he’d disappeared to, and he also burned all of his other creditors, so they wouldn’t be any help. I just looked at the file, thinking, then thinking some more. Then it occurred to me. He may have felt okay about ditching most of his creditors, but one of the things he wouldn’t give up so quickly would be the insurance on the bike, because if he was ever pulled over, he’d need to prove coverage. And since we held the title, he had to provide proof of insurance when we originally made the loan. It occurred to me, maybe he had kept the original policy. So I called the insurance company, explained I was the secured lender for the bike, and asked if the coverage was
still good. It was. I asked if they had an updated address for the debtor. They did. He lived in Atlantic City, and they gave me the new address.
how to hot-wire the motorcycle. Then I rode the bike back to Illinois and mailed the guy his license plate when I got back.
Back in those days, we didn’t have
How cool was that? I loved my job. I have tons of stories like this. I was so successful, they started giving me additional states, and soon I was handling Illinois, Missouri, Indiana, Wisconsin. Our branch, which didn’t make loans, actually started financially outperforming all of regular offices in the region.
“
Realize how important it is to be aware of your customers’ assets.
Internet … yeah, I’m old … so I called info and got the phone number for a repo outfit in that state. I gave them the info and waited to hear back. It took three days, and I got a phone call. They had the bike. It had been parked at the address I gave them, and they just swung out, grabbed it with a crane, and drove off. I grabbed my helmet and took a plane out East, getting a lot of odd looks from people on the plane when they saw me with a motorcycle helmet and no motorcycle. The repo guys picked me up at the airport and they showed me
But they were a bit stingy with raises, and I reluctantly left the company to go to Wesco, an electrical distributor, and I brought that mindset with me. If someone owes me money, I want it, so I’ll always consider creative ways to collect. A contractor owed me money once and refused everything I tried. I filed an involuntary bankruptcy on him. I love the lien statutes and use them liberally to collect our money. I chase accounts even after we write them off, and recover what little bad debt we have regularly. Sometimes we collect more recovery in a year than we wrote off that year. So, where am I going with this, and how can this help you? Realize how important it is to be aware of your customers’ assets. Know where Continued on page 15>>
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 13
CREDIT MANAGEMENT AUTOMATION KEEP CUSTOMER CREDIT RISK UNDER CONTROL Esker’s automated Credit Management solution is designed to help B2B companies secure their revenue through an optimized credit approval and risk monitoring process. From anticipating and managing credit risks to ensuring quality and visibility, Esker’s end-to-end AR capabilities have you covered.
STREAMLINE ONBOARDING
easily accessible at the touch of a button
ABC SUPPLY
MINIMIZE CREDIT RISKS
to streamline payment & customer communications
MAINTAIN VISIBILITY
to organize daily tasks & reduce DSO
www.esker.com/AR
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 14
News
Future of Remote Work Requires Investment of Time and Money << Continued from page 11 Additional tools Apogee Enterprises provided to its credit department included headsets for employees’ phones and computers as well as extra ink for home printers. Drake said that communication tools will to enhance and virtual meetings will become the norm. Having relied heavily on paper customer files pre-COVID, Sumitomo Electric Lightwave Director of Credit Chris Finch said he had to invest in creating electronic files for all customers. This change has only been good for the credit department, he said, only adding a little more to the process, e.g., getting electronic
signatures for sign-offs on approvals. Adopting electronic processes has also helped Finch drive more customers to paying via ACH, effectively cutting out mail time, the possibility of lost and check fraud. Sumitomo Electric Lightwave anticipates the continuation of remote work at least until the end of February. Finch said he anticipates a gradual transition back to the workplace, alternating personnel in some positions on different days of the week.
