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Collecting debt is just something a business of any size will have to do. It would be nice if all consumers paid their bills on time but the reality of running any business means you’ll have to deal with late and nonpaying customers. The topic of customers who do not pay can also be emotional, especially for small businesses. Many operating businesses just like you have developed deep relationships with customers over the years and when the payments do not come in, that strikes an emotiona
A swathe of major contractors are still failing to pay invoices on time , according to their own payment data. Build UK has compiled fresh payment-performance data on a range of tier one and specialist contractors, as well as clients, that have filed the information under the government’s Duty to Report on Payment Practices and Performance. Of the companies included on the list, 49 out of 123 said they paid at least a fifth of their invoices late.
In this episode of Payments Pros , Keith Barnett welcomes his colleagues Rich Zack and Christy Tuttle to discuss how U.S. government sanction programs impact payment processors, banks, and the payments industry in general. Keith, Rich, and Christy discuss the current atmosphere of sanctions in the payments industry and the recent joint guidance issued to banks by the OCC, the Fed, and FDIC.
You have no doubt seen or read about how individuals who are the subject of enforcement actions at the state and federal level are often permanently banned from engaging in those activities moving forward. But do those bans apply only to the states in which they were signed? Or does it apply everywhere?
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?
Many organizations we encounter have waited far too long to implement a solid debt collection program. Because of this, many businesses suffer negative cash flow and these issues could have been prevented by being proactive with their collection activities. One of the main reasons we see businesses of all sizes hesitate on collection activity is because many feel they will alienate their customers and damage their reputation.
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Many organizations we encounter have waited far too long to implement a solid debt collection program. Because of this, many businesses suffer negative cash flow and these issues could have been prevented by being proactive with their collection activities. One of the main reasons we see businesses of all sizes hesitate on collection activity is because many feel they will alienate their customers and damage their reputation.
The CFPB published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches.
Complaint Accuses Collector of Continuing to Try and Collect After Plaintiff Says Debt Not Hers Class Action Filed Against CRAs Over $500 Medical Debt Reporting Floor CFPB Calls Out Apple and Google as ‘Choke Points’ in Mobile Payments Minn.
The average American net worth varies due to many factors, with some people making far more than others. If you’re behind the national average, it may seem difficult to catch up, but whether you have bad credit or a lot of debt, you can still begin building your net worth by learning how to generate passive income. Passive income is a great way to generate more income, pay down your debt, and start saving and investing for your future.
Keeping a credit card on file is a convenient best practice for companies that know they will need to take payments later, once an order has been fulfilled or work is completed. What Does Card on File Mean? Card on file (COF) transactions allow companies to capture and store payment details from customers. The details are securely stored so the business can process transactions in the future without requesting those same details again.
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.
The Attorney General of Minnesota yesterday announced that he has opened investigations into 52 different student loan debt relief companies that are suspected of violating Minnesota law. Many of the companies, which are based in California, appear to be offering debt settlement services to individuals in Minnesota without first registering with the state.
Grandparents' Day (September 10) is a time to celebrate and connect with our grandparents and older loved ones in our lives—and support them with critical policies that help them to care for future generations. Grandparents look different in every family and 65 looks different on everyone. If you are lucky enough to still have them, your grandparents may be still working, enjoying a new part-time job, or are retired and no longer working.
Law firms have quite a few options for getting their first, or a revised, website built (rebuilt). So, if it’s time to formalize ( reformalize ) your web presence, your website still needs to be the anchor – let’s talk over some courses of action. The most obvious option for design ing a website is doing it yourself (DIY); but, let’s be real – even if you’re the best website designer in the world, you still don’t want to do it.
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.
In Hansen v. Mountain America Federal Credit Union , the plaintiff became delinquent on a credit card account with her credit union. The credit union then assigned the debt to a third-party collection agency. Following the assignment, the collection agency opened its own tradeline for the debt, while the credit union also continued to report the debt.
Getting to Know Bekah Luebcke of Crown Asset Management Judge Denies Defendant’s Bid for Sanctions in FDCPA Case Over Failure to Remove Dispute Notification Collection Law Firm President Has License Suspended, Under Criminal Investigation: Report Minn.
A small district council in Lincolnshire has written off £1.35m deemed as ‘uncollectable’ by officials. South Holland District Council (SHDC) took the steps after debt collection efforts failed results in debts not being paid. The uncollectable debt relates to a number of different financial matters – including council tax, business rates, sundry debts and overpayment of housing benefit.
People file for bankruptcy for any number of reasons, from job loss to unpaid medical bills to an unaffordable mortgage. If you’re considering filing for bankruptcy, you’re not alone; roughly 375,000 people filed for bankruptcy in 2022, and home foreclosure filings rose 115% in 2022 over the number of foreclosures in 2021. To many people, the most alarming thing about filing for bankruptcy is the possibility that they will lose their home.
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.
Join us for the first episode in a special three-part series covering the CFPB’s intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave Gettings, Ethan Ostroff, and Kim Phan explore the historical events that led us to this point, the next steps in the rulemaking process, the expected timeline for a final rule, how the CFPB is coordinating with the FTC and other regulators, and the expected proposed rulemaking regar
The Consumer Financial Protection Bureau has reached a proposed settlement with 85 of its employees who sued the agency alleging employment discrimination because the Bureau allegedly paid minority employees less than their White counterparts while also retaliating against those who complained about the pay and working conditions.
If you’re struggling with personal debt, you may be searching online for ‘debt relief order UK’ looking for a solution to your troubles. Well, first of all, it’s important to note that in order to apply, you must have lived in England or Wales in the last three years, as stipulated by the government. At the time of writing you cannot currently apply for a debt relief order (a DRO) in Northern Ireland, or Scotland where the Minimal Asset Process is arguably the nearest equivalent.
The 7th Circuit recently issued a decision in Smith v. First Hospital Laboratories, Inc., holding that in some “narrow situations” a fax offering to buy a product or service might be considered an advertisement under the TCPA if the fax also refers to a related offer to sell another product or service.
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.
Join us for the first episode in a special three-part series covering the CFPB’s intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave Gettings, Ethan Ostroff, and Kim Phan explore the historical events that led us to this point, the next steps in the rulemaking process, the expected timeline for a final rule, how the CFPB is coordinating with the FTC and other regulators, and the expected proposed rulemaking regar
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?
A combination of inflation and climbing interest rates seems to be stretching consumers’ balance sheets, but it’s not clear yet whether they’re getting to a breaking point. Newly released data from WalletHub says U.S. consumers took on $43 billion in additional credit card debt during the second quarter of this year, ending in June.
?️ On today's episode of NACM's Extra Credit podcast:⚖️ Subchapter V small business bankruptcies are up 43% year-over-year in August, the 13th consecutive month of increase. This upward trend is likely to continue through the rest of the year and beyond.
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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