UK debt collections

JULY 16, 2020

The research conducted by Accountancy firm Moore has shown that 41 days is the average waiting time for payment. The continuing problem of payment delays would suggest that Government legislative initiatives to tackle this issue, such as the Prompt Payment Code are simply not working. This is the same as it was in 2015.

Construction 74

Construction Manufacturing Trade Government 74

True Accord

JULY 16, 2020

Unsurprisingly, there was a huge decrease in debt payments in early March as the nationwide economic downturn began, despite typically being the strongest performance month for debt collection. Specifically, there was a near-instantaneous increase in debt payments on April 15th, the day the first major wave of CARES checks hit bank accounts.

Banks 55

Banks Creditors Collections 55

Re:Ceeve

JULY 16, 2020

A generation whose thumbs are eternally texting someone does not fail to appreciate the ability to instantaneously access and resolve their issues with payments. Go mobile or go home : Old school dunning and banking involved calling someone on their landline or sending letters for overdue payments. will prevail in the future.

Banks 61

Banks Debt collector Financial Institution Collections 61

Debt Recoveries

JULY 16, 2020

Put strict penalties on your invoices and contracts for non-payment. Ultimately, the exercise should be used as an opportunity to explore why the invoice hasn’t been paid, reaffirm how important their payment is for your business, resolve any disputes that may exist and explain the steps your business will take if payment isn’t received.

Collections 69

Collections Debt Recovery Debt collector Creditors 69

Advertisement

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.

Collections

Advertisement

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. Are you finding some snags in your collections process? Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.

Collections

Speaker: Ryan McInerny, CAMS, FRM, MSBA - Principal, Product Strategy

May 18th, 2023 at 9:30 am PDT, 12:30 pm EDT, 5:30 pm BST

Banks