have helped usher them into a new technological era. “It will be really interesting to see what the office footprint of companies looks like two to three years from now versus today, as there are some companies that will probably offer remote work as an option that hadn’t previously,” he said. “I’ve always said credit is one job that is perfect for working from home, but I’ve been told that the Japanese like seeing faces every day, so it may be cultural.” ■
No matter where the credit department is working in the future, Finch said the changes made during the pandemic
Illinois Construction Stuff and Stuff << Continued from page 13 their bank is, in case you need to file a garnishment on it in the future. The nice thing about our lockbox is we get copies of our customers’ checks, so we know their banks. Before I had this tool, I would make copies of delinquent customers’ checks when they defaulted. I filed a judgment lien on a customer’s bank once and caught $70,000. When my customer called me later, I braced myself for anger or a sob story, but you know what he said? He said, “Nice job, I don’t blame you. I want to make arrangements on the remaining balance.” I also successfully fought a no asset bankruptcy once by one customer because I found property he owned and hadn’t disclosed, and we recovered 105% of his $30k debt. I found the bank of one judgment creditor by mailing him a check for $50 by an unnamed account we set up for this purpose, and when he cashed it, we had his bank.
cash basis. So, one day I followed him and found out the job he was working at. We filed a garnishment on that job and collected everything. ■
Norman Cowie, CCE is Director of Credit for Paramont-EO, Inc. Besides his regular column for InterConnection, he has written articles appearing in the Chicago Tribune, Cynic Magazine, Business Credit and the Herald News. His current book titled, "The Illinois Mechanics Lien Statutes … and other construction stuff" is available for sale through NACM Connect. He also has ten published humor/fantasy novels, some through traditional publishers Echelon Press, Quake Books and Draumr Publishing, although more recently he has transitioned over to Indie publishing. Norm can be reached at norm.cowie@paramont-eo. com, or feel free to visit him at www.normcowie.com which features past NACM Connect articles.
Another customer ignored our judgment, and kept buying from us on a THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 15
Member News
Welcome New Members & Reps NEW REPRESENTATIVES
Apex Marc Wills Bacharach Inc Mark Supin IGS Energy, Inc Jon Stephens Laars Heating Systems Company DeAnna Campolungo Pomp's Tires Michelle Cozad Unger Enterprises Inc. Robert Kronick Vitco Steel Supply Corp. William Vitucci
Nick Fallico Anixter Inc.
Karen Lando Irex Corporation
Adrian Meza Anixter Inc.
Jeff Meeker LCNB National Bank
Tetiana Romasenko Anixter Inc.
Dustin Parsons Marlite, Inc. (NPI Holding Corp.)
Brad Boyle Birchwood Foods
Barbara Anderson Merchandise Mart Properties
Teresa Delong Brenntag Great Lakes, LLC
Gina Beatty New Concepts Development
Skyler Ring Cape Electrical Supply
Summer Arnholt Peer Foods Group Inc. DBA: Mariah Foods
Amy Bennington Clarke Power Services Inc Chris Urgo Coilplus Inc. Renee Beer Elkay Manufacturing Company Andrew Futty Hartzell Propeller Inc Tina Palicki Highway Equipment Co John Hoffert Hill-Rom, Inc. Michelle Landon Husky Marketing and Supply Company
e m lco rs
We
e
b m rs e e b MeewmM w e N N
Nancy Kemper Pilot Lumber Do It Center Stephanie Baral Speedgrip Chuck Co. Tamara (Katie) Guminiak Sunrise Building Supply Lisa Ridosh Superior Plus Propane John Buccilli The Buffalo News Joe Hippler The W.W. Williams Co. Kevin Hilmers Young Innovations
Palwasha Ahmed Husky Marketing and Supply Company Lyle Fraser Husky Marketing and Supply Company
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 16
News
2021-2022 NACM/Chicago-Midwest Board of Directors Candidate Slate << Continued from page 1 Adam D. Ross, CCE Feralloy Corporation
Dale Semple The Equity
George Valletti, CFO/COO Ginsey Home Solutions
Regina Stricklin, CBF Robert Bosch Tool Corporation
Directors – Terms Ending 2023
President
Curtis Litchfield, CCE Land O' Lakes/Purina Mills
Phillip J. Lattanzio, CCE, COO NACM/Chicago-Midwest
Luz Moreno, CCE, CICP Klein Tools
Secretary
Jeff Weber Uline Yazmin Yepez, CBF, CCRA Mitsubishi Electric Automation Inc. Directors – Terms Ending 2024 Devon Glenn, CBA Ferguson Enterprises Edward Patrick American Refining Group Deb Rollman, CICP Burnham Holdings, Inc.
