Enterprise Recovery
NOVEMBER 8, 2024
As the new year approaches, businesses often must adjust their rates. These changes could be driven by factors such as inflation, increased operational costs, or the need to invest in new technologies and services. For B2B companies and SaaS providers, staying competitive and maintaining high service standards often require periodic rate evaluations.
Account Recovery
NOVEMBER 18, 2024
Granted, this appears to be available in England only for now, and it’s intended to fight fraud and scams, but it’s likely only a matter of time before it makes its way westward to the United States and could possibly be deployed against collection calls. England’s largest cellphone carrier has unveiled a new technology that could pose a new challenge for debt collectors.
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American Profit Recovery
NOVEMBER 20, 2024
If you’re running any type of business, negative cash flow does not just happen. There are always red flags of negative cash flow that give you an indication of a problem within your organization. Negative cash flow can rapidly disrupt a small business’s operations. Many businesses struggle to keep a consistent client base and have slim margins, which means it’s important to keep a close eye on cash flow.
Consumer Finance
NOVEMBER 13, 2024
The CFPB took action against Global Tel Link Corporation and its subsidiaries for taking millions of dollars from consumer accounts and blocking money transfers to consumers who are incarcerated.
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.
Qualco
NOVEMBER 5, 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.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Enterprise Recovery
NOVEMBER 15, 2024
Following up on past-due invoices and delinquent accounts can be a full-time job. However, it is invaluable to your business's bottom line. If you're considering outsourcing debt collections or handling them in-house, this post can help clarify the benefits of outsourcing. Outsourcing B2B debt collection can transform your financial operations by bringing in expertise, reducing costs, and freeing up valuable internal resources.
Account Recovery
NOVEMBER 11, 2024
The Accounts Receivable Management and Revenue Cycle Management sectors are navigating significant headwinds that are reshaping how debts are collected heading into the final weeks of 2024, according to a report released recently by Corporate Advisory Solutions. Rising delinquencies, the return of student loan payments, and evolving credit reporting rules for medical debt are driving change across these sectors, which industry professionals need to keep in sharp focus.
True Accord
NOVEMBER 13, 2024
With its growing popularity, one Buy Now, Pay Later (BNPL) faced challenges with the complexity of managing late-stage collection—a hurdle many start-ups face since the majority of a scaling company’s resources are dedicated to bottom-line business goals rather than debt collection. So as the BNPL continued to expand, accounts overdue by 90 days or more accumulated without a scalable strategy for resolution, making the BNPL vulnerable to revenue loss.
Consumer Finance
NOVEMBER 6, 2024
The CFPB took action against Navy Federal Credit Union for charging illegal overdraft fees.
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.
Qualco
NOVEMBER 4, 2024
As the financial sector rapidly evolves, driven by technological advancements, loan origination processes are experiencing profound changes. A key development is the growing adoption of Loan Origination Systems (LOS), which have become essential tools for financial institutions. According to recent forecasts from Future Market Insights , the global loan origination software industry is projected to grow at a CAGR of 13.4% from 2023 to 2033, reaching a market size of US$ 17,505.7 million by 2033.
UK debt collections
NOVEMBER 4, 2024
New research has shown that debt collectors are breaching national standards in 6% of visits to individuals facing enforcement. The study into doorstep interactions in civil enforcement – published by the Enforcement Conduct Board (ECB) – found a noticeable area in which the standards are least commonly met is in acknowledging and taking into account self-identified or obvious vulnerability.
Enterprise Recovery
NOVEMBER 1, 2024
With just a few months left of the year, it's time to ensure that your business is well-prepared. Careful planning and allocation of financial resources can help your business seize new opportunities, overcome potential challenges, and achieve its growth objectives. By creating a financial roadmap that supports sustainable development and long-term success, you're positioning your business to thrive in the coming year.
Account Recovery
NOVEMBER 15, 2024
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? Call (855) WEB-RECON or email admin@webrecon.net today!
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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.
