NACM Industry Credit Group Meetings
Industry Credit Group Meetings are centered around the sharing of account knowledge and best practices within specific industries
Credit managers, CFO's, and lenders meet on a monthly schedule in a structured environment to discuss payment trends, best practices, and events happening in their industry. In most cases the meeting consists of a regularly scheduled monthly meeting for lunch or breakfast, followed by a structured credit group discussion with pre-selected account names. The account names are compiled into a credit group book of separate business credit reports. The meeting is monitored by a NACM employee who in addition to being the host will also direct the discussion and keep the discussion in compliance with all laws and regulations. In some cases, the groups might be limited to a specific industry like wholesale plumbing suppliers. There may also be groups that are broader in scope like building and construction which would include electrical, plumbing, drywall, and other building material suppliers into a larger group. Expert speakers are occasionally invited as approved by the group members. Your NACM representative can help you find the best credit group for your company.
Basic requirements are listed below and groups also have very specific requirements for attendance, participation, annual sales, and more. Your NACM representative will discuss all options once the correct group for your industry and location is identified.
- Membership with NACM
- Electronic Data Contribution
- Collection agencies, law firms, vendors are not permitted to join a group for sales and networking purposes
- All information discussed in the group meetings is to remain strictly confidential. Any breach of confidentiality is grounds for immediate dismissal from the group
- You may be offered an option to attend a meeting as a guest if it corresponds with your industry
- Group bylaws contain additional requirements and restrictions for joining
Group prices vary depending greatly on the type of group and meeting location. In addition to your annual NACM membership the group prices start at $660.00 annually, plus lunch and other meeting expenses may be added. Your NACM representative can provide you with more specific costs once the correct group is identified. When considering the cost of joining a group the following points should also be considered.
- A single credit decision has helped many credit professionals save their company hundreds of thousands of dollars
- While using account information from a group meeting for sales purposes is prohibited, using the best practices learned at a meeting will enable you to find ways to better protect and sell to marginal accounts
- The networking and relationships built with other credit professionals will help you make better and quicker credit decisions
- Participation helps your growth and knowledge as a credit professionalcredit-today-article-on-groups.pdf
- Studies, testimonials, and experienced credit managers have shown the cost of a credit group is quickly offset with a high return on investment. For additional details we provide a complete detailed study supporting information
There are industries relating to food and construction that tend to be more localized. If your products, competitors, and sales area tend to be spread across the country then it is more likely a National Group is available that suits your needs. You NACM sales representative can provide details on the groups available.
Sometimes the process is easy and just knowing the city and state where your company is located along with the industry type is enough to make the right call. If there isn't a clear choice, the next step is to run several of the NACM National Trade Credit Reports on a few of your top accounts. From looking at the data on the reports (reported tradelines and summary of top industries graph) we can tell where your data (tradelines), intersects with other members who are participating in credit groups. For example, your company may manufacture kitchen blenders, and there isn't a blender manufacturing credit group. But the credit reports we run will provide data showing you belong in national retail group along with other companies that also sell to big box retail stores. Your NACM representative can help place you in the correct group, provide sample reports, possibly even a sample credit group meeting book, and depending on the group bylaws you may even be able to attend as a guest before joining.
Yes, there are local, regional, and national credit groups. Think about your business and the competitors in your area who might be selling to the same customers. If there are a lot of companies just like yours, then there might be a local credit group. If companies like yours are spread out across the country then it is more likely that a national credit group exists.
Local and Regional Credit Groups
Examples of local and regional credit groups.
- Electrical Construction Materials
- Plumbing Supply
- HVAC Supply
- Roofing Supply
- Building Materials, all types
- Concrete and Aggregate
- Banking Builders and Lenders
National Credit Groups
Examples of national credit groups are:
- Floral Wholesale Importers
- Book Publishers
- Oilfield Service & Supply
- Heavy Equipment Suppliers
- Luggage, Travel Goods & Related Products
- Formal Wear
- Musical Instruments
- Canadian Retail Supply Credit Association
No other service offers a 1,000% Return on Investment like Industry Credit Group Meetings
I believe the NACM (National Association of Credit Management) and information you receive is vital to the success of any business especially in these harsh economic times. To get the real true of how a business is doing right here and now you need the network of NACM professionals and the information NACM as a whole provides.
N. B. Handy Company has been a member of NACM for many, many years; I've been with the company sixteen years and we were members long before I started here. Our company values NACM because we obtain so much critical credit information by attending the meetings that we would not get otherwise. We cannot stress enough the importance of member attendance as it benefits everyone by making contacts and exchanging information that is necessary to stay informed in this day and time.
Contact the NACM team to participate in an industry credit group meeting.