Kerry Jensen, CPA NACM/Chicago-Midwest Councilor Patrick Nelson ACCO Brands, Inc. According to the Association’s Constitution, members may contest the slate of Directors by submitting a petition of 25 regular (Full) Member names to the Secretary of the Board by March 12, 2021. If you have any questions, please email lillian.novak@ nacmconnect.org.
THE INTERCONNECTION
Members are also encouraged to devote the entire Annual Meeting day to the Association, as well as their career, by participating in four hour-long educational sessions scheduled from 9 a.m. – 3:15 p.m. The educational program will be offered virtually via Zoom at a reduced price of $99 per person. During the business meeting, NACM/ Chicago-Midwest President Phillip J. Lattanzio, CCE, COO will give his State of the Association address and you will hear from the incoming and outgoing Chairs. The winner of the Robert Healy Credit Executive of the Year Award will also be announced. The business meeting is free and to register just for the business meeting please contact Janet Raap at janet.raap@nacmonnect.org. ■
MARCH/APRIL 2021 PAGE 17
Credit Group Meeting Calendar NACM Connect - Illinois/Wisconsin Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
March 11
Northern Illinois Heating & Plumbing Wholesalers Credit Group
Zoom
March 16
Metal Distributors Credit Group
Zoom
March 16
Electrical Distributors Credit Group
Zoom
March 17
Institutional Credit Association Credit Group
Zoom
March 18
Ad Media Credit Group
Zoom
March 25
Basic Material Credit Group
Zoom
April 8
Northern Illinois Heating & Plumbing Wholesalers Credit Group
Zoom
April 13
Electrical Distributors Credit Group
Zoom
April 14
Floor Covering & Wall Tile Credit Group
Conference Call
April 15
Ad Media Credit Group
Zoom
April 20
Metal Distributors Credit Group
Zoom
April 22
Basic Material Credit Group
Zoom
NACM Connect - Missouri/Kansas Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
March 11
Kansas City Building Materials Credit Group
Zoom
March 17
Electrical Distributors Credit Group
Zoom
March 19
Refrigeration Warm/Cool Air Suppliers Credit Group
Zoom
March 23
Midwest Agriculture Credit Group
Zoom
April 9
Mid Missouri Construction Credit Group
Zoom
April 15
Kansas City Builders Credit Group
Zoom
April 21
Electrical Distributors Credit Group
Zoom
April 23
Refrigeration Warm/Cool Air Suppliers Credit Group
Zoom
NACM Connect - Pennsylvania Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
March 10
Building Trades Credit Group
Conference Call
March 16
Construction/Plumbing & Heating Credit Group
Conference Call
March 17
Food Suppliers Credit Group
Conference Call
March 23
Electrical Suppliers Credit Group
Conference Call
April 14
Building Trades Credit Group
Conference Call
April 20
Construction/Plumbing & Heating Credit Group
Conference Call
April 21
Food Suppliers Credit Group
Conference Call
April 27
Electrical Suppliers Credit Group
Conference Call
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 18
Credit Group Meeting Calendar NACM Connect Indiana/Michigan/Ohio Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
March 9
Electric Industrial Supply Credit Group
Conference Call
March 9
Fort Wayne Building Materials Credit Group
Conference Call
March 10
West Michigan Heating & Plumbing Wholesalers Credit Group
Conference Call
March 11
Indiana Wholesale Floor Covering Credit Group
Conference Call
March 11
Columbus Wholesale Electric Supply Credit Group
Conference Call
March 11
Lumber & Building Materials Credit Group
Conference Call
March 11
Michiana Credit Association Credit Group
Zoom
March 16
Indiana Electrical Suppliers Credit Group
Conference Call
March 16
Automotive Suppliers Credit Group
Conference Call
March 17
Indianapolis Building Trade Suppliers Credit Group
Conference Call
March 17
Metal Service Center Credit Group
Conference Call
March 18
