Enterprise Recovery
SEPTEMBER 6, 2024
Cash flow basics are important for startup leaders to ensure financial stability and growth. Positive cash flow indicates more money is coming into the business than going out, while negative cash flow suggests the opposite. Leadership should regularly monitor cash flow statements to identify trends, potential shortfalls, and opportunities for improvement.
Account Recovery
SEPTEMBER 6, 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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Consumer Finance
SEPTEMBER 4, 2024
The CFPB today issued its annual report on debt collection, which highlights aggressive and illegal practices in the collection of medical debt and rental debt.
UK debt collections
SEPTEMBER 2, 2024
New research by Upflow has found that over half of outstanding invoices (57%) are late, with a third of invoices (33%) taking longer than 90 days to be paid. Upflow says that throughout several industries, there is a worrying trend that if outstanding invoices are not paid on-time or within the first 30 days of becoming overdue, they have a high chance of still being outstanding 90+ days after the due date.
Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius
4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor
Taurus Collect
SEPTEMBER 2, 2024
Debt collection often carries a negative connotation, but it doesn’t have to be that way. The art of ethical debt collection focuses on understanding the situation of those who owe money while still balancing the needs of the business. In this blog post, we’ll explore how companies can implement no fee debt collection practices that respect the dignity of individuals facing financial difficulties.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Consumer Finance
SEPTEMBER 4, 2024
Consumer Financial Protection Bureau Director (CFPB) Director Rohit Chopra issued a statement following a U.S. Department of Transportation inquiry into airline rewards programs.
Hudson Weir
SEPTEMBER 4, 2024
For company directors navigating the off-payroll working rules, a common question is – what does inside IR35 mean exactly? IR35 stands for the Inland Revenue press release number 35, issued by what is now HMRC back in 1999 as part of that year’s budget. It came into force the following year and the government incorporated the full Intermediaries Legislation into the Income Tax (Earnings and Pensions) Act 2003.
UK debt collections
SEPTEMBER 6, 2024
A debt advice charity has urged Warrington Borough Council to improve debt recovery methods after bailiffs were instructed 6,432 times in a year. New findings following a Freedom of Information Request revealed Warrington Borough Council sent 6,432 debts to bailiffs in 2022/23 – although the council says this was due to a backlog after suspending debt recovery for a three-year period during the pandemic.
Account Recovery
SEPTEMBER 6, 2024
The Consumer Financial Protection Bureau yesterday released its annual report on debt collection, focusing on two critical areas: medical and rental debt. The report sheds light on what the CFPB describes as the “aggressive and illegal” practices undertaken by collectors, such as attempting to collect on debts that have already been satisfied by financial assistance programs.
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.
Payment Savvy
SEPTEMBER 5, 2024
The financial industry has changed significantly over the years to adapt to the fast-pacing and extremely technologically advanced world of today. Everything we do, from buying coffee to paying rent and utility bills, has made technology a part of the process. This junction of finance and technology is often called “fintech.” But what is fintech?
Taurus Collect
SEPTEMBER 2, 2024
Debt collection can seem daunting, both for the collector and the debtor. However, understanding the process and using the right techniques can make it much smoother. If you’re facing challenges in collecting debts, you’re not alone. Many businesses struggle with this. Thankfully, there are effective strategies you can apply to improve your success rate.
NCBA Law Practice Management Blog
AUGUST 31, 2024
Lawyers generally work really hard for their clients, to turn around work product. And then, they wait. and, wait. and, wait: to get paid. That’s largely because, while attorneys have been able to build out most of the payment process, the last part – you know, the part where the law firm actually gets paid – is still most ly entirely dependent on the client.
Account Recovery
SEPTEMBER 6, 2024
Sedric AI, a fast-growing player in the AI-driven compliance space for financial institutions, has raised $18.5 million in its latest funding round, marking a significant milestone for the company. The Series A round, led by Foundation Capital with backing from Amex Ventures, StageOne Ventures, and The Garage, brings Sedric’s total capital raised to $22 million.
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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.
Payment Savvy
SEPTEMBER 5, 2024
You’ve probably heard the term “ACH deposit,” but what does it really mean? ACH stands for Automated Clearing House, a network that handles electronic payments and transfers. So, what is an ACH deposit? It’s a way to move money directly from one bank account to another without using paper checks, credit cards, or cash. ACH direct deposits are common.
