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Debt collections between businesses (B2B) is the recovery of overdue payments for goods or services provided to another company. Understanding the intricacies of B2B debt collections is essential for businesses to manage their cash flow effectively and maintain healthy financial relationships with their clients. Businesses of all sizes often face delayed payments, invoice disputes, and communication difficulties.
The debt collection industry is a vital part of the US economy. And for many businesses, it is a critical part of the overall accounts receivables process. Many small businesses and larger organizations rely on the expertise and efforts of third-party collection agencies every day. And for good reason. Collection agencies are recovering substantial amounts of consumer debt and helping those businesses drastically improve much needed cash flow.
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.
Two weeks ago we were sent this large debt to collect from a large industrial company. There was no dispute and they had promised payment countless times to our client before we became involved. So I called them and emailed them threatening to serve a Statutory Demand. About 5 minutes later I received a call from their lawyer promising to pay the full amount that day.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
The Attorney General of Pennsylvania yesterday announced she has filed a lawsuit against the owner of 20 apartment complexes, accusing it of unlawful leasing and illegal debt collection practices.
The Consumer Financial Protection Bureau (CFPB) today ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law.
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The Consumer Financial Protection Bureau (CFPB) today ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law.
The Community Reinvestment Act (CRA), enacted in 1977, is a key piece of legislation meant to ensure that underserved communities get equitable access to credit. In late October, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a final rule updating the regulations governing the CRA—the first such reform in over 25 years.
When you’re in the process of hiring a debt collection agency for your organization, there are no doubt many questions on your mind. Hiring a new agency for your business can be a big step because of the important role they play in the overall health of your business. Generally speaking, many businesses are concerned with how effective their debt collection efforts will be, how their customers will be treated, the protection of data and if the agency has a level of proficiency within their
Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. The latter grapple with this formidable challenge amidst evolving regulatory norms and economic instability. Last year, discussions around the standardisation of insolvency laws across the European Union garnered substantial attention.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Generally, you should aim to spend under 30% of your gross monthly income on rent. Table of Contents How Much Rent Can I Afford?
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
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?
While not all incidents of theft are prosecuted in the criminal system, Florida’s civil system has two causes of action that allow a person or entity to pursue the theft of either money or personal property. These two causes of action are Conversion and Civil Theft, and while they are similar in some regards, there are also stark differences that affect important aspects of a claim, such as the amount of damages available and a plaintiff’s burden of proof.
A record number of businesses closed across the UK last year, official figures have shown. The data from the Office for National Statistics (ONS) also reveals that the so-called business death rate surpassed the “birth rate” of new businesses being founded in 2022 for the first time since 2010. The figures show 345,000 businesses across the UK shut their doors in 2022 – a 5% increase on the 328,000 that closed in 2021, and the highest figure since records began in 2002.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
It’s hard to believe that the year is already winding down, but consumer debt certainly isn’t. And not having the right collection partner today can equate to missed recovery opportunities tomorrow. So what makes the end of the year such an important time to evaluate your current collections partner? Let’s take a look at some of the timely factors. Why Evaluate Your Collection Partner in Q4?
Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Snapshot: While this card does offer some limited cash-back perks, its real purpose is as a credit-building card. If you have poor or bad credit and want a Visa you don’t need a security deposit for, this may be an option to consider.
The Court of Appeals for the Eleventh Circuit yesterday overturned a lower court’s ruling that the Fair Credit Reporting Act and followed a number of other Appeals Courts in ruling that the Act does not require individuals demonstrate proof of actual damages in order to recover statutory damages.
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.
Companies often shop for payment processing services based on cost. For many businesses, especially those in regulated industries, using this criteria may not lead you to the best payment software for your company. This is because not all payment processing services are the same. Some payment softwares are designed with specific industries in mind and don’t offer the payment processing services your consumers and your office require (or include features you’ll never need).
As we look ahead to 2024, small business accounting software is expected to grow even more. More and more UK small businesses are becoming more reliant on technology than ever before. Whether you’re a small business owner or run a large corporation, using the right accounting software can be the difference between success and failure. The best accounting software can simplify your financial processes, help you stay organized, and even enable you to make better business decisions.
The New York City Department of Consumer and Worker Protection (NYC DCWP) just released an updated proposed amendment to its rules relating to debt collection. This updated amendment changes significantly more than the first proposed amendment released by NYC DCWP last year. Interestingly, this update contains revisions that are similar to the New York Department of Financial Services (NYDFS) proposed amendments to New York’s debt collection law, 23 NYCRR 1, that NYDFS released last year.
Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers. Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Snapshot: This card is great if you have a weaker credit score and are looking to access a potentially larger line of credit than most credit cards for
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.
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?
The Consumer Financial Protection Bureau (CFPB) today ordered Toyota Motor Credit Corporation to pay $60 million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments.
Time is money. This is especially true for financial transactions between companies, where delays cause significant losses and missed opportunities. By eliminating the hurdles of traditional payment methods, business-to-business Automated Clearing House (B2B ACH) payments create a swift, secure way to navigate modern business operations. Business to Business ACH Debit Transactions B2B ACH refers to electronic payments made through an automated clearing house network – these are often facilitated
Small business owners have revealed that cash flow is the biggest challenge for nearly half of the respondents. Almost half (48%) of small to medium enterprises cited cash flow as the largest single challenge their business was facing, according to research by Millbrook Business Finance. This was followed by the cost-of-living crisis (32%) and energy prices (30%).
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.
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