Michigan Electric Supply Credit Group
Conference Call
March 18
Cincinnati Dayton Wholesale Electric Credit Group
TEAMS
March 24
Plumbing & Heating Wholesalers Credit Group
Conference Call
March 24
Cincinnati Construction Suppliers Credit Group
Conference Call
March 24
Cleveland/Akron/Canton Food Suppliers Credit Group
Zoom
April 8
Michiana Credit Association Credit Group
Zoom
April 8
Columbus Wholesale Electric Credit Group
Conference Call
April 13
Electric Industrial Supply Credit Group
Conference Call
April 13
Fort Wayne Building Materials Credit Group
Conference Call
April 14
West Michigan Heating & Plumbing Wholesalers Credit Group
Conference Call
April 15
Michigan Electric Supply Credit Group
Conference Call
April 15
Cincinnati Dayton Wholesale Electric Credit Group
TEAMS
April 20
Indiana Electrical Suppliers Credit Group
Conference Call
April 20
Automotive Suppliers Credit Group
Conference Call
April 21
Indianapolis Building Trade Suppliers Credit Group
Conference Call
April 21
Metal Service Center Credit Group
Conference Call
April 28
Plumbing & Heating Wholesalers Credit Group
Conference Call
April 28
Cincinnati Construction Suppliers Credit Group
Conference Call
April 28
Cleveland/Akron/Canton Food Suppliers Credit Group
Zoom
NACM Connect - Nebraska Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
March 9
Nebraska Builders Credit Group
Conference Call
April 13
Nebraska Builders Credit Group
Conference Call
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 19
Credit Group Meeting Calendar NACM Connect National Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
March 11
National Electrical Manufacturers Credit Group
Zoom
March 15
National Paper Packaging Credit Group
Zoom
March 17
National RV/Manufactured Housing Credit Group
Zoom
March 18
National Horticultural Credit Group
Zoom
March 18
National Metal Producers Credit Group
Zoom
March 18
National Firearms & Ammunition
Zoom
March 19
National Underground Utilities Credit Group
Zoom
April 14
National Water Products Credit Group
Zoom
April 14
National Home Healthcare Credit Group
Zoom
April 15
National Nursing Home Suppliers Credit Group
Zoom
April 15
National Foodservice Distributors Credit Group
Zoom
April 16
National Lawn & Garden Credit Group
Zoom
April 20
National Professional Apparel Credit Group
Zoom
April 21
National Garage Door Credit Group
Zoom
April 21-22
National Steel Mill Credit Group
Zoom
April 22
National Tool & Accessories Credit Group
Zoom
April 23
Meatpackers of America Credit Group
Zoom
April 27-28
National Agricultural Chemical Credit Group
NACM Connect - New York Local Industry Credit Group Meetings DATE
GROUP
MEETING LOCATION
March 9
Western New York Food & Beverage Supply Credit Group
Conference Call
March 10
Rochester Plumbing & HVAC Credit Group
Conference Call
March 12
Buffalo Building & Construction Credit Group.
Conference Call
March 16
Central New York Building Credit Group
Conference Call
March 18
Rochester Building Credit Group
Conference Call
March 19
Best Practices Group
Conference Call
March 23
Buffalo Plumbing/Electric Group
Conference Call
April 9
Buffalo Building/Construction Group
Conference Call
April 13
WNY Food & Beverage Supply Group
Conference Call
April 14
Rochester Plumbing/HVAC
Conference Call
April 15
Rochester Building Credit Group
Conference Call
April 19
Albany Building Credit Group
Conference Call
April 20
CNY Building Group
Conference Call
April 27
Buffalo Plumbing & Electric Credit Group
Conference Call
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 20
Event Calendar TIME
PRESENTER / INSTRUCTOR(S)
Zoom Videoconferencing
2:00 p.m. – 3:00 p.m.
Michael Williams Matt Fluegge
NACM Connect Business Credit Principles (10 weeks)
Zoom Videoconferencing
5:30 p.m. – 8:30 p.m.
Jason Borgardt, CCE
March 16
NACM Connect Virtual Legal Symposium – Day 1
Zoom Videoconferencing
9:00 a.m. – 5:00 p.m.
