IN THE NEWS
May 15 Roundtable Recap
May 20, 2020
With almost 40 NACM Heartland members participating in the May 15 NACM Roundtable, we learned a number of things including:
- For the most part, credit managers don’t have many customers asking for credit enhancements at this time. However, they expect that will change at some point during the summer.
- Many are asking for customers to become current on accounts before they place a new order. Others are asking them to pay for the order up front if they have outstanding invoices.
- Slow pays seem largely due to people becoming accustomed to working out of the office.
- Customers appear more receptive to e-invoicing and automated pay solutions.
- From a collections standpoint, only Nevada and North Carolina have implemented temporary restrictions on collections. Ryan Frisbee from BARR Credit Services recommends still proceeding with empathy.
- Frisbee also updated the group about concerns with CARES 2.0 that has recently passed the house. It sought to redefine debt collector as “creditor,” target garnishments and levies, as well as limit interest and fees.
- Overall, there is concern about what the future looks like. Many of the companies remain working from home for the foreseeable future. Orders appear to be slowing in the ag sector.