Enterprise Recovery
JANUARY 21, 2022
As part of setting up your accounts receivable department for success, it's important to define responsibilities, create job roles and policies to ensure things run smoothly. These roles and policies will include approving clients for credit, setting payment terms and approved methods of payment, invoicing procedures, and what to do if the client doesn't pay on time.
UK debt collections
JANUARY 10, 2022
UK’s Small Businesses are under serious threat and must act now according to one industry expert. It has been reported that 440,000 Small Businesses in the UK could be forced out of Business by a current late payment crisis. The Federation of Small Businesses (FSB) has called for urgent government intervention to improve the way small Businesses are paid.
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NCBA Law Practice Management Blog
JANUARY 26, 2022
Despite what you hear, time never appears to be on your side. And certainly, everyone is looking to maximize their time. In terms of business management, that means that you’re always looking to inc rease the volume of cases you can take on, which you can do by increasing your utilization rate. But, this all starts with achieving a level of personal efficiency, because: if you can’t be efficient yourself, it’s very difficult to ask others, including your staff and associates, to be more efficien
Account Recovery
JANUARY 31, 2022
Nearly one-third of people plan on using checks and cash less this year than they did last year or not using them at all, according to the results of a survey conducted this month to understand consumers’ payment preferences. The survey, conducted by Onbe, revealed that 74% of consumers prefer using digital options when making … The post Consumers Continue Abandoning Cash, Checks for Digital Payment Options appeared first on AccountsRecovery.net.
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
JANUARY 18, 2022
By Angela: A lot of what we do is simply understanding and reasoning with our consumers. We work hard to build rapport and keep relationships for our clients so that their consumers have a good experience with us. While some people have these pre-determined ideas of how we don’t understand nor care before calling us, the truth is we are everyday people, all facing similar battles.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Enterprise Recovery
JANUARY 14, 2022
While individuals attempt to keep their New Year's resolutions, new and growing businesses can also prepare for the year ahead. By setting up for success in January and February, you and your business are getting ahead of the curve so the rest of the year runs smoothly. This task list will set up success for business owners in the new year.
Consumer Finance
JANUARY 5, 2022
A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion together reported relief in response to less than 2% of covered complaints, down from nearly 25% of covered complaints in 2019.
Nexa Collect
JANUARY 24, 2022
The best time to assign an account to a collection agency is when the debt is right around 90 days past due. Why? You have given your debtor at least three billing cycles to pay the bill and resolve any billing disputes that may have occurred. At 90 days your own efforts have been pretty much exhausted , and the account is clearly in the default territory.
Account Recovery
JANUARY 27, 2022
The “Getting to Know” series is sponsored by Applied Innovation. Applied Innovation is helping to shape the future of accounts receivable management. Product development is driven by customer feedback, agency profitability and compliance and includes platforms addressing client portal access, document management, payment negotiation, Regulation E focused electronic payment authorizations and TCPA communication authorization platforms. … The post Getting to Know Alicia Sundstrom
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.
Sawin & Shea
JANUARY 19, 2022
Filing your taxes and filing for bankruptcy are two things that can be confusing and challenging on their own. When you put the two together, it can cause debtors even more stress. However, understanding the basics and what to look out for can make the whole situation a lot easier. Filing your taxes after filing for bankruptcy is not as complicated as it may seem, and if you are still confused after doing some research, you can always reach out to a bankruptcy lawyer.
Nerd Wallet
JANUARY 26, 2022
The early days of Airbnb, like the early days of the internet, were full of promise. Here was a way for travelers to see the world while meeting hosts and enjoying authentic experiences, all on a shoestring. Yet this promise, like the promise of the internet itself, has been corrupted by greed, lack of competition. Sam Kemmis writes for NerdWallet. Email: skemmis@nerdwallet.com.
Enterprise Recovery
JANUARY 28, 2022
To inspire entrepreneurship in a community that is least likely to receive startup funding, we've shared inspiring quotes from Black entrepreneurs who've had to overcome hardships to achieve success. Some key findings in the research for that article included a diversity report that found that only one percent of venture-backed founders were Black. The U.S. economy benefits from Black entrepreneurs and investing in more Black-owned businesses will reap rewards for all Americans.
