September, 2024

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Is Your Company Ready for a Downturn in the Economy?

Credit Research Foundation

It’s been 16 years since the last major economic downturn – the banking crisis that started in 2007 and was in full impact mode from 2008 through 2010. During that period, the U.S. economy shed over 8.7 million jobs, and the unemployment rate peaked at 10% in October 2009. Since then, we’ve weathered the COVID-19 pandemic, which many experts predicted would lead to a wave of defaults and business closures.

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Streamlining Payer Requests for Information: A Provider’s Guide

RevCycle

Hospitals are facing a growing threat to their bottom lines, namely payer requests for information (RFI’s). A study by Kodiak Solutions shows that the denial rate from initial RFI’s has increased by nearly 9% since 2022. The increase is not due to a decrease in data quality either, with Colleen Hall of Kodiak Solutions stating: “Our analysis suggests that health insurers are using RFI denials to simply slow down claims that they ultimately will pay, just to reap the benefits of paying more slowl

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National Credit Adjusters Continues Annual Water Drive for Chandler, Arizona Community

RMAi Blog

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. Due to the desert climate, Chandler, AZ has an average temperature of a sweltering 107 degrees in July, taking a toll on the unfortunate during the summer.

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Turning Pressure Into Performance

Your Virtual Credit Manager

Credit and collections management too often involves simultaneously handling multiple urgent tasks that demand immediate attention. It is more common to face sudden crises or fire drills than to have long, uninterrupted periods to work on important projects. This constant pressure is one of the greatest challenges executives with accounts receivable (AR) responsibilities face—navigating urgent issues while still keeping focused on the strategic goals that drive long-term success.

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Nevada man convicted for his part in a $11.2M COVID-19 scam

Due

A man from Nevada has been convicted of a fraud scam involving $11.2M in COVID-19 pandemic relief funds intended to help small businesses. The person at the heart of the fraud case, Meelad Dezfooli, was prosecuted by Trial Attorneys D. Zachary Adams and Taylor G. Stout of the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS) and Assistant U.S.

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What It Really Takes To Build Out eInvoicing Capabilities

TreviPay

Without customer satisfaction built into your B2B growth strategy, you might run into some unnecessary growing pains. Invoicing is an essential consideration to include in your strategy. As part of a comprehensive smart approach, it’s important to understand that invoicing B2B customers is significantly more complicated than invoicing B2C customers.

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Tatics to drive BigCommerce Halloween After Sale Profits with Automated Campaigns

Grit

Maximizing profits after Halloween is essential for BigCommerce merchants. The holiday season doesn’t end on October 31st. There are still plenty of opportunities to drive sales during the Halloween after sale period. Automated campaigns can help you manage these post-Halloween sales efficiently, saving time and boosting revenue. Understanding the Importance of Halloween After Sales Halloween after sale campaigns are crucial for keeping the momentum going after the holiday.

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Member Alert: RMAI Recommends Suspension of Communications to Consumers Affected by Hurricane Helene

RMAi Blog

RMAI extends its thoughts of support to all of those affected by Hurricane Helene. RMAI recommends all members temporarily suspend collection calls and communications to consumers in the portions of southeast who are directly affected by this emergency. Information on the effect of Hurricane Helene from some of the states directly impacted are listed below.

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Is Your O2C Process Optimized for Superior AR Performance?

Your Virtual Credit Manager

To optimize the order-to-cash (O2C) process, it's crucial to understand the significant role Credit and Collections plays. This function must collaborate closely with sales, fulfillment, shipping/logistics, and accounting, all of which are integral to converting an order into cash. Specifically, Credit and Collections is responsible for approving new customers for credit terms and managing orders at the beginning of the O2C cycle, while also monitoring risks within the Accounts Receivable (AR) p

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Comisario: The Process of Making a Tequila That Matters

Due

In an industry flooded with options, Gavin Maloof and Steve Rice have found a way to stand out with their tequila brand, Comisario. They credit their success to a combination of business acumen, product excellence , and an authentic partnership. From the start, their approach to the competitive liquor market was rooted in creating a product that stood out in terms of taste and upheld values of trust, integrity, and a commitment to customers and employees alike.

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Is Customer Retention Really Better Than Acquisition for Small Businesses?

Lendio

Generally, there are two main levers that your business can pull to affect growth metrics: 1) customer acquisition, meaning bringing new shoppers through the door, and 2) customer retention, meaning keeping your old shoppers from exiting that door. Each is a necessary component of business growth, but which is more cost-effective—and which should you prioritize for your small business?

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Abrigo Lending Insights: Current interest rate trends for banks and credit unions

Abrigo

Recent loan rate trends from Abrigo Connect Carefully monitoring interest rate trends for loans will help financial institutions remain competitive as rates drop. Would you like other articles like this in your inbox? Data for banks & credit unions Real-time pricing trends for loans Now that the Fed has lowerered interest rates , financial institutions will want to carefully monitor current loan interest rate trends in their markets to remain competitive as rates drop.

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5 reasons automation is worth the investment

Plooto

Regardless of your hesitations, investing in technology can save you and your team a lot of unnecessary headaches. If you’re on the fence, read these five key reasons why payment automation is worth the investment.

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ConServe Welcomes Matthew Rehnelt as the New Director of Business Development

RMAi Blog

Bringing 15 Years’ Experience in Client and New Product Development Rochester, N.Y. – September 25, 2024 – Continental Service Group, LLC d/b/a ConServe, a prominent leader in the collections industry, is excited to announce the addition of Matthew Rehnelt to their Sales Department as the Director of Business Development. In his new role, Matt will focus on supporting ConServe’s U.S.