Prosperity Now
NOVEMBER 19, 2024
Entrepreneurship is never an easy path, but it can be a transformative one, especially for those in underserved communities who face unique challenges in accessing resources and opportunities. Arturo Noriega, Founder and CEO of Centro Community Partners, has dedicated his work to breaking down these barriers.
Consumer Finance
NOVEMBER 12, 2024
The CFPB issued its first results from its Student Loan Borrower Survey, providing insights into the effects of student loan debt relief programs and the challenges borrowers face in navigating repayment options.
Hudson Weir
NOVEMBER 18, 2024
Find out how a freezing order works in this guide and learn about the options for business recovery after a creditor has blocked access to the company’s cash or assets. What is a freezing order exactly? Courts may grant a freezing order after a successful application from a creditor to deny directors access to their company’s cash or assets of an equivalent value to the debt.
UK debt collections
NOVEMBER 19, 2024
Research by Forvis Mazars has found that insolvencies of logistics companies’ have risen 14% in the past year, from 464 in 2022/23 to 530 in 2023/24. Many logistics businesses were set up during the pandemic to meet the sudden rise in demand for home delivery. As this surge in demand reversed, some of these companies are struggling to survive. In May 2020, during the height of the pandemic, internet sales made up 34% of all retail sales.
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.
FFGN COLLECT NY
NOVEMBER 17, 2024
Strapped for cash, MyPillow CEO Mike Lindell took at least two merchant cash advances. Because Lindell’s companies defaulted on payments, suits were filed in New York alleging MyPillow-related entities and Mike Lindell as a personal guarantor defaulted on the loans. Sometimes businesses that do not qualify for traditional loans look for alternative forms of funding.
Account Recovery
NOVEMBER 20, 2024
A District Court judge in Ohio has granted a defendant’s motion to vacate an entry of default that was filed against it in a Fair Debt Collection Practices Act case, ruling that the defendant’s failure to respond to the plaintiff’s complaint did not constitute culpable conduct and that the case should be decided on its merits. The background: The plaintiff was involved in a car accident in 2022 and his vehicle was deemed a total loss.
Prosperity Now
NOVEMBER 18, 2024
Starting a business is never easy, and for entrepreneurs of color, the journey is often filled with unique challenges. Bianca Jackson, founder of BrickRose Exchange, shares her journey, the hurdles she's faced, and her vision for a future where technology and innovation empower all entrepreneurs.
Consumer Finance
NOVEMBER 12, 2024
The CFPB released a study revealing significant disparities in how lenders treat Black and white small business owners seeking loans.
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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.
NCBA Law Practice Management Blog
NOVEMBER 17, 2024
If you’re a solo attorney – whether that’s a true solo (just you & no team) or a solo, with non-attorney staff help – it’s definitely a scary proposition to hire your first attorney. Some solo lawyer s , in fact, never do it. They just can’t get past the fear. But, if you can make that hire, and make it successfully, that’s like adding lighter fluid to the fire of law firm growth.
UK debt collections
NOVEMBER 5, 2024
The number of Welsh companies with overdue invoices on their books reached a 2024 high in September, according to new research from R3, the UK’s insolvency and restructuring trade body. Analysis of data provided by Creditsafe shows that 18,360 Welsh businesses had unpaid invoices on their books last month – the highest monthly total of the year so far.
Credit Corp
NOVEMBER 15, 2024
Being tight on cash when your credit card is due can be stressful. You may wonder if you can use another credit card to cover the upcoming payment. Unfortunately, most lenders don’t accept credit card payments. But that doesn’t mean you’re out of options. You can try using a cash advance or transferring the balance to a different card.
Account Recovery
NOVEMBER 20, 2024
ACA International and Collection Bureau Services, Inc., the plaintiffs in a suit seeking to nullify an advisory opinion on medical debt collection issued by the Consumer Financial Protection Bureau, have filed an emergency motion for a preliminary injunction and temporary restraining order seeking to prevent the requirements from taking effect on December 3.
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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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