Learn fundamentals and best practices for business credit management, including potential customers, risk, and collections.
A crucial aspect of creating and maintaining best business practices in credit management involves assessing potential creditors from the outset of the relationship. The failure to effectively assess potential customers prior to extending credit to them often results in financial losses and unnecessary expenditure on resources required to attempt to collect from such customers. This topic will assist you in reassessing your current procedures for assessing potential customers and will offer guidance on implementing certain tools for determining and minimizing risks in lending to each customer. However, even businesses with the best business practices in credit management will inevitably face some customers who fail to pay. When this happens, it is imperative for businesses to have certain policies and procedures in place for dealing with collections internally and identifying when it is necessary to employ a third-party collections agency/law firm.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Assessing Potential Customers
- Establishing Clear Policies and Procedures for Extending Credit
- Understanding How Your Company Makes Money (and Loses It)
- Utilizing the Credit Application
- Credit Limits and/or Sign-off Levels
- Knowing When to Walk Away From a Potential Customer
- The Get P.A.I.D. System
Understanding and Addressing Various Risks
- Identifying Relevant Nonfinancial Risks (Such as Industry, Conduct, Business, and Management Risks)
- Proper Use of Social Media and Other Technology
- Battle of the Forms
- Use of Invoices, Terms, and Conditions
Collections
- Procedures and Policies for Collections (When, How, Who)
- Internal Collections Within Company
- Third-Party Collections
- Pre-Bankruptcy Planning
- Bankruptcy Techniques
- The Legal Process
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Credit
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on April 21, 2023.
Call 1-866-352-9540 for further credit information.
- AIPB 1.0
- This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- NH MCLE 1.1
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 66 Minutes.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.0
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
- WV MCLE 1.3
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Raymond P. Wendolowski Jr., Esq.
Bernstein-Burkley, P.C.
- Partner-in-charge of the creditors’ rights group at Bernstein-Burkley, P.C.
- Practice focuses primarily on commercial collection litigation
- Frequently speaks at webinars and conferences, including leading CLEs for Lorman Educational Services and the National Association of Credit Management
- Member of the Pennsylvania Bar Association and Allegheny Bar Association
- J.D. degree, associate editor of the Tax Review, University of Pittsburgh, School of Law; while completing J.D. degree, completed a legal intern externship at the City of Pittsburgh Zoning Board of Adjustment; B.A. degree in communications, University of Scranton
- Can be contacted at [email protected] or 412-456-8119
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Credit
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
All of your training, right here at Lorman.
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- OnDemand Courses
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- Course Manuals
- Executive Reports
- White Papers and Articles
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- State Specific Credit Tracker
- All-Access Pass Course Concierge
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