IN THE NEWS
The Importance of Commercial Credit
June 22, 2020
Business-to-business (B2B) credit, commercial credit and trade credit are used interchangeably, but no matter the words used to describe the selling of goods, products or services to be paid for at a later date, the importance of this act can’t be overstated. During the COVID-19 pandemic, business credit is more valuable than ever as companies try to stay afloat during economic hardships. Some are receiving money from the government to stay in business for as long as possible, but others need assistance from business credit and B2B credit professionals.
“Commercial credit is the creation of modern times. … Credit is the vital air of the system of modern commerce. … It has done more, a thousand times, to enrich nations, than all the mines of all the world. … Commerce cannot exist without credit,” said Sen. Daniel Webster to Congress in March 1834 during a speech about the U.S. Bank Charter.
“While credit is delicate, sensitive, easily wounded and more easily alarmed, it is also infinitely ramified, diversified, extending every where, and touching every thing,” Webster said. Now, credit and NACM will actually be everywhere and touching everything. NACM is celebrating its 124th birthday like never before—virtually—on June 23. NACM continues to offer world-class credit education through its online educational sessions ranging from credit law and bankruptcy to payments and risk management. NACM’s first-ever digital Credit Congress and Expo is now live for those registered to take part. While not in-person in Las Vegas this year, there are still numerous opportunities to learn and “meet” exhibitors in the online showcase. The educational sessions require a registration; however, the expo portion does not. It is packed with videos, demonstrations, giveaways and other exhibitor information.
“My career in credit has been a wonderful journey of growth, education, challenges and opportunities,” said Sherri Norton, credit manager with Pacific Plumbing Supply Company. “NACM came through loud and clear as [a former co-worker] explained how NACM can be a partner in that career path and offer many opportunities for networking, classes, seminars and conferences, all leading to continued growth and improvement.”
NACM and credit are more than just a job to many; both weaving their ways through someone’s career and life. Brent Heizelman has been in credit for nearly four decades, and he’s still learning new things. “[Credit] has helped me be a detail-oriented person and has really helped me to be a more patient and understanding person as well as a good listener and communicator.” NACM’s education has also been helpful for Heizelman and other credit professionals around the world. “The educational sessions are always good, but to me, above that are the relationships and networking that I have relied on over the years. I have made lasting friendships through NACM and always look forward to catching up with people at conferences,” Heizelman said. “It’s the ‘fun’ part of being a credit manager."
This article first appeared in the June 26 e-News.