Your Virtual Credit Manager

MARCH 5, 2024

Finding the time and resources to accomplish all the collection activities required to do a good job is a constant challenge. Most small companies come up short because when there isn’t a dedicated employee responsible for credit and collections, the owner or CFO have more important things to do.

Past Due Invoices 100

Past Due Invoices Credit and Collections Collector Accounts Receivable (AR) 100

Your Virtual Credit Manager

MARCH 14, 2023

Commercial collections is no different. Collection myths can be found at the very root of bad decisions as well as informing counter-productive activities. Adhering to collection myths more often than not leads to bad outcomes. Simply put, collection myths get in the way of doing the best job possible. Subscribe now 1.

Collector 189

Collector Past Due Invoices Bad Debt Credit and Collections 189

Your Virtual Credit Manager

APRIL 2, 2024

Commercial credit scores predict the likelihood of a business fulfilling its financial obligations, particularly regarding debt repayment and trade credit. Commercial credit scores are often not as well understood as consumer credit scores such as FICO. Photo by Element5 Digital on Unsplash First, a little background.

Credit Scoring 130

Credit Scoring Credit and Collections Bad Debt Credit Risk 130

Your Virtual Credit Manager

AUGUST 15, 2023

Consequently, your collection process needs to adapt to each situation if you are going to realize the best outcomes possible. A one size fits all approach to collections will not achieve as high a level of recoveries and cash flow as a strategic approach to collections. That’s the reason for collection strategies.

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Credit Management Small Businesses 130

SAP Credit Management

FEBRUARY 2, 2023

Using collective settlement and collective rate determination, the total freight cost can be saved rather than spending for each shipment and this was agreed upon with the carrier to post freight settlement on a weekly basis and the total weight shipped that week. Choose option Collective from the dropdown.

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Credit Management Group UK

JUNE 28, 2023

The trick is to know how to plan invoice collection. For smaller value invoices, use a letter or email cycle to collect payments. Click to see our tips on how to produce effective collection letters. Plan Set aside time each week in which to focus on your payment collections.

Credit and Collections 83

Credit and Collections Invoice Collections Credit Management 83

Gaviti

APRIL 8, 2024

Anyone who’s worked in accounts receivables knows how valuable a good collections email template can be. Accounts receivable collections rely on clear communication with customers, both in delivering accurate invoices on time and ensuring those invoices get paid. It also eases the burden of invoice collections somewhat).

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Credit and Collections Invoice Collections Invoice to Cash Invoice Amount 98

RMAi Blog

JANUARY 31, 2023

Louis, MO January 31 st – Credit Control, LLC (“Credit Control”) is proud to announce for the third year in a row, our employees have ranked us as winners in the Best Places to Work in Collections program. The program includes a rigorous two-part blind survey process to determine the Best Places to Work in Collections.

Credit and Collections 130

Credit and Collections 130

Your Virtual Credit Manager

NOVEMBER 28, 2023

Forecasting cash receipts from AR starts with a listing of every invoice owed you by every customer (net of any payments already made and credit memos issued). Readers of Your Virtual Credit Manager can access sharply discounted business credit reports & scores from D&B, Experian, or Equifax through our partner accredit.

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Cash Forecasting Credit and Collections Accounts Receivable (AR) Invoice Disputes 130

Your Virtual Credit Manager

FEBRUARY 27, 2024

For a small business owner or executive, navigating credit decisions can be challenging, especially when they clash with the goals of other stakeholders within the company. It's essential, however, for everybody to recognize that credit decisions also have broader implications across various aspects of company operations.

Accounts Receivable (AR) 130

Accounts Receivable (AR) Bad Debt Days Sales Outstanding Credit and Collections 130

Credit Management Group UK

FEBRUARY 25, 2024

I ask these businesses each time, if your current collection procedure isn’t working, why are you still using it? You are at risk of late payment and even bad debt if you take on a customer with a poor credit rating, a risk that can be reduced if you credit check them prior to carrying out any work.

Bad Debt 88

Bad Debt Credit and Collections Order to Cash Credit Management 88

Your Virtual Credit Manager

NOVEMBER 29, 2022

Photo by Ralph Hutter on Unsplash Confronted with high interest rates and inflation, and heading into a what is increasingly looking like a recession, small- and medium-sized businesses (SMBs) will probably need to use a Collection Agency more than they have in the past.