Varies
March 17
NACM Connect Virtual Legal Symposium – Day 2
Zoom Videoconferencing
9:00 a.m. – 5:00 p.m.
Varies
March 17
NACM Connect Business Law (10 weeks)
Zoom Videoconferencing
5:30 p.m. – 8:30 p.m.
John Jaeger, CCE
March 18
NACM Connect Financial Statement Analysis I (10 weeks)
Zoom Videoconferencing
5:30 p.m. – 8:30 p.m.
Curtis Litchfield, CCE
March 23
NACM Connect Webinar Top Risks in Accounts Receivable and How Finance Leaders Overcome Them
Zoom Videoconferencing
2:00 p.m. – 3:00 p.m.
Jon Seaman
April 6
NACM Connect Webinar Effective Collection Strategies
Zoom Videoconferencing
2:00 p.m. – 3:00 p.m.
Abby Odneal Toni Drake
April 14
NACM Connect CREDIT 103
Zoom Videoconferencing
9:00 a.m. – 4:00 p.m.
Dave Condon, CCE
April 20
NACM Connect Webinar Effective Collection Strategies
Zoom Videoconferencing
2:00 p.m. – 3:00 p.m.
Amanda Lynn
April 22
NACM Connect ANNUAL MEETING
Zoom Videoconferencing
9:00 a.m. – 3:00 p.m.
DATE
EVENT
March 9
NACM Connect FREE Webinar Check Fraud and Check Washing: A BIG problem for US Banks and Businesses
March 15
LOCATION
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 21
Craig's Corner
CRAIG’S
CREDIT CORNER WHAT IS NEW AND EXCITING IN THE WORLD OF CREDIT INFORMATION TOOLS THAT HELP MITIGATE RISK.
Determining Credit Limits for Clients
C
redit professionals utilize many different approaches to accomplish the important process of determining credit limits for their customers. The sophistication of the various methods can be a reflection of experience in a specific industry, customer base and budgets. The larger the number of clients, the greater the need to automate the credit recommendation process. A few points to consider: Credit Recommendations Listed on Commercial Credit Reports Most of the major credit bureaus will provide Credit Recommendations on their credit reports. D&B, Experian and Equifax use statistical model algorithms to generate their recommendation. I do not know many experienced credit managers who will set limits just based on the credit report recommendations. The problem with such recommendations is the fact that the model works only on the historical data that is available at the time for a specific client. So, if there are holes in the data, then that effects the recommendation model. If a major account was given $1M in credit and it was paid, that does not mean you will experience the same.
Craig Smith, Director of NACM Connect Credit Report Solutions
ONE PLATFORM, BETTER DATA ONE CONTACT, BETTER SERVICE ONE RESOURCE, BETTER RESULTS
Software to Automate Credit Recommendations Each credit bureau and many credit software companies including Enterprise systems have credit recommendation tools that can be implemented to automate the credit recommendations process. D&B with Decision Maker, Experian with DecisionIQ and Equifax with Business Connect have software which can access data, score clients and provide recommendations. Also software companies like HighRadius, SAP, Oracle and many others have credit modules that can accomplish automating credit recommendations. With these tools, you are able to get involved in setting the criteria for making credit recommendations. Credit professionals will be able to save a tremendous amount of time by assigning credit limits by automating this process. By combining your internal information with third party data can help standardize credit limits in a consistent and determined approach to score a majority of your clients and assign recommendations. An example of data that can be used are your payment experiences with a client, credit bureau’s gathered payment data, average high credit, financials, public records, years in business, size of business, credit scores, industry type and years as a client. Credit managers know their best and worst customers and through experience can override recommendations to raise or lower limits.
Contact Craig Smith, Director of Credit Solutions by calling 847-483-6484 or visit www. nacmconnect.org and click on Credit Report Solutions.
