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The following is an excerpt from our recent ebook, Ten Critical Questions: The Buyer’s Guide to Digital Debt Collection Solutions. To download the full ebook, click here. Consumer behavior and expectations have undergone significant changes over the past few years – trends that COVID has only accelerated. For lending organizations, the end result of these changes is that digital collections have shifted from a “nice to have” into a must-have.
Nope, you aren’t imagining things- it really is that hard getting paid at the moment! The old January hangover- happens every time. This January however seems to be worse than normal so if you are chasing outstanding invoices from last year, just know that you most certainly are not alone. So now that we have identified the problem, how do we fix it?
There is no shortage of ways in which the COVID-19 pandemic has changed the way business is done around the world in 2020, and that is definitely true for anyone operating in the collections industry. Like most businesses around the globe, collections agents have had to change the way they go about their jobs, and the ones that have adapted best to this new normal are going to be the same ones that come out the other side of the pandemic on solid footing.
EDITOR’S NOTE: The following article was originally published by Jamie Welsh at Harvest Strategy Group and is re-published here with the company’s permission. When the pandemic hit, we as an industry first looked inward ensuring the safety of our staff and their families and then towards making sure that they could securely and effectively operate … The post Guest Post: Pandemic Heightens Importance of Vendor Oversight appeared first on AccountsRecovery.net.
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?
If you're in sales, and we all are, you've heard the expression that it's cheaper to retain a customer than to get a new one. Sales and marketing is expensive and retention is easier because the relationship has already been established. Instead of losing customers, especially SaaS customers that have been working with you for months or years, let's try to understand why they're leaving.
The year 2020 has been a long and stressful road for so many in business. We are sad to see what this past year has done to so many businesses that appeared to be thriving at the beginning of 2020. While many businesses can understand and prepare for the ups and downs of the economy, we have yet to find anybody that had a plan in place for what a pandemic could do to business.
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The year 2020 has been a long and stressful road for so many in business. We are sad to see what this past year has done to so many businesses that appeared to be thriving at the beginning of 2020. While many businesses can understand and prepare for the ups and downs of the economy, we have yet to find anybody that had a plan in place for what a pandemic could do to business.
At tax time, it’s often hard to predict how much you’ll owe or receive in a tax refund without actually doing your taxes. But there are some telltale red flags that can mean an unwelcome tax surprise is headed your way, tax pros say. Here’s how to spot the signs — and how to keep. Tina Orem writes for NerdWallet. Email: torem@nerdwallet.com. The article 4 Signs You’re About to Get a Tax Surprise originally appeared on NerdWallet.
The Seventh Circuit Court of Appeals continued its assault on standing in Fair Debt Collection Practices Act cases yesterday, affirming a District Court ruling that a plaintiff lacked standing to sue a debt collector because she did not try to show an intent to dispute a debt while suing because she was confused about how … The post Seventh Circuit Issues Another Ruling on Standing, Affirming Lower Court Dismissal appeared first on AccountsRecovery.net.
Staying in business can be as simple as pulling out the steamy croissants from the oven right when the timer rings just before your bakery opens or as complicated as the daily coordination of a supply chain that involves numerous moving pieces and partners. We have mentioned the challenges faced by accounts receivable before, but one item stands out as a recurring and headache-causing problem: predictability of timely receipts.
Cash flow is the backbone of any business, including yours. It does not matter the size or nature of your organization. Without healthy cash flow, your business will suffer in many ways. Staying on top of this and ensuring your business is always working in positive cash flow should be one of your top concerns if you are running any size business. As a collection agency working with large businesses and small organizations, we tend to be on the front lines of helping these companies improve cash
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.
Budgeting is a pain. But what’s more painful is a bill you can’t easily pay, debt that costs a fortune or not having enough money to retire. Fortunately, you can have a useful, working budget without watching every penny. Automation, technology and a few simple guidelines can keep you on track. The following approach works. Liz Weston writes for NerdWallet.
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 Robert Salmon of
It happens. A collections notice shows up, a debt collector starts calling or you find a negative report on your credit history, but you know you paid the account in question. Can you sue a company for sending you to collections for money you didn’t owe? Find out more about what the law says about your rights when it comes to protecting your credit history.
This series has provided a high-level overview of various options and considerations available to lenders during the current uncertainty surrounding lending in the hospitality industry. It is without question that lending institutions will see significant changes as a result of COVID-19 and with the incoming presidential administration. The first-half of this series evaluated considerations for lenders faced with borrowers who were unable to meet their mortgage and loan obligations.
