American Profit Recovery

JULY 30, 2021

We are often asked the question of whether working in the collection industry is a smart career choice. And there is no better evidence than earning a spot on the Best Collection Agencies to Work For list for 14 straight years now. Especially being in the collection industry. Working in debt collections during COVID-19.

Collection Agencies 160

Collection Agencies Collections Agency Collections Manufacturing 160

Account Recovery

OCTOBER 9, 2024

This behavior, observed in the retail world, is a crucial lesson for collection agencies, debt buyers, fintechs, banks, and credit unions. The lesson for debt collection professionals? This disparity leads to higher abandonment rates on brand-specific sites. Learn more.

Collections 130

Collections Credit Unions Credit Unions Retail 130

Account Recovery

AUGUST 1, 2022

Nearly three-quarters of all African-Americans and Hispanics work in frontline jobs — such as retail salespeople, store managers, and representatives working in call centers and collection operations across the country — compared with 58% of white employees, but are far less likely to move out of those types of jobs and up the corporate (..)

Retail 188

Retail Collections 188

UK debt collections

APRIL 11, 2023

Small businesses supplying the automotive, retail industry and manufacturing sectors face the longest-ever wait for payment from some of the UK’s largest companies, according to Good Business Pays. Waterstones payments increased from 73 to 75 days. Hobbs payments increased from 53 to 66 days. Virgin Mobile also going from 38 to 28 days.

Retail 59

Retail Manufacturing 59

Account Recovery

OCTOBER 8, 2024

… Talking about money is more taboo than talking about politics or religion … How much different retailers are paying for the holiday help they are hiring … How to choose your battles wisely when at work … How you can help employees who are taking care of elderly parents or sick family members.

Auto Loans collections 130

Auto Loans collections Retail Collections Loans 130

True Accord

OCTOBER 22, 2024

Tired of paying higher prices, consumers increasingly turned to cheaper alternatives, bargain hunted or simply avoided items they found too expensive, pressuring retailers to accommodate them or lose their business. The National Retail Federation is forecasting that winter holiday spending is expected to grow between 2.5%

Student Loans 93

Student Loans Student loans Loans Retail 93

Account Recovery

AUGUST 21, 2024

As consumers increasingly turn to digital wallets for transactions, understanding the underlying payment methods they prefer is crucial for businesses, especially those in the credit and collection industry. PayPal usage has also fallen, from 25% to 18% of digital wallet retail transactions. Learn More.

Retail 130

Retail Collections 130

American Profit Recovery

NOVEMBER 29, 2021

At the far end of the spectrum, numerous small retail shops and restaurants closed for good and those that did survive through the pandemic suffered tremendous losses that they now need to work day and night to make up for. What would your downtown look like without small retail shops? Pay a small business on time.

Retail 196

Retail Collection Agencies Collections Agency Collections 196

Nexa Collect

APRIL 11, 2021

The debt collection industry has been through one of its most difficult periods in modern history, and the recovery looks slow and prolonged. Performance of Collection Agencies during Covid-19 Pandemic. Economic downturns create a huge opportunity for the debt collection industry.

Collections 130

Collections Collection Agencies Collections Agency Construction 130

Account Recovery

MAY 22, 2024

The Maryland Department of Labor’s Office of Financial Regulation has announced a settlement with a number of companies now owned by the Bank of Missouri for not being properly licensed in the state to provide retail credit services and for engaging in unlicensed and unregulated debt collection activities.

Debt collector 130

Debt collector Retail Banks Collections 130

Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. Failure to comply with GLBA can have severe consequences for the collection agency, especially the owners and/or the CEO. Collecting debt.

Collection Agencies 130

Collection Agencies Collections Agency Financial Institution Collections 130

Account Recovery

JULY 5, 2024

This looks like one of those “I’m-not-a-lawyer-but-this-looks-like-something-you-should-be-aware-of-because-it-could-be-relevant-to-collections” type of rulings.

Retail 130

Retail Lawyers Trade Collections 130

UK debt collections

MARCH 29, 2023

Liquidators have listed 61 creditors owed a combined total of £1.14m after luxury car retailer Autovogue slipped into liquidation this month. A statement posted via the Autovogue website at the time apologised to customers and listed a number of reasons for the business’s failure.