Collection Industry News
SEPTEMBER 2, 2024
The Fair Debt Collection Practices Act (FDCPA) serves as a foundational piece of legislation protecting consumers from abusive debt collection practices. This blog post outlines key elements of the FDCPA, covering crucial sections such as communication guidelines, legal limitations, and consumer rights. It provides a clear and actionable understanding for businesses and financial managers to maintain compliance while building trust and professionalism in their debt recovery efforts.
NCBA Law Practice Management Blog
AUGUST 31, 2024
Perhaps the most common method for communicating in a business context is via video conferencing. But, whether you’re web conferencing at the office, or at home – there’s always the potential for unwanted sounds, to distract you, or others. The good news is that there’s a lot you can do, to reduce those disturbances, so that your web conferencing environment is nearly soundproof.
Account Recovery
SEPTEMBER 6, 2024
Suit Accuses Collector of Reporting Wrong Condition Code on Disputed Debt Judge Dismisses 2 of 3 Claims in FDCPA Suit Over HOA Debt Sedric AI Raises $18.5M to Help Expand Company CFPB Releases Annual Report on Debt Collection WORTH NOTING: How humpback whales use bubbles to make their own kinds of fishing nets … Maybe take a few minutes this weekend and go through your change jar … Why companies are worried about having so many members of Generation Z in the workplace … The mos
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.
Account Recovery
SEPTEMBER 5, 2024
A District Court judge in Pennsylvania has granted a plaintiff’s motion to certify a class action in a Fair Debt Collection Practices Act suit where the defendant was accused of sending text messages to the plaintiff after the plaintiff allegedly opted out of receiving texts. The background: The plaintiff filed the lawsuit after receiving text messages from the defendant despite following instructions to opt out.
Account Recovery
SEPTEMBER 5, 2024
WARMINSTER, Pa., Sept. 04, 2024 — C&R Software (“C&R”),the world’s leading Cloud-native end-to-end software and solutions provider for the complete credit risk lifecycle and a CORA Group company, today announced the acquisition of SpringFour, the first-of-its-kind, leading financial health fintech. This acquisition further expands C&R Software’s offerings in the financial health sector and supports the company’s mission to deliver comprehensive collections and recovery solution
Account Recovery
SEPTEMBER 5, 2024
If you are curious what parts of the country are doing better — or worse — financially than others, or if you are looking for a data source to help you develop collection strategies, the Census Bureau’s Household Pulse Survey might be worth a look. For example, the survey includes data on individuals who are having difficulty paying for household expenses, and breaks it down on a state-by-state and metropolitan statistical area basis.
Account Recovery
SEPTEMBER 5, 2024
I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support. TEC is now extending its services by offering proven, industry-leading technology solutions alongside of our Professional Services to help Clients feel confident in their technology de
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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.
Account Recovery
SEPTEMBER 4, 2024
During this, The Great Resignation Era, I thought it would be helpful to start a regular posting of different jobs within the accounts receivable management industry that I have found online. Please make sure to do your own due diligence before applying for a position included here or accepting any offers. This is merely meant to be a service to aggregate industry job opportunities into one convenient location.
Account Recovery
SEPTEMBER 4, 2024
A District Court judge in Ohio has denied a debt collector’s motion for attorney’s fees and costs in a Fair Debt Collection Practices Act case involving the Credit Repair Lawyers of America, ruling that the plaintiff’s claim was “minimally colorable” and did not warrant such an award. The defendant had argued that the lawsuit was meritless and sought reimbursement for legal fees.
Account Recovery
SEPTEMBER 4, 2024
A new study from the University of Southern California’s Schaeffer Center, published in JAMA Health Forum, reveals that disputing medical bills can provide significant financial relief for patients, yet many households remain hesitant to do so. By the numbers: Who’s less likely to seek help? The study shows disparities in self-advocacy: What they’re saying: “Current healthcare billing practices generally require patients to practice a lot of self-advocacy, and those who cannot self-a
Account Recovery
SEPTEMBER 4, 2024
The Consumer Financial Protection Bureau has received a petition to amend the Fair Debt Collection Practices Act in order to require collectors to include a disclosure in communications to consumers regarding what to do if a debt was incurred as a result of a fraudulent transaction. The petition, which appears to have been submitted by a consumer, requests that the CFPB require collectors to include the disclosure in an initial letter, correspondence, or debt validation letters.
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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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