Chaser

SEPTEMBER 6, 2024

Delighted to share that Chaser has been shortlisted for the Best Use of Technology in Credit & Collections award at the 2024 Credit & Collections Technology Awards.

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Your Virtual Credit Manager

JANUARY 16, 2024

If you sell on open credit terms, you need to plan on having to expend time and resources collecting from those customers that don’t pay when due. No matter how much effort you put into evaluating customer credit, some customers will not live up to your expectations. You need to be doing the right things.

Debt Collections 130

Debt Collections Collector Credit and Collections Bad Debt 130

RevCycle

DECEMBER 7, 2023

Targeted Collection Strategies Segment your customer base: Identify customers who are more likely to become delinquent and focus your communication and collection efforts on them. Personalize your approach: Avoid generic collection letters. This eliminates delays and simplifies the payment process.

Alternative Payment Methods 187

Alternative Payment Methods Credit and Collections Credit Scoring Payment Portals 187

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 Credit and Collections Bad Debt 189

Your Virtual Credit Manager

JANUARY 30, 2024

The evolution of Accounts Receivables (AR) automation has revolutionized our collection strategies. Manual collection processes centered on an aged accounts receivable trial balance (ARTB) lack the regimentation and efficiency brought about by automation. For a more in depth discussion of systematic collections, click here.

Credit and Collections 130

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

RMAi Blog

SEPTEMBER 16, 2024

CHANDLER, AZ – National Credit Adjusters, a receivables acquisition and management firm headquartered in Hutchinson, KS with a satellite location in Chandler, AZ, was pleased to continue support of an annual water drive spearheaded by the team in the Chandler office. It was another very successful water drive in Chandler this year.

Credit and Collections 162

Credit and Collections 162

Your Virtual Credit Manager

DECEMBER 26, 2023

In our case, we found our readers had an affinity for articles on identifying collection risks and the best ways of dealing with past due balances. Hopefully, these insights will help you with your collection efforts Not a subscriber … why don’t you take advantage of a YVCM subscription?

Collector 130

Collector Credit and Collections Default Third Party Collections 130

Your Virtual Credit Manager

MARCH 19, 2024

If all your customers paid promptly — by the time the invoice was due — you would not need to do any collection work. Collections is a reactive process. The amount of collection activity with which you are tasked is directly proportional to your customers’ payment habits.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Accounts Receivable (AR) 100

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 88

Credit and Collections Invoice Collections Credit Management 88

CreditStrong for Business

JULY 29, 2024

When a consumer has an unpaid debt, the lender will generally conduct their own in-house collection efforts for approximately 30 to 60 days. If the debt remains unpaid for 90 days, most original creditors will forward the account to a third-party debt collection agency. Can You Remove Paid Collections From Your Credit Report?

Credit Scoring 52

Credit Scoring Collector Credit and Collections Credit Reporting Agencies 52

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

RMAi Blog

JULY 30, 2024

PETALUMA, CA — Cascade Receivables Management, LLC, part of the Cascade365 Family of Companies (“Cascade”), is proud to announce that it was recently selected as one of the 2024 Best Places to Work in Collections by ACA International and the Best Companies Group. This year, 38 companies met the standard to be selected.

Third Party Collections 130

Third Party Collections Law Firms Credit and Collections 130

Credit Management Group UK

AUGUST 19, 2024

Collection letters can be an extremely useful tool to collect payment, as they tend to carry more weight than emails alone. The key to a successful outcome is in writing effective collection letters that make your customers take notice.

Credit and Collections 89

Credit and Collections Credit Management 89

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 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) Default Collector 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 Accounts Receivable (AR) Credit and Collections Invoice Disputes 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

JUNE 27, 2024

However, these credit reporting changes will certainly impact the ever-shrinking margins of healthcare providers. With the possibilities for further restrictions or even complete removal from credit reports in the future, it is paramount that healthcare providers continue to optimize their revenue cycles.

Bad Debt 179

Bad Debt Debt Collections Credit and Collections Credit Scoring 179

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

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 92

Bad Debt Credit and Collections Order to Cash Credit Management 92

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.

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Credit and Collections Credit Management Dashboards Payment Portals 98

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

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

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

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?

Credit Sales 130

Credit Sales Bad Debt Credit and Collections Credit Risk 130

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

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).

Credit and Collections 98

Credit and Collections Invoice Collections Invoice to Cash Invoice Amount 98

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

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 188

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 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?

AR Automation 130

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

Your Virtual Credit Manager

AUGUST 6, 2024

Extending credit is standard practice if you are selling to other businesses. Most commercial enterprises are simply not willing to continue trading without credit terms, making it difficult for any trade credit grantor to generate enough revenue to survive on cash sales. In reality, granting credit is much more complicated.

Bad Debt 100

Bad Debt Credit and Collections Accounts Receivable (AR) Credit Risk 100

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