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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.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
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.
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
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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
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.
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.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
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
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.
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.
Speaker: Alex Salazar, CEO & Co-Founder @ Arcade | Nate Barbettini, Founding Engineer @ Arcade | Tony Karrer, Founder & CTO @ Aggregage
There’s a lot of noise surrounding the ability of AI agents to connect to your tools, systems and data. But building an AI application into a reliable, secure workflow agent isn’t as simple as plugging in an API. As an engineering leader, it can be challenging to make sense of this evolving landscape, but agent tooling provides such high value that it’s critical we figure out how to move forward.
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
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.
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
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
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.
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.
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
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
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.
The significant increase in remote workers due to COVID-19 has created new challenges and questions for many employers, including: What are the state tax and employment law compliance implications for employing out-of-state workers? The new work-from-home model ushered in over the last nine months has led many workers to disperse from the states where their employers are physically located to new jurisdictions.
In response to the mortgage foreclosure crisis, the Supreme Court of Florida established a statewide mandatory mediation program for residential mortgage foreclosures. Due to the mandatory mediation program being largely unsuccessful, the Supreme Court of Florida terminated the program on December 19, 2011. However, lenders should be aware that judges are still able to refer foreclosure lawsuits to mediation on a case-by-case basis, with or without a referral request to mediation. § 44.102(2)(b)
What’s holding finance teams back isn’t just process inefficiency. It’s culture gaps, reactive mindsets, and missed opportunities to lead real change. In an era of disruption, finance leaders can no longer afford to operate on autopilot and the most resilient teams aren’t just efficient—they’re connected, talent driven, and culture-focused. Join Melissa Hurrington for an exploration into how finance leaders can evolve beyond process and numbers to create adaptive, people-powered teams that thriv
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