Credit and Collections 130

Credit and Collections Accounts Receivable (AR) Collector Default 130

Your Virtual Credit Manager

DECEMBER 13, 2022

Photo by Icons8 Team on Unsplash Commercial collections is not unlike convincing somebody to buy something, but people with that talent tend to go into Sales. For most people, however, collecting B2B debts is an acquired skill. Those of us who have spent our careers in credit and collections, fell into the profession.

Collector 130

Collector Credit and Collections Past Due Invoices Credit Management 130

RevCycle

JULY 26, 2023

In recent years, there has been a growing trend of medical debt credit cards being offered to patients. The Consumer Financial Protection Bureau (CFPB) is concerned about the risks associated with medical debt credit cards. Aggressive debt collection practices. Loss of credit reporting protections.

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Collector Credit and Collections Medical Billing Debt Collections 246

Your Virtual Credit Manager

NOVEMBER 14, 2023

Credit Policy is an inextricable part of a company’s Sales Policy. If you choose to sell on open credit, the terms you offer are in effect part of the price. If you discuss credit terms with a competitor, you are in violation of anti-trust statutes forbidding price fixing. What’s Right for Your Firm?

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Credit Sales Bad Debt Credit and Collections Credit Risk 130

Your Virtual Credit Manager

NOVEMBER 7, 2023

If their collection efforts are more aggressive than yours, the customer will tend to pay your competitor sooner, while you end up waiting for this mutual customer to accumulate additional funds to pay you. They are an important reason for formulating credit and collection policies and procedures, but not every lapse is an act of commission.

Credit and Collections 100

Credit and Collections Collector Credit Management Small Businesses 100

Gaviti

MAY 9, 2023

We are thrilled to announce the launch of our latest addition to the Gaviti accounts receivable collections platform: the Credit Management Module! At Gaviti, we understand how crucial it is for you to maintain a healthy cash flow, minimize credit risk, and ensure timely payments from your customers.

Credit and Collections 98

Credit and Collections Credit Management Dashboards Payment Portals 98

Credit Management Group UK

APRIL 15, 2024

I have found over the years that many businesses do not have a dedicated credit control department within their business, rather this task is assigned to a role as an added responsibility; this often leads to poor collection activity due to lack of time and training to focus on effectively carrying out credit control.

Credit Management 86

Credit Management Credit and Collections 86

Your Virtual Credit Manager

JUNE 6, 2023

People who are new to business collections are inclined to fall into one of several patterns. Seldom does a new collector appreciate the need for a balanced, holistic approach to debt collections. In time, as they become more familiar with the process of collecting, their productivity increases.

Debt Collections 100

Debt Collections Collector Credit and Collections Default 100

Your Virtual Credit Manager

AUGUST 8, 2023

Collecting from other businesses begins as a series of reminders followed by administrative tasks to provide your customer with the information they need to pay your invoice, and can also involve reconciling your information to theirs. Later phase collections require a much heavier reliance on problem solving and negotiation skills.

Credit and Collections 100

Credit and Collections Third Party Collections Bad Debt Credit Management 100

Your Virtual Credit Manager

MARCH 12, 2024

As a result, trade credit, where businesses extend financing to customers, is undergoing rapid advancements, but it also poses high risks, especially in assessing creditworthiness, dealing with economic fluctuations, and fraud. Are there past due accounts you are trying to collect? it just might help them pay you sooner!

AR Transformation 100

AR Transformation Credit and Collections Accounts Receivable (AR) Order to Cash 100

Your Virtual Credit Manager

JANUARY 2, 2024

Contacting customers to pay past due amounts (collecting) is an essential element of accounts receivable (AR) management. For most firms, late customer payments are a frequent occurrence and collecting them can be a difficult task. Collections also has to be done effectively with minimal alienation of customers.

Bad Debt 130

Bad Debt Credit and Collections Accounts Receivable (AR) Credit Management 130

Your Virtual Credit Manager

FEBRUARY 14, 2023

Photo by NoWah Bartscher on Unsplash Collecting past due balances takes skill, but not rocket science level skill. Once you have made a few collection calls it gets easier. Furthermore, in a commercial credit environment you seldom are dealing with the owner, but rather an employee and the money is not coming out of their own pocket.

Collector 100

Collector Credit and Collections Credit Management Small Businesses 100

SAP Credit Management

JANUARY 31, 2023

Prerequisites: ME data collection parameters setup completed as required To make the Web service call, create a ME/MII UME service user. Built BLS transaction to receive Machine values and record them in ME data collection. BLS Service transaction to receive and record ME data collection values. Create a Custom workflow.

