Enterprise Recovery

MARCH 21, 2024

Are you finding it challenging to get your clients to pay their invoices on time? Delays can be frustrating, impacting your cash flow and potentially causing financial strain. Several effective strategies can be implemented to streamline your payment process and ensure timely payments from your clients. Check out these five effective strategies to improve your payment process and boost your cash flow.

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American Profit Recovery

MARCH 15, 2024

Many organizations and commonly small businesses will attempt to get customers to pay on outstanding invoices through various methods. However, for a wide range of reasons, small businesses can struggle to get timely payments, which ultimately affects cash flow. One method that many small businesses have employed over the years is taking customers to small claims court.

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Taurus Collect

MARCH 5, 2024

Ignoring debt collectors may seem like a temporary solution to financial woes, but it often leads to more severe repercussions down the line. Engaging with a debt collections service is a crucial step towards managing and settling outstanding debts. This article aims to demystify the consequences of overlooking debt collectors and to provide insights into how debt collection services operate within the UK’s legal framework.

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Debt collector Asset liquidation Debtor Education 52

Collect More

MARCH 25, 2024

This, my friends, is a billion dollar question. And here is the billion dollar answer- they don’t NEED to. Create the need and you’ll be paid. How else do you explain the $2.5 million dollars we collected in 2023 within 1 day of receiving the debt. 1 phone call or 1 email. $2.5 million dollars. That’s right- they had the money all along.

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Debtor Collections 100

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

American Profit Recovery

MARCH 13, 2024

A healthy debt collection process helps businesses of all sizes maintain positive cash flow which is critical for many reasons. Cash flow is the backbone of any size business and positive cash flow keeps a business healthy and strong. It allows for consistent operations, a healthy bottom line, meeting the needs of your workforce and the confidence to know that you have the resources to grow if needed.

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Enterprise Recovery

MARCH 1, 2024

When selecting an outsourcing partner for your accounts receivable needs, it is essential to explore a variety of key factors to ensure a successful partnership. Understanding your business needs is only the first step in this process. By clearly identifying your goals, objectives, and the level of support required, you can better evaluate potential partners that align with your specific requirements.

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Collection Agencies Collections Agency Collections 147

Consumer Finance

MARCH 4, 2024

The Consumer Financial Protection Bureau (CFPB) ) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers.

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Optio Solutions

MARCH 19, 2024

Compliance and Brand Protection: A Moving Target Reputable collection agencies specialize in navigating the ever-changing landscape of debt collection regulations. While the Fair Debt Collection Practices Act (FDCPA) sets a national baseline, many states have additional regulations that can be complex and constantly evolving. Keeping up with these changes internally can be a significant burden… The post The Role of Collection Agencies in Business Debt Recovery appeared first on Optio.

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Collection Agencies Collections Agency Debt Recovery Collections 105

Qualco

MARCH 12, 2024

By George Fertakis , Senior Business Consultant at QUALCO. In our recent study on the collections sector conducted in partnership with Deloitte France, difficulty in finding the right staff emerged as a key challenge for respondents, both among those managing Banks’ collections departments and those overseeing servicing operations. This seems to be a recurring theme.

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Collections Debtor Banks Loans 105

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.

Banks

American Profit Recovery

MARCH 11, 2024

If your organization is burdened with negative cash flow, your ability to keep customers current in their financial obligations becomes mission critical. Approaches to achieving that and getting customers to pay you regularly differ. Many organizations still rely on in-house debt collection teams as part of their accounts receivable program. While in theory, this may have moderate benefits, relying on internal resources for all your collection activity may ultimately be a negative.

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Account Recovery

MARCH 7, 2024

I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support.

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FFGN COLLECT NY

MARCH 25, 2024

CNN reporter Fredericka Whitfield interviewed Jocelyn Nager, President of Frank, Frank, Goldstein & Nager. At the time of the interview, Press had indicated that it may not be possible for the former President to bond the State’s almost Five Hundred-Million-dollar ($500,000,000.00) judgment. If the bond cannot be posted and execution of the judgment is not stayed, the judgment can be enforced here in New York and elsewhere.