Figure 1 and Figure 2 show samples of how you can weight and score clients when using automation tools. These examples are just for ideas, not to be used as listed. The sample matrixes are using D&B and Experian data for credit recommendations. ■
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 22
Craig's Corner Figure 1. D&B Data ― Sample of a Scorecard
Credit Recommendations Based on scorecard score, we can assign credit limits using a simple formula with something as the below:
• • • • • •
Scorecard Score 8 – 10.00 = Scorecard Score 6 – 7.99 = Scorecard Score 5 – 5.99 = Scorecard Score 3 – 4.99 = Scorecard Score 1 – 2.99 = Scorecard Score 0 – 0.99 =
THE INTERCONNECTION
2 Times Average High Credit 1.5 Times Average High Credit 75% Average High Credit 50% Average High Credit 25% Average High Credit $0
MARCH/APRIL 2021 PAGE 23
Craig's Corner Figure 2: Experian Data ― Sample of a Scorecard
Credit Limit Methodology Table Based on scorecard score, we can assign credit limits using a simple formula with something as the below:
• • • • • •
Scorecard Score 8 – 10.00 = 2 Times Average High Credit Scorecard Score 6 – 7.99 = 1.5 Times Average High Credit Scorecard Score 5 – 5.99 = 75% Average High Credit Scorecard Score 3 – 4.99 = 50% Average High Credit Scorecard Score 1 – 2.99 = 25% Average High Credit Scorecard Score 0 – 0.99 = $0
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 24
NACM Connect Credit Reporting Solutions
ACCESS ALL
THE SOLUTIONS IN ONE PLACE Shop and compare all these credit Bureaus with one contact person. Be sure to ask about our FREE trial offers.
We provide a full suite of credit reporting solutions exclusively to NACM Connect members at deep discount pricing. We pass big savings to you through our volume purchasing and National Buying Discount. We assist with setup, training and support for all products and solutions. Let us help you increase efficiency, reduce costs and maximize profitability for your organization.
INTERNATIONAL OPTIONS
U.S. OPTIONS OPTION
OPTION
OPTION
OPTION OPTION
OPTION
OPTION
OPTION OPTION
(CONSUMER) OPTION OPTION
(CONSUMER) OPTION
Questions? Contact Craig Smith @ craig.smith@nacmconnect.org or call 847.483.6484 THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 25
Institute of Credit (IOC)
Institute of Credit
2021 Course Schedule
3005 Tollview Drive Rolling Meadows, IL 60008 Phone: 847-483-6478 Fax: 847-253-6241 nacmconnect.org
All courses are available through live videoconferencing! CBA COURSES
SPRING
FALL
Business Credit Principles
Mondays March 15 – May 17
Mondays August 23 – November 1**
Financial Statement Analysis I
Thursdays March 18 – May 27*
Thursdays August 26 – October 28
(10 weeks)
(10 weeks)
CBF Wednesdays March 17 – June 2
Business Law (12 weeks)
Wednesdays August 25 – October 27
Credit Law (10 weeks)
* No Class on April 22 (Chicago Annual Meeting). ** No Class on September 6 (Labor Day).
PLEASE NOTE: All mid-terms and finals will be administered online during regular business hours. Please contact Lillian Novak at lillian.novak@nacmconnect.org if you have any questions.
COURSE FEES Member – $450 (plus textbook fee**) Two coupons are valid per person.
Non-Member –$900 (plus textbook fee**)
**Additional rush charges may occur if registration is not submitted two weeks prior to start of class.
Evening Class Times: 5:30 – 8:30 p.m. As a remote student, you can take live classes via our videoconferencing platform from the comfort of your home or office.
Questions?
Contact Margaret Krafft at 847.483.6420 or margaret.krafft@nacmconnect.org
Tuition Must be Paid Before the First Class Begins.
All registrations for NACM Connect educational events are taken online at nacmconnect.org Absolutely no registrations will be accepted after one week prior to the class date. No exceptions. While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed.
Classes are subject to cancellation based on enrollment.
Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 800.935.6226 THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 26
Credit 101, 102 and 103
Members: $230 (per class) Non-Members: $460 (per class) Two coupons are valid per person
All classes are from 9 a.m. – 4 p.m. CST Location: Zoom Classroom
CREDIT 101
CREDIT 102
CREDIT 103
-----
-----
April 14
May 5
June 9
July 14
September 8
October 6
November 10
Zoom Classroom Questions?
