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Navigating Economic Volatility: Resources for NACM Heartland Members to Support Your Credit Department
As economic volatility continues to impact businesses nationwide, it’s more important than ever to stay proactive in managing credit risk and ensuring efficient collection practices.
At NACM Heartland, we are committed to providing our members with valuable tools and resources to support your credit department and collection efforts. Here’s how we’re helping our members navigate these challenges:
1. Streamlined Collection Tools through the Ice Credit Exchange
With ICE Credit Exchange, members gain access to an efficient, automated system that helps credit departments track and prompt accounts receivable (A/R) for payment. The ICE Service Center sends reminders on your company’s letterhead, providing a series of automated communications: letters, faxes, emails, and phone calls, directed to your customers. This service is available for a flat fee, with no upfront costs, and offers flexible reporting tools to monitor collection efforts.
2. Credit Reports: Stay on Top of Your Customers and Their Paying Habits
Using data from your peers, ICE Credit Reports provide you a timely snapshot of a shared customer. It has the data you expect from a credit report: an aging report, credit line, contact information and much more. The ICE Credit Reports are invaluable when processing new customer applications, adjusting credit lines, conducting account reviews or even supporting your business collection strategy.
3. United TranzAction Services:
Members also benefit from special rates on a wide range of payment solutions through United TranzAction (UTA), including Electronic Funds Transfer, Online Bill Pay, and credit card services. These tools help streamline payments, reduce risks, and offer enhanced tech support, ensuring that your business can manage transactions effectively with minimal hassle.
4. Credit Scoring Tools:
Understanding your customers’ creditworthiness is crucial in today’s economic environment. You can access credit scores from trusted sources like Dun & Bradstreet (D&B), Equifax, and our ICE system. Whether you’re looking to evaluate individual accounts or assess your entire portfolio, our proprietary ICE Credit Score system provides you with valuable insights and helps you make more informed decisions. Plus, with daily scoring trends, you can stay ahead of potential risks and mitigate financial uncertainty.
5. Commercial Collections:
With our partner BARR Credit Services, members gain access to highly effective and cost-efficient collection services. Whether for first-party or third-party collections, BARR provides industry-leading recovery results, personalized service, and 24-hour secure online access to claims. Outsourcing collections can be a smart way to save time and costs while improving recovery rates.
6. Industry Credit Groups:
NACM Heartland hosts industry-specific credit groups for sectors such as agriculture, construction, and steel, offering a unique opportunity to exchange payment history and risk data with your peers. These forums help credit professionals evaluate risk more effectively, build better relationships, and make informed decisions about customers. By sharing information with others in your industry, you can make more strategic, data-backed credit decisions and improve the financial stability of your business.
7. NACM National Resources:
As an NACM member, you also receive access to NACM National’s resources, including Business Credit magazine, which provides in-depth articles on the latest trends and challenges in the credit industry. Additionally, the Knowledge and Learning Center offers free webinars, surveys, and educational resources to keep you updated on the most current issues affecting credit management.
At NACM Heartland, we understand that economic uncertainty can create challenges for credit departments, and we’re committed to providing resources that help you stay ahead. Whether it’s automating collections, improving payment processing, or accessing crucial credit information, we are here to support your business and help you make confident, informed decisions.
For more information on any of these resources, reach out to us today, and let’s navigate these uncertain times together.
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