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Lawyers Judgment Collections Judgment Enforcement 98

Consumer Finance

MARCH 10, 2024

Many student loan borrowers have an opportunity to have their entire student loans cancelled or receive more credit towards cancellation, but they must act before April 30, 2024.

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Student loans Student Loans Loans 136

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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.

Collection Agencies

Troutman Sanders

MARCH 15, 2024

On March 14, Virginia Governor Glenn Youngkin vetoed House Bill (HB) 418 that would have created a vehicle for class actions in Virginia state courts and would have broadened statutory damages under the Virginia Consumer Protection Act (VCPA). The bill could still become law if two thirds of both chambers vote to override Youngkin’s veto, but the bill originally passed the House with only 51 “Yes” votes to 49 “No,” and passed the Senate 21 to 18.

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Fair Debt Collection Collections 98

Roths Child Law

MARCH 17, 2024

Some people think of their health insurance as an assurance that they won’t ever have to face exorbitant medical care expenses. Unfortunately, catastrophic health conditions can quickly result in thousands of dollars in medical expenses, even for those who have insurance. People who are facing healthcare costs that are so high they can’t conceivably pay their bills may realize they have to do something before they drown in debt.

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American Profit Recovery

MARCH 9, 2024

Building a career in the debt collection profession can offer so many rewards and benefits for people who are looking for a stable career with growth opportunities. By forging a career in debt collections, you have an opportunity to work in an industry that is not only financially rewarding but gives you tremendous opportunity to help people daily. The debt collection industry has made dramatic changes in recent years.

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Account Recovery

MARCH 18, 2024

A bill has been introduced in both chambers of Congress that would mandate a 32-hour workweek — with no corresponding loss in pay — for full-time workers in the United States, as a means of allowing employees to share in productivity gains that technology has created over the past several decades.

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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.

Qualco

MARCH 14, 2024

NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.

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Consumer Finance

MARCH 26, 2024

The Consumer Financial Protection Bureau issued a new circular warning remittance transfer providers that false advertising about the cost or speed of sending a remittance transfer can violate federal law.

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Troutman Sanders

MARCH 1, 2024

According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA), and complaints filed with the Consumer Financial Protection Bureau (CFPB) were up double digits percentages from December 2023. The biggest jump was in TCPA filings, which increased by 78.6%!

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Fair Debt Collection Collections 98

UK debt collections

MARCH 5, 2024

UK Business insolvency could increase by 10% this year, according to research by Allianz. The insurer’s global insolvency outlook revealed that 15% of small and medium-sized businesses in the UK are at risk of going bust, the highest proportion in Europe. This is compared to 14% in France, 9% in Italy, and 7% in Germany. Sectors such as retail, manufacturing, construction, and real estate are particularly vulnerable due to weaker demand and higher borrowing costs.

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Construction Manufacturing Retail 93

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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.

Collections

True Accord

MARCH 5, 2024

Today’s current economic climate is already influencing consumer spending and credit in 2024, and is becoming a hot topic for businesses seeking to engage past-due customers. Economic Growth in 2023, But Slowdown Expected in 2024 Last year proved that the US consumer has been very resilient to the rumblings of a potential recession and continued to spend with surprising growth all the way through the end of 2023.

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Account Recovery

MARCH 11, 2024

The Attorney General of California today announced he is throwing his support behind a bill in the state legislature that, among other provisions, would prohibit medical debts from being reported on consumers’ credit reports. The bill goes as far as to prohibit the credit reporting agencies from even accepting information about consumers’ medical debts.

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Healthcare 235

Credit Corp

MARCH 26, 2024

Money orders and cashier’s checks are both payment methods similar to personal checks. However, a money order is issued and guaranteed by the retailer where it was purchased, while a cashier’s check is issued and guaranteed by a bank. Money orders and cashier’s checks are payment methods that look much like personal checks. Their similarities may make it difficult to choose between a money order versus a cashier’s check.

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Consumer Finance

MARCH 25, 2024

The CFPB is working to be a leader when it comes to building agency capabilities to address transformative technologies.

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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.

Collections