Retail 59

Retail Trade Manufacturing Creditors 59

UK debt collections

FEBRUARY 18, 2025

The wholesale and retail trade sector, which also includes the repair of motor vehicles and motorcycles , is in second place, with a median wait for payments of 36 days. Businesses in this sector receive payments after around 47 days. This industry often has businesses operating on thin margins and relying on credit to maintain inventory.

Manufacturing 65

Manufacturing Retail Trade Construction 65

UK debt collections

MARCH 11, 2025

This figure rises to 40% in the food and beverage sector and 32% in retail, highlighting industry-specific challenges. Automating collections with pull-based payment methods like Direct Debit can help businesses get paid up to 47% faster, reducing the burden of chasing payments.

Manufacturing 72

Manufacturing Retail Government Loans 72

Fico Collections

APRIL 29, 2022

There’s a lot going on in the retail payments space – defined as transactions between two consumers, between consumers and businesses, or between two businesses. Some of the changes are related to new digital payments methods like P2P apps, tap-to-pay, and cryptocurrency, which are all growing options in retail environments.

Retail 52

Retail Banks Financial Institution Trade 52

Account Recovery

AUGUST 28, 2024

In the credit and collection industry, the ability to process payments seamlessly and securely is critical. By the numbers: The eCommerce sector experienced a failure rate exceeding 10% for online transactions in the past year, resulting in $31 billion in lost retail sales in Q3 2023 alone.

Retail 130

Retail Collections 130

Collection Industry News

APRIL 24, 2024

April 22 (Reuters) – Fashion retailer Express Inc (EXPR.PK), opens new tab has filed for Chapter 11 bankruptcy in the United States and intends to close more than 100 stores, it said on Monday. The post Apparel retailer Express files for US bankruptcy protection, to close over 100 stores appeared first on Collection Industry News.

Retail 40

Retail Bankruptcy Lender Collections 40

Fico Collections

NOVEMBER 30, 2022

Profitability and Customer Financial Health in Retail Banking. In my recent Forbes article , I explored a vision for the future of retail banking where the customer’s complete financial wellness is at the center of decision making. Here’s how to strike a balance that delivers long-term benefits for customers' financial health.

Retail 52

Retail Banks Loans Financial services 52

UK debt collections

FEBRUARY 16, 2024

Some people believe a recession is lucrative for the debt collection industry. On the face of it, people make the assumption that it is boom time for the debt collection sector. Contrary to popular belief, a recession does not bring any benefits to the debt collection sector at all usually.

Collections 79

Collections Collection Agencies Collections Agency Construction 79

Nexa Collect

OCTOBER 31, 2022

It is recommended to assign accounts for collections roughly when they are between 60-90 days past due for a maximum recovery rate. Based on clients we came across last year (2021), here is the average recovery rate we have seen, along with our collection agency partner(s). Retail/Consumer Misc. House Rent Collection.

Credit Unions 130

Credit Unions Credit Unions Manufacturing Collection Agencies 130

UK debt collections

JANUARY 10, 2022

This sentiment was echoed by Chris Spencer from leading Business Debt Collection Agency Federal Management. Debt Collection Agencies in the UK have collected millions in unpaid invoices on behalf of Small Businesses. Pessimism is especially prevalent in sectors such as retail, hospitality and food.

Collections 82

Collections Government Collection Agencies Collections Agency 82

UK debt collections

OCTOBER 15, 2021

New figures released show that Small Business Debt Collection is needed more than ever. Small Business Debt Collection action. Very often Small Business owners can be fearful of utilising a Debt Collection Agency as it may alienate their non paying customer, it shouldn’t be that way.

Collections 79

Collections Bankruptcy Retail Collection Agencies 79

Nerd Wallet

MAY 3, 2021

Talech POS is a cloud-based point-of-sale (POS) system geared specifically toward restaurants and retail businesses. Although its collection of features is impressive, it could be worth considering popular competitors like Clover and Square that serve as credit card payment processors and offer different hardware options.

Retail 104

Retail Collections 104

True Accord

JULY 1, 2021

In a recent report by the Aite Group , TrueAccord was featured in the inaugural edition of the “Retail Banking & Payments Fintech Spotlight” , which highlighted disruptive fintechs with a strong focus on technologies that improve the customer experience. The key differentiator making TrueAccord an innovative fintech disruptor?