Contact Margaret Krafft at 847.483.6420 or margaret.krafft@nacmconnect.org All registrations for NACM Connect educational events are taken online at nacmconnect.org While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed.
Please Note: • • • •
Payment must be received one week prior to class date “No Shows” will be responsible for full amount Classes subject to cancellation based on enrollment 0.6 CEUs available
Cancellation Policy: Cancellations must be received in writing (via fax, email or mail) no later than one week prior to the class date to qualify for a full refund. Cancellations received later than one week prior to the class date do not qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. A 20% surcharge applies to late registrations and rebooking. If you have any questions, email info@nacmconnect.org.
Register online at nacmconnect.org THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 27
NACM Connect Industry Groups
Have We Gotta Group for You! Make better choices, reduce outstanding delinquent receivables and write-offs by joining a group today! New groups are formed every day!
Join Today! NATIONAL
• Agricultural Credit Conference • Architectural Metal & Glass • Auto Glass • Circuit Board Suppliers • Christian Suppliers • Coated Paper & Film Manufacturers • Construction • Consumer Products Manufacturers • Electrical Manufacturers • Firearms & Ammunition • Foodservice Distributors • Garage Door & Operating Devices Manufacturers
• Home Centers & Buildings Materials • Home Healthcare Suppliers • Horticultural Distributors • International Flat Rolled Steel • Leisure Living Manufacturers • Lawn & Garden • Manufactured Housing • Meat Packers • Metal Buildings & Components • Metal Industry Raw Material Suppliers
• Metal Producers • Musical Instruments • Nursing Home Suppliers • Paper Packaging • Plumbing, Pipe & Heating
Manufacturers • Professional Apparel Manufacturers • Steel Mill Industry • Tool & Accessories Manufacturers • Truck, Trailer & Waste Equipment Manufacturers • Underground Utilities • Water Products
Network with other credit executives in your industry by joining an NACM Connect Industry Credit Group. Group members share invaluable factual credit information that may be used to make independent decisions with respect to the extension of credit. Discussions include shared information on common customers, the latest in technology for credit management and other creditrelated topics. Group members have access to expanded tradeline data from over 25 additional NACM affiliates participating in this valuable database enhancement at no cost. Group activities are monitored by NACM trained and certified administrators to ensure compliance with the Federal Antitrust Regulations.
Contact Themis Vlahos, CCE, CGA, Director of Group Services at (800) 935-6226 x6428 or themis.vlahos@nacmconnect.org ILLINOIS | NEBRASKA | WISCONSIN • Advertising Media • Basic Material • Building Suppliers • Electrical Distributors • Floor Covering & Wall Tile • Institutional Credit Association • International Credit Professionals • Masonry • Metal Distributors • Northern IL Heating & Plumbing Wholesalers • Nebraska Builders & Industrial Suppliers • Wisconsin Best Practices MISSOURI
• Agricultural • Caterpillar Dealers • Central Illinois Electrical Distributors • Electrical Distributors • Kansas City Building Materials • Mid Missouri Construction • Midwest Regional Food Service & Supply Purveyors
• Refrigeration & Warm/Cool Air Suppliers
INDIANA | MICHIGAN | OHIO • Automotive Suppliers • Cincinnati Construction Suppliers • Cincinnati/Dayton Wholesale Electric Supply • Cleveland/Akron/Canton Food Suppliers • Columbus Wholesale Electric Supply • Ft Wayne Building Materials • Grand Rapids Electrical/Industrial Suppliers
THE INTERCONNECTION
• Grand Rapids Lumber & Building Materials
• Indiana Electrical Suppliers • Indiana Wholesale Floor Covering • Indianapolis Building Trade Suppliers
• Indiana Best Practices • Metal Service Center • Michiana Credit Association – Manufactured Housing
• Michigan Electrical Supply • Plumbing & Heating Wholesalers • West Michigan Heating Wholesalers NEW YORK
• Albany Building Supply • Best Practices • Buffalo Building & Construction • Buffalo Plumbing and Electric Supply
• Central New York Building Supply • Central New York Food & Beverage Supply
• Rochester Building Supply • Rochester Plumbing and HVAC • Western New York Food & Beverage Supply
PENNSYLVANIA
• Pittsburgh/Altoona Building Trades • Pittsburgh Construction, Plumbing & Heating
• Pittsburgh Electrical Suppliers • Pittsburgh Food Suppliers • Northeast Regional Metal Distributors
USER AND SPECIALTY GROUPS
• Law Firm Forum • National SAP Credit & A/R Users
MARCH/APRIL 2021 PAGE 28
NACM Connect industry Groups
roups
it G Industry Cred Notes from Themis:
Stay Connected with NACM Connect!
