Business Credit Magazine February 2018 | Page 3

NATIONAL ASSOCIATION OF CREDIT MANAGEMENT feature 16 Know the Ins and Outs of Accepting Credit Cards Michael Miller OFFICIAL PUBLICATION NATIONAL ASSOCIATION OF CREDIT MANAGEMENT ® Published since 1898 Circulation 13,000 MARCH 2018 EDITORIAL & EXECUTIVE OFFICES 8840 Columbia 100 Parkway, Columbia, MD 21045-2158 Phone [phone] • Fax [phone] C ommunications D irector M anaging E ditor A ssociate E ditor E ditorial A ssociate P ublication M anager A rt & D esign C irculation A ssistant A dvertising S ales E ditorial S ubmissions Dan LaRusso Nicholas Stern Michael Miller Andrew Michaels Ainslee Sadler  Robin An Tina Widzbor Cynthia Hood Dan LaRusso [email protected] 2018 NACM-NATIONAL BOARD OF DIRECTORS C hairman of the B oard Kenny Wine, CCE C hairman -E lect Sheryl Rasmusson, CCE I mmediate P ast C hair Jay Snyder, CCE, ICCE D irector , C entral R egion Ty Knox A ffiliate D irector , C entral R egion Toni Nuernberg, CBF, CAE, CGA D irector , E astern R egion Janine Sabo A ffiliate D irector , E astern R egion Phil Lattanzio, CCE, CGA & C ouncil C hair D irector , S outhern R egion Len Brown, CCE, CICP D irector , S outhern R egion Anne Scarcella, CCRA, CCE A ffiliate D irector S outhern R egion Trish Pendleton, CGA D irector , W estern R egion Shane Inglesby, CCE D irector , W estern R egion Darrell Horton, ICCE A ffiliate D irector W estern R egion Georgette Bevan, CCE, CGA D irector E lected by FCIB Teresa White, CCE, ICCE D irector E lected by CFDD Marlene Groh, CCE, ICCE NACM P resident Robin Schauseil EDITORIAL COMMITTEE 2018 D on G iallanza , CCE Commercial Credit Manager Chevron Phillips Chemical Company LP The Woodlands, TX D arrell H orton , CICP Director of Credit Aristocrat Technologies, Inc., Las Vegas, NV S abrina P erez , CCE, CICP Accounting Manager A/R and Billing TriTech Software Systems, Escondido, CA P ia P orvari , CICP Head of Credit Group Credit Risk Management UPM - The Biofore Company, Helsinki, Finland S tephen S avino Corporate Credit Manager ASSA ABLOY Americas, New Haven, CT K evin S tinner , CCE, CCRA Credit Manager Pinnacle Agriculture Distribution, Inc., Loveland, CO R ick W eisman , CCE Financial Manager Graybar Electric Company Inc., Portland, OR  CHANGE OF ADDRESS NACM® members should send change of address notification to their local association. Non-members only should send mailing label with changes to Business Credit®, Circulation Department. SELECTED TOP I C V ol . 120, N o . 3 contents 2 Are You Ready for the European Union’s New Data Protection Law? Nicholas Stern 6 Reducing Risk and Avoiding Legal Costs Using Confessions of Judgment, Payment Plans and Settlement Agreements Thomas Fawkes, Esq. and Brian Jackiw, Esq. 8 Group Collection Strategy for Dealing with Delinquent Accounts Scott Blakeley, Esq. 10 The Winds of Change: The Transition from Quantitative Easing to Quantitative Tightening Kevin Hebner, Ph.D. 14 Credit Management and Role of Today’s Credit Department Timothy Bastian, ICCE 20 Doing Business in Canada Michael Miller 22 A Creditor with a Partially Disputed Claim Risks Disqualification from an Involuntary Petition Bruce Nathan, Esq. and Eric Chafetz, Esq. 28 Supreme Court Amends Bankruptcy Rules: What Changes Will Impact You Most? Nicholas Stern 30 Keep Calm and Credit On! Successfully Navigating, Negotiating and Resolving Customer Account Disputes Karen Hart, Esq. I N THI S I SSU E 9 News Briefs 13 Best of Blogs 19 Construction Corner: Lien Requirements: A Case Study Using California Law Business Credit ® (ISSN 0897-0181) is published monthly except for combined July/ August, September/October and November/December issues at 8840 Columbia 100 Parkway, Columbia, MD 21045-2158. ©2018 by the National Association of Credit Management ® , which is responsible only for official statements and announcements. All bylined articles represent the individual opinion of the writer and not necessarily those of the association or the publisher. Advertisers and agencies assume all liability for content of advertising and also assume all liability for any claims arising there from made against the publisher. Annual subscription rates: US Business $59, US Library $53, Canada $66, other $79 postpaid. Single: $9. When subscribing, give your title, company name and address, ZIP code, and SIC number(s). NACM ® membership dues allocation for subscription: $6. Printed in the United States of America. Periodicals postage paid at Columbia, MD and at all additional mailing offices. Postmaster: Please send change of address to Business Credit ® , c/o NACM, 8840 Columbia 100 Parkway, Columbia, MD 21045-2158. NACM ® is a not-for-profit, member-governed organization which includes its international division, the Finance, Credit & International Business ® (FCIB ® ) Association that operates in Europe and throughout the world. Present FCIB membership exceeds 1,000 and consists of multinational firms in the US and 76 countries. NACM was founded in 1896 to promote good laws for sound credit, protect business against fraudulent debtors, improve the interchange of credit i nformation, develop better credit practices and methods, and establish a code of ethics. In addition, education and research programs illustrate NACM’s awareness of the complex needs of credit management today. Membership in an NACM-affiliated credit association includes membership in the national association. Members of NACM are credit and financial executives, primarily representing manufacturers, wholesalers, financial institutions and varied service organizations. Membership is approximately 13,000. For information regarding membership, write to executive offices. Printed in the USA. 25 Extending Credit: A Credit Manager’s Checklist for Potential Hires 26 2018 NACM Calendar of Events 27 Credit Managers’ Index 31 Designee Spotlight: Odalis Polanco, CCRA 32-47