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 afford a house if you’re a first-time buyer. The Biden administration has a plan for that: giving first-timers up to $15,000 to apply toward a down payment. Frustrated would-be homeowners might favor that proposed solution. But it almost surely would drive house prices even higher. The proposed First Down Payment Tax Credit. Holden Lewis writes for NerdWallet.
The California Department of Financial Protection and Innovation (DFPI) came out swinging yesterday with its first major action, issuing subpoenas to a dozen companies in the accounts receivable management industry, investigating consumer complaints about alleged unlawful, unfair, deceptive, or abusive collection practices. The companies that were issued subpoenas are: Portfolio Recovery Associates, Encore Capital Group, … The post New California Regulator Launches Investigation Into Colle
As of November 2020, the IRS had received more than 168 million tax returns for the 2019 tax year. More than 72 million—roughly 42%—were self-prepared tax returns. Discover how to do taxes yourself in the guide below so you can decide if self-preparation is the way to go for you. 10 Steps for Doing Taxes Yourself. 1. Understand the Filing Deadlines 2.
In traditional lending and loan servicing, it is commonplace for loans to be assumed, assigned, or sold. Most lenders are likely familiar with these servicing actions, and many lenders have their own requirements and procedures for handling each of them. However, when servicing a Small Business Association (“SBA”) loan, lenders and CDCs must be cognizant of the applicable SBA protocols and handle each of these servicing requests in accordance with the SBA’s loan program requirements.
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.
Purchasing insurance may not be as fun as choosing new furniture and paint colors, but it’s a critical part of the homebuying process. Your homeowners insurance policy is a financial safety net in case of a disaster, so you’ll want to ask a few important questions to make sure you have the coverage you need. Sarah Schlichter writes for NerdWallet. Email: sschlichter@nerdwallet.com.
A new president will take office today, and whether you are happy or sad about that, it likely will mean changes are coming for the accounts receivable management industry. To paint a picture of what changes might be on the horizon, AccountsRecovery.net reached out to a number of industry veterans and asked them to share … The post Industry Experts Make Predictions for Biden Administration’s Impact on ARM Industry appeared first on AccountsRecovery.net.
It’s safe to say 2020 was a pretty hard year for everyone financially. Even if your wallet hasn’t taken a hit in the last few months it’s likely either your employer or someone in your family has found themselves stretched financially by the effects of COVID. No point dwelling on the past, though. We may not be able to go back in time and stop COVID happening and ruining our 2020, but we can ensure we’re at least in a better position financially in 2021, avoiding bad credit scores and getting ou
Subcontractors are often stuck in a situation where the general contractor refuses to pay them because the general contractor has not been paid by the owner. In support of their refusal to pay, general contractors may rely on a “pay-if-paid” provision in the subcontract. Due to the risk of nonpayment, many subcontractors are reluctant to agree to such a provision.
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.
Though it’s increasingly legal, marijuana can still raise red flags for life insurance companies. While some insurers don’t mind covering you if you use pot, others will charge you higher rates or deny your application outright. About 22.2 million Americans use marijuana every month, according to the Centers for Disease Control and Prevention. It’s now.
The Consumer Financial Protection Bureau on Friday released a new resource related to its debt collection rule, this one aimed at helping smaller collection agencies comply with the rule once it goes into effect this November. At a brisk 87 pages, the Small Entity Compliance Guide to the Debt Collection Rule is far easier to … The post CFPB Releases Small Entity Compliance Guide For Debt Collection Rule appeared first on AccountsRecovery.net.
by Paul Alan Levy. In a decision issued his afternoon, Judge Barbara Rothstein has denied a motion by the infamous web site Parler seeking a preliminary injunction compelling Amazon to reverse its decision to terminate its hosting of Parker web site. The judge agreed with Amazon that, under its hosting contract, Parler was subject to suspension, and to termination without notice, if it allowed contents that are “illegal, that violate the rights of others, or that may be harmful to others,” inclu
Accounts receivable businesses have a unique relationship with consumers. Often, you find yourselves collecting a bill that consumers may not be excited to pay for a good or service that has already been delivered. Making payment as easy as possible will go a long way towards fast resolution and higher debt recovery rates. . Understanding the basic elements of how to improve customer experience is simple.
CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.
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