NACM Connect Industry Credit Groups are still meeting during the pandemic lockdown via Zoom video conferencing, TEAMS and conference calls. These calls give group members an opportunity to see a friendly face, or to talk business, and everything in between. The response to these calls has been overwhelmingly positive because it has provided an outlet to get realtime information from other group members. With Zoom and TEAMS meetings, members can turn on their camera or choose to turn off their camera and participate via audio. Group members always follow federal, state and local Anti Trust rules and regulations during all meetings.
Face to face group meetings are the best way for group members to meet, network and discuss industry payment trends and hot topics. During this Corona Virus pandemic with travel bans and stay at home executive orders, group members need to stay connected with each other and stay on top on how this crisis is affecting their industries.
keeping our groups grounded and in touch. Participating and exchanging information confirms the value of being a member of an industry credit group. We are looking forward to meeting again in person soon! ■
Our Group Administrators are working with each group to see when we can safely meet again in person. Every city and state has different rules regarding capacity limits in restaurants and hotel meeting rooms. In a climate of uncertainty, getting back to the basics of good oldfashioned communication is
* To qualify for the $50 American Express gift card, the referring Member must contact the prospective Group Member and provide their contact information to a representative from NACM Connect to follow up. Prospect must join an NACM Connect Credit Group.
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 29
CERTIFIED BY CLLA ENDORSED BY IACC
WHY YOU SHOULD USE A CLLA COMMERCIAL COLLECTION CERTIFIED AGENCY Maximum dollar recovery
10 REASONS
Prompt remittance of funds Adherence to rigorous Code of Ethics Minimum Surety Bond protection Separate trust accounts Reputable collection practices Agency stability Mandatory continuing education for agency executives Audited annually by an independent third party CPA firm Endorsed by the International Association of Commercial Collectors (IACC)
Since 1975, the Commercial Law League of America (CLLA) has been certifying commercial collection agencies who have earned the right to be recognized as industry experts. CLLA certification is a voluntary, in-depth examination process that requires agencies seeking certification to meet or exceed standard financial guidelines. Look for the CLLA/IACC Certification Seal. CLLA Certified Agencies are members of the Commercial Law League of America • www.clla.org
To find a CLLA Certified Agency near you visit www.clla.org/certification THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 30
NACM Southwest Giveaway
$150
2021 Quarterly Giveaways
JANUARY | FEBRUARY | MARCH Place a collections claim with NACM Southwest anytime during the months of January, February and March and become eligible to win a $150 NIKE gift card.
Each claim you place will be eligible for the drawings. Enter as often as you like! For information on placing claims, please contact Kelly Hall at 317.225.4281. For more information visit www.nacmconnect.org.
THE INTERCONNECTION
MARCH/APRIL 2021 PAGE 31
The InterConnection
800.935.NACM
Stay Connected
The 125th Credit Congress & Expo is scheduled to be held October 10-13, 2021 in Kansas City, Missouri. We realize that times are uncertain but we also know the importance of the conference to our members and NACM as an organization. We are planning to present an amazing in-person event, as we recognize the critical need for our NACM family and friends to RE-CONNECT! With this in mind, we also understand that some people may not be willing or able to travel; therefore, we will also be presenting a unique online event June 8-10. The online conference will have a small library of recorded sessions and ongoing live programming in addition to an Expo. To learn more, visit https://creditcongress.nacm.org/.