Enterprise Recovery
SEPTEMBER 6, 2024
Cash flow basics are important for startup leaders to ensure financial stability and growth. Positive cash flow indicates more money is coming into the business than going out, while negative cash flow suggests the opposite. Leadership should regularly monitor cash flow statements to identify trends, potential shortfalls, and opportunities for improvement.
Account Recovery
SEPTEMBER 6, 2024
EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call (855) WEB-RECON or email admin@webrecon.net today!
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Account Recovery
AUGUST 27, 2024
A recent field note from the Federal Reserve Bank of Boston reveals that, despite a significant drop in inflation, 59% of U.S. adults surveyed in May are still highly concerned about future price increases. This concern persists even though the inflation rate decreased from a peak of 9% in June 2022 to about 3% by June 2023. As inflation rates have gradually declined over the past two years, households remain significantly concerned about rising prices, with many turning to credit cards and loan
American Profit Recovery
AUGUST 23, 2024
By Ian: Just over four months ago, I joined the customer service team at American Profit Recovery. I was immediately impressed by the warmth and helpfulness of my colleagues – I’ve enjoyed getting to know them and learning from them, and it’s easy to see why they get such great reviews from our clients. As someone who is new to the collections industry and new to customer service, I wasn’t sure what to expect when I started, other than that it would be unique compared to any work I had done befo
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Finance Transformation Myths Busted Over 75% of organizations struggle to define the right success metrics to benchmark the impact of their finance transformation investment. Whether you are just initiating your digital transformation journey or planning to pitch your next AI project to leadership, without the right metrics and a rigorous tracking process - all your efforts might go to waste!
Consumer Finance
AUGUST 26, 2024
The CFPB published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Enterprise Recovery
AUGUST 30, 2024
A business credit score is crucial for your company's financial health and reputation. It reflects your ability to manage credit responsibly and can impact your ability to secure financing, negotiate favorable terms with suppliers, and attract potential business partners. A strong business credit score demonstrates your reliability as a borrower and opens up opportunities for growth and expansion.
Account Recovery
AUGUST 30, 2024
The Consumer Financial Protection Bureau yesterday announced a $2.25 million civil penalty against New Day Financial for deceiving veterans and active-duty servicemembers in connection with cash-out refinance loans. This action comes after the CFPB found that the lender provided misleading cost comparisons to borrowers in North Carolina, Maine, and Minnesota, falsely making its loans appear less expensive than they were.
American Profit Recovery
AUGUST 19, 2024
Why should my business use a collection agency? That’s a question we hear often. The fact is there are enormous benefits to outsourcing your debt collections for a small business and even a larger organization. Having a reputable debt collection agency represent your business is one of the smartest moves you can make. It can improve your cash flow, save you time and money, and protect you from legal challenges.
Consumer Finance
AUGUST 28, 2024
The CFPB took action against repeat offender New Day Financial (NewDay USA) for deceiving active duty servicemembers and veterans seeking cash-out refinance loans.
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.
UK debt collections
AUGUST 22, 2024
The number of overdue invoices in Scotland has reached its highest level this year, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that businesses in Scotland had 538,172 unpaid invoices on their books last month – the highest monthly total in 2024 so far. Unpaid Invoices in Scotland Overdue invoices in Scotland increased by 27.7% in July 2024 when compared to July 2023’s figure of 421,501.
Enterprise Recovery
AUGUST 23, 2024
Credit management is a vital aspect of financial health for any business, influencing cash flow, profitability, and overall stability. Effective credit management ensures a company can meet its obligations to suppliers, employees, and creditors while maintaining the liquidity necessary for day-to-day operations. Let's explore how strategic credit management can propel your business toward sustained success and stability.
Taurus Collect
SEPTEMBER 2, 2024
Debt collection often carries a negative connotation, but it doesn’t have to be that way. The art of ethical debt collection focuses on understanding the situation of those who owe money while still balancing the needs of the business. In this blog post, we’ll explore how companies can implement no fee debt collection practices that respect the dignity of individuals facing financial difficulties.
Consumer Finance
AUGUST 20, 2024
The CFPB ordered Fay Servicing to pay a $2 million penalty for violations of mortgage servicing laws, and for violations of a 2017 agency order.
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Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.