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Transactions 181

Your Virtual Credit Manager

FEBRUARY 7, 2023

Looking around us, the Amazons, Netflixes, and HubSpots of the world were billing and charging clients automatically, while our business’s billing and collections looked pretty much the same as it had been done before computers. Getting paid can be a pain. Why not share this newsletter with your small business customers?

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AR Automation Accounts Receivable (AR) Credit and Collections Bad Debt 130

Your Virtual Credit Manager

NOVEMBER 8, 2022

Photo by Chris Chow on Unsplash There will inevitably be a day when you realize your collection efforts are not getting a delinquent customer to pay their bill. The easy answer — refer the customer account to a Collection Agency wh… Read more. What can you do?

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Your Virtual Credit Manager

MARCH 13, 2023

Your Virtual Credit Manager works with SMBs to root out the system constraints, process inefficiencies and hidden risks that create unnecessary transactional friction, thereby diluting profitability and hindering cash flow. World class receivables management involves efficiently converting orders to cash while minimizing profit dilution.

Credit Management 130

Credit Management AR Automation Small Businesses Credit and Collections 130

Hilton Baird

SEPTEMBER 5, 2023

When it comes to credit control, having processes and a structure in place can be incredibly helpful. Contacting your customers at key stages of the […] The post Credit control timeline: 8 steps to collect payment from customers appeared first on Hilton-Baird Collection Services.

Credit and Collections 52

Credit and Collections Credit Management 52

Chaser

SEPTEMBER 13, 2023

Chaser is shortlisted for Machine Learning in Credit & Collections Solution, and Chaser's CEO is shortlisted for Technology Innovator – Person of the Year

Credit and Collections 59

Credit and Collections 59

Gaviti

MARCH 4, 2024

Once an invoice hits accounts receivable (A/R), it enters what’s called the average collection period. Other common names include “days sales in accounts receivable,” “average receivables collection period,” or “ days sales outstanding (DSO).” Your average collection period is an important key performance indicator (KPI).

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DSO Credit and Collections Days Sales Outstanding Credit Sales 52

Credit Absolute

JULY 21, 2023

Having a good credit score is essential for financial stability and access to favorable loan terms. However, when debts go unpaid, they can end up in collections, damaging your credit profile. The good news is that you can take steps to deal with collections and negotiate settlements, paving the way for credit restoration.

Credit and Collections 52

Credit and Collections Credit Scoring 52

Chaser

JANUARY 9, 2024

billion in collected payments in 2023 - the landscape of credit management is evolving. According to The Late Payment Report (2022 ), 61% of businesses rely on phone calls in their credit management process, as direct calls can expedite payment resolutions.

Credit and Collections 64

Credit and Collections Credit Management 64

Credit Management Group UK

APRIL 26, 2023

What should be considered when writing effective collection emails ? If you accept credit/ debit card payments, inform them of this in the email with clear instruction on what to do in order to pay by this method. Download our Collection Strategy toolkit for your full guide to collecting payment effectively from your customers.

Credit and Collections 94

Credit and Collections Credit Management 94

Credit Absolute

JULY 31, 2023

While it is commonly assumed that paying off debt will always result in a positive impact on one’s credit score, this is not always the case. Typically, your credit score […] The post Why Didn’t My Credit Score Go Up After Removing/Paying Collections appeared first on Credit Absolute.

Credit Scoring 52

Credit Scoring 52

Chaser

FEBRUARY 2, 2023

Important subsections of business finance, credit management and debt collections are similar enough to often be confused, but are actually separate, critical, elements of your accounts receivable process.

Debt Collections 52

Debt Collections Credit and Collections Credit Management 52

MNS Credit Management Group

SEPTEMBER 24, 2023

In addition to giving solicitors instructions to start legal proceedings, we also offer credit management services including sending letters of demand prior to legal action, a service that looks into a company’s history, credit reports, and status reports. When a client owes a business money, consumer collections take place.

Debt Collections 52

Debt Collections Credit and Collections Collector Credit Management 52

SAP Credit Management

AUGUST 7, 2023

To effectively manage the emission footprint, we must first measure it – this is where the importance of collecting and measuring emissions comes in. Collecting and measuring scope 3 emissions entails collecting intricate data from a web of suppliers. However, quantifying scope 3 emissions presents a challenge.

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