Consumer Finance
JANUARY 19, 2022
Today, the Consumer Financial Protection Bureau (CFPB) announced it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students.
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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.
Nexa Collect
JANUARY 19, 2022
If you think that ignoring written demands and calls from a collection agency will spare you from all the consequences, then you are wrong. A debt collector has several ways to find your latest address, phone number, and employer information. This process is called skip tracing. Your credit card address, your USPS change of address, address on your most recent bills are collected by data aggregation companies and/or credit reporting agencies.
Account Recovery
JANUARY 27, 2022
GETTING TO KNOW ALICIA SUNDSTROM OF FINANCIAL CREDIT NETWORK Thirty-seven years. At the same company. Starting as an outside sales person and moving her way up to now owning the company. Alicia Sundstrom is exactly the kind of success story that makes the accounts receivable management company so unique and so special. The opportunity for … The post Daily Digest – January 27.
Prosperity Now
JANUARY 26, 2022
The Earned Income Tax Credit (EITC) is one of the nation’s largest anti-poverty programs.
Nerd Wallet
JANUARY 26, 2022
Labor shortages, shipping backlogs and slowed production — caused in large part by the ongoing coronavirus pandemic — have left business owners scrambling to source everything from couches and car seats to rubber and lumber. While current supply chain woes are unprecedented, they aren’t a complete anomaly. Supply chain disruptions are simply a fact of.
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.
Enterprise Recovery
JANUARY 7, 2022
Every year, we take a look back at the previous year's blog entries to learn more about what you, our readers, want to see. In 2020, we observed that our readers were interested in building out their own successful A/R departments and first-party collections efforts. We're here to help! Use the top accounts receivable and business collections posts of 2021 to increase cash flow in 2022.
Consumer Finance
JANUARY 25, 2022
Today, the Consumer Financial Protection Bureau (CFPB) launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies. Today’s request is a chance for the public to share input that will help shape the agency’s rulemaking and guidance agenda, as well as its enforcement priorities in the coming months and years.
Nexa Collect
JANUARY 12, 2022
If you plan to outsource your accounts receivable to an aggressive collection agency, then kindly read this article and be aware of all the risks you are taking. Times have changed when collectors could easily put aggressive pressure on debtors or use forceful tactics to recover your money, without any repercussions. There are well-defined debt collection laws, both at the federal and state level, that prohibit debt collection companies from using abusive, unfair or deceptive practices to collec
Account Recovery
JANUARY 28, 2022
A defendant in a Fair Debt Collection Practices Act case may have won the battle in having its motion for summary judgment granted for lack of standing, but could end up losing the war after a Magistrate Court judge granted a plaintiffs’ motion for Reconsideration, Correction, and Remand, sending the case back to state court. … The post Judge Grants Motion for Reconsideration and Remands FDCPA Case Back to State Court appeared first on AccountsRecovery.net.
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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.
Jimerson Firm
JANUARY 27, 2022
Chapter 712 of the Florida Statutes, commonly known as the Marketable Record Title Act (“MRTA”) was enacted in 1963 with the goal of simplifying the transfer of property by extinguishing certain covenants and restrictions after thirty years. This poses a challenge for homeowners’ and community associations as it can inhibit their ability to govern the community, collect dues, and enforce restrictions.
Nerd Wallet
JANUARY 7, 2022
You probably know to plan and save for the big and boring expenses, aka financial needs. But what about the fun stuff? Expenses that don’t put a roof over your head, but do provide joy, rejuvenation and other hard-to-quantify benefits are worth saving for, too. In fact, they deserve their own account, says Delia Fernandez, Laura McMullen writes for NerdWallet.
Credit Corp
JANUARY 25, 2022
According to Pew Research, 44% of people believe the financial impact of the COVID-19 pandemic is long-lasting. They believe it’ll take them three years to recover to pre-pandemic financial situations. Whether you’re in that group or don’t think the pandemic hit you financially, making financial resolutions for the new year can be a positive practice.
Consumer Finance
JANUARY 12, 2022
The Consumer Financial Protection Bureau (CFPB) today released a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills.
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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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