Retail Credit Fundamentals (Paperback)

Retail Credit Fundamentals Book Description

RETAIL CREDIT FUNDAMENTALS RETAIL CREDIT FUNDAMENTALS Official Textbook of the National Retail Credit Association BY CLYDE WILLIAM PHELPS Professor of Economics University of Southern California Revised Edition McGBAW-HILL BOOK COMPANY, INC. NEW YORK AND LONDON 1947 TO THE CREDIT STUDENTS OF TODAY WHO WILL BE THE CREDIT EXECUTIVES OF TOMORROW FOREWORD This official textbook of the National Retail Credit Asso ciation, prepared by Dr. Clyde William Phelps with the assistance of our Educational Committee, has been several years in the making. The purpose of the National Association was not to add just another book on retail credit to the literature in the field, but to create a practical treatise especially designed to meet the basic needs of its members. To be more specific, it was felt that, instead of attempting to cover in superficial fashion all of the various subjects in which the manager of credit sales might be interested, this textbook should treat only those basic functions which every employee in the credit department should be expected to know, and to do this in a thorough manner. The treatment is practical rather than academic. Every chapter has been carefully read and revised by each of the members of the Educational Committee, Frederick W. Walter, Chairman, and by Secretary and Research Direc tor, Arthur H. Hert. The aim in the following pages is to set forth not a long series of chapters more or less disjointed but instead a logical presentation of the cycle of credit work an analy sis organized under the three logical phases of a securing, b controlling and c collecting the account. The method used is the functional approach. Instead of abstract description, the center ofattention is the func tions which must be performed by any credit sales depart ment. It is the fundamental functions of credit management in which we are interested, not how the work happens to be done in some particular store. Consequently, through out the following pages the development of thought runs logically What are the functions t Why must they be per formed How what are the various ways in which these functions are being performed in large, medium size and small stores f u X FOREWORD In concentrating attention upon the fundamental func tions and discussing the many different ways of doing each function, the text prepares the reader to find things differ ent if he goes from one credit sales department to that of another store, but to recognize fundamentals. This reason why approach is valuable because efficient credit sales department operation requires that employees know the reason why they are expected to do certain things and to do them in a certain way. The manager of credit sales must see that his employees know not only what and how but also why. First, because employees work more cheerfully and effectively when the reason why has been explained also it makes them appreciate the romance and meaning of their jobs. Second, employees will make fewer mistakes in handling the customer because they will be able to use their powers of reasoning and judgment instead of blindly applying rules the basic reasons for which are not understood. In this revised edition, minor changes have been made throughout the volume. No major changes have taken place during the past decade in the basic fundamentals of retail credit operation, to the treatment of which this text book is restricted, and on which it has come to be regarded as a classic. L. S. CROWDER, General Manager-Treasurer, National Retail Credit Association. PREFACE This is intended as an elementary or introductory trea tise to prepare the credit man for further study in the principles and practice of retail credit. There are always pedagogical differences over content, structure and em phasis, and it is important to keep in mind not only the pur poses established but also the needs of the specific group envisaged...

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