UK debt collections
AUGUST 19, 2024
An East Grinstead contractor has successfully overturned a legal decision that found it was wrong to terminate its contract with a housing association over repeated late payments. The dispute arose from a JCT contract between Providence Building Services Limited and Hexagon Housing Association Limited (Hexagon) for the construction of buildings in Purley, valued at £7.2m.
Payment Savvy
SEPTEMBER 5, 2024
The financial industry has changed significantly over the years to adapt to the fast-pacing and extremely technologically advanced world of today. Everything we do, from buying coffee to paying rent and utility bills, has made technology a part of the process. This junction of finance and technology is often called “fintech.” But what is fintech?
Account Recovery
SEPTEMBER 6, 2024
A District Court judge in Missouri has partially dismissed a Fair Debt Collection Practices Act lawsuit against a collection attorney, leaving only one claim to proceed while dismissing others. The background: The case stems from a debt collection action related to unpaid homeowner association dues. The plaintiff owed $234 in fees to an HOA for a property in Missouri.
Hudson Weir
SEPTEMBER 4, 2024
For company directors navigating the off-payroll working rules, a common question is – what does inside IR35 mean exactly? IR35 stands for the Inland Revenue press release number 35, issued by what is now HMRC back in 1999 as part of that year’s budget. It came into force the following year and the government incorporated the full Intermediaries Legislation into the Income Tax (Earnings and Pensions) Act 2003.
Speaker: Erika R. Bales, Esq.
When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.
Consumer Finance
AUGUST 27, 2024
Gaming marketplaces increasingly mirror banking and payment systems but use design tricks to encourage spending, and our children are often the primary audience. Here are steps to help protect your family.
UK debt collections
SEPTEMBER 6, 2024
A debt advice charity has urged Warrington Borough Council to improve debt recovery methods after bailiffs were instructed 6,432 times in a year. New findings following a Freedom of Information Request revealed Warrington Borough Council sent 6,432 debts to bailiffs in 2022/23 – although the council says this was due to a backlog after suspending debt recovery for a three-year period during the pandemic.
Payment Savvy
SEPTEMBER 5, 2024
You’ve probably heard the term “ACH deposit,” but what does it really mean? ACH stands for Automated Clearing House, a network that handles electronic payments and transfers. So, what is an ACH deposit? It’s a way to move money directly from one bank account to another without using paper checks, credit cards, or cash. ACH direct deposits are common.
Account Recovery
SEPTEMBER 6, 2024
The Consumer Financial Protection Bureau yesterday released its annual report on debt collection, focusing on two critical areas: medical and rental debt. The report sheds light on what the CFPB describes as the “aggressive and illegal” practices undertaken by collectors, such as attempting to collect on debts that have already been satisfied by financial assistance programs.
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Are you finding some snags in your collections process? With delinquencies, and the number of consumers looking for payment assistance on the rise, it may be time to consider an efficient cloud-based software to support your team. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.
Taurus Collect
SEPTEMBER 2, 2024
Debt collection can seem daunting, both for the collector and the debtor. However, understanding the process and using the right techniques can make it much smoother. If you’re facing challenges in collecting debts, you’re not alone. Many businesses struggle with this. Thankfully, there are effective strategies you can apply to improve your success rate.
Consumer Finance
SEPTEMBER 4, 2024
The CFPB today issued its annual report on debt collection, which highlights aggressive and illegal practices in the collection of medical debt and rental debt.
NCBA Law Practice Management Blog
AUGUST 31, 2024
Lawyers generally work really hard for their clients, to turn around work product. And then, they wait. and, wait. and, wait: to get paid. That’s largely because, while attorneys have been able to build out most of the payment process, the last part – you know, the part where the law firm actually gets paid – is still most ly entirely dependent on the client.
Collections Law
AUGUST 30, 2024
When you’re struggling to collect on a business debt, sometimes, you need to rely on effective tools and creative strategies. Our aggressive and relentless commercial collections attorneys have more than 50 years of combined experience. They employ innovative and ethical debt collection tactics, as allowed under state and federal laws to facilitate payments for their clients in Massachusetts.
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For finance teams using Salesforce’s powerful CRM technology, automation can transform accounts receivable processes, driving efficiency and delivering measurable results like cost savings, reduced customer churn, and lower DSO.
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