Financial Institution 93

Financial Institution Retail Collection Agent Banks 93

Receivables Control

SEPTEMBER 22, 2020

Retail has been battered. Particularly hard hit are apparel retailers and department stores. Bankruptcies are up sharply in the retail sector. This stress is negatively impacting the collectibility of accounts receivable. To reduce you losses, put our professionals to work collecting your challenging AR.

Retail 98

Retail Healthcare Collections Bankruptcy 98

UK debt collections

SEPTEMBER 14, 2021

Debt Collection firms that collect monies on behalf of the BNPL (buy now pay later) sector are being targeted. The buy now pay it later options usually appear at checkouts on retailers’ websites. Dame Clare Moriarty, chief executive of Citizens Advice advised: “The sheer number of shoppers facing debt collection is startling.

Debt collector 74

Debt collector Collections Retail Collection Agencies 74

Collection Industry News

DECEMBER 5, 2024

Despite Fed Cuts, Many Store Credit Cards Are Still Charging Customers Extreme Interest Rates Many credit cards offered by major retailers continue to charge exorbitant annual percentage rates, despite moves by the Federal Reserve to lower interest rates in the economy. The remaining 42% picked BNPL loans.

Retail 40

Retail Banks Government Loans 40

True Accord

JUNE 15, 2021

Klarna, the highest-valued private fintech in Europe, is on a mission to make shopping simple, safe and smooth, for both consumers and retailers, through its suite of payment products and services. This led Klarna to begin considering a third-party collection partner. By this time, the collections industry had evolved.

Collections 69

Collections Retail 69

American Profit Recovery

JUNE 2, 2021

If you are in the oil delivery business or are a propane retailer, then you know the challenges of cash flow. Hire a collection agency that specializes in fuel dealerships. Yes, there are collection agencies out there that are experts in helping fuel and propane distributors with cash flow and getting customers to pay.

Collection Agencies 130

Collection Agencies Collections Agency Retail Collections 130

Direct Recovery

AUGUST 1, 2024

The debt collection process is a necessary evil for anyone who extends credit to clients, customers, or other businesses. When things get difficult and payments are missed, debt collectors are the ones that get tasked with tracking and collecting what is owed as efficiently as possible.

Collections 59

Collections Debtor Fair Debt Collection Judgment 59

Fico Collections

FEBRUARY 23, 2022

Fighting scams is no exception, and in May 2021 we launched a new AI/machine learning-powered retail banking fraud detection model that incorporates a Scam Detection Score. As my colleague Scott Zoldi points out in his post announcing the recent Falcon Retail Banking 3.0 Read our blog on our new Retail Banking 3.0 Model , . “By

Retail 98

Retail Financial Institution Banks Collections 98

UK debt collections

NOVEMBER 6, 2020

When it comes to industries, retail is the top performer with just 11% of invoices paid late. Ordered by rank for actual* payment terms (average payment terms + average late time): The post 1 in 6 invoices being paid late according to survey appeared first on UK Debt Collection News. A lucky third (33%) never experience late payments.

Construction 88

Construction Retail Manufacturing Banks 88

Fico Collections

JULY 11, 2022

How Omnichannel Communications Improve Debt Collection. There are dynamic shifts occurring in terms of how customers prefer to communicate with the companies that they do business with, especially when it involves debt collection. This is especially true when it comes to managing debt collection accounts. by AJ Travagline.

Collections 52

Collections Retail Banks 52

UK debt collections

NOVEMBER 13, 2020

In addition to seeking excess discounts and canceling orders, the vendors have revealed delayed payment practices in Transformers’ new report, “Ending Unethical Brand and Retailer Behavior: The Denim Supply Chain Speaks Up.” It suggests the economy is not in a normal shape.” ” $1.16

Retail 109

Retail Construction Bankruptcy Government 109

Fico Collections

MARCH 30, 2022

itelna, the Czech Republic’s oldest and largest bank, has modernized its operations by optimizing its decisions around customers in early collections. The use of FICO prescriptive analytics, in this case, debt collection optimization, has improved customer satisfaction and reduced agent call minutes by 25 percent. “As

Collections 52

Collections Housing Retail Retail Banks 52

Qualco

OCTOBER 25, 2023

This shift also reshapes the realms of credit and collections as a collaborative model, revolutionising how financial data is used. It drives personalised and beneficial services, enhances customer experience and improves financial and personal well-being. By Guy Statter , Country Manager, UK & Ireland at QUALCO.

Credit Management 98

Credit Management Debt Recovery Retail Banks 98