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Thanksgiving Email Examples and how to setup on BigCommerce

Grit

Thanksgiving is a pivotal time for eCommerce businesses, as it marks the beginning of the holiday shopping season. For retailers, it’s an opportunity to drive sales, engage customers, and build long-lasting relationships. This blog’ll explore some of the best Thanksgiving email examples and how to set them up effectively on BigCommerce. Top Thanksgiving Email Examples for BigCommerce Festive Promotion Announcement A well-crafted festive promotion announcement can generate excitement and ur

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5 Tips to Create Affordable Products Without Compromising on Quality

Due

Consumers care about quality. From experiences to services to gear, for most consumers money spent on affordable, quality products is seen as money well spent. As a business, it’s important to maintain a high degree of quality. At the same time, you need to operate with a healthy profit margin and ensure your target audience can afford the solutions you’re offering.

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The Minimum Credit Score Needed for A Conventional Mortgage 

CreditStrong for Business

A conventional home loan is the most common loan product offered by mortgage lenders, making up roughly 64% of the market. Conventional mortgage loans typically require higher credit scores than government-backed loans, but there are also many advantages to going with conventional mortgages. We’ll discuss these factors below. What is the Required Minimum Credit Score for a Conventional Loan?

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5 Strategies for financial institutions to thrive after rate cuts

Abrigo

Manage the impact of interest rate cuts at your institution These five tips from Abrigo expert Dave Koch will help banks and credit unions prepare for a rate drop. You might also like this on-demand webinar, "Navigating uncertain times: Strategies for effective risk management and compliance." WATCH Takeaway 1 As financial institutions anticipate rate cuts, many are questioning how to structure their lending and ALM strategies accordingly.

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Client Accounting Services to Help Drive Your Business

Accounting Department

When you have a small or mid-size business, one of the issues you can run into is not having all the departments a larger company would have. In other words, you might not have dedicated employees for HR, accounting, and other areas. Fortunately, there are ways to outsource a number of services, including client accounting services. This helps keep your company growing and succeeding, without the need to bring on more employees or overwork yourself to get everything done.

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Member Alert: California Governor Signs Three Consumer Protection Bills into Law

RMAi Blog

On September 24, 2024, Governor Gavin Newsom signed into law three consumer protection bills aimed at medical debt, commercial debt, and enforcement of money judgments. RMAI actively lobbied and were able to achieve amendments on all three bills. In the case of Senate Bill 1061, we were able to significantly narrow the scope of the term “medical debt” and withdrew our opposition.

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Expert’s guide of preparing for cyber monday on BigCommerce

Grit

The holiday shopping season is just around the corner, and Cyber Monday is one of the biggest days for eCommerce sales. As a BigCommerce store owner, preparing for Cyber Monday is crucial to ensure your online store is ready to handle the influx of traffic and orders. In this guide, our eCommerce experts share their top tips and strategies for optimizing your BigCommerce site to maximize your Cyber Monday sales.

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Balancing College Savings With Other Financial Goals

Due

Given the rising costs of higher education, saving for college is a vital goal. However, it is just one piece of the larger financial puzzle you must navigate. Retirement, emergency funds, debt repayments, and other obligations also actively compete for your attention and resources. Achieving this delicate balancing act requires a deep understanding of how different objectives can coexist harmoniously within a comprehensive plan.

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Business Loan Requirements: What Lenders Want to See

CreditStrong for Business

A business loan can provide your company with financial solutions for many different situations. Yet before you can take advantage of thisl, you’ll need to figure out how to qualify for a business loan. Each lender has its own criteria when it comes to approving loan applicants. Below, you’ll find nine common business loan requirements that your company might need to satisfy to qualify for this versatile type of financing.

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Shared AML case management: Optimizing your AML/CFT program

Abrigo

Streamline fraud and AML efforts Financial institutions that combine fraud and AML/CFT alerts into a single transaction monitoring system can strengthen defenses and improve efficiency. You might also like this 6-step guide for compliance with new AML/CFT program rules. DOWNLOAD Takeaway 1 Shared AML case management helps streamline processes, reduce duplication, and improve communication between fraud and AML/CFT teams.

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Introducing our new – How to get paid in Construction live online training course.

Credit Management Group UK

We have recently introduced three new live online training courses. Our second one we would like to introduce is specifically for the Construction Industry. There is currently and introductory offer of £99 + vat. How to get paid in Construction Who will benefit? The course would be most beneficial for employees working in Account departments, project managers working for suppliers and sub-contractors to the construction industry.

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RMAI Update September 2024

RMAi Blog

In This Update With less than two months before the November elections, an air of uncertainty lingers throughout Washington. Regardless of the outcome in the U.S. House and Senate elections, current Members of Congress will hold a lame duck session that could be filled with activity. We’re likely to see utilization of the Congressional Review Act (CRA), an oversight tool that Congress can use to overturn final rules issued by federal agencies.

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BigCommerce Success: Turning Thanksgiving Advertising Ideas into Profits

Grit

You can transform this festive season into a profitable venture with the right Thanksgiving advertising ideas. BigCommerce offers a robust platform for implementing these ideas, and combining it with Atom8’s automation capabilities can elevate your advertising efforts. Here’s how to make the most of Thanksgiving advertising with BigCommerce and Atom8.

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Mortgage Rates Are Falling. Should You Buy or Wait?

Due

Prospective homeowners have something to look forward to in the coming months. The average mortgage rate across the United States has started to decline in recent weeks, with experts suggesting this trend will continue well into the remainder of the year and much of 2025. Mortgage rates have been at historically high levels for much of the last couple of years.

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How to Get a Startup Business Loan

CreditStrong for Business

Startups often need funding to get up and running or gain additional traction. Generally, the best way to do that without giving up ownership of your company is to get a startup business loan. However, qualifying for a business loan can be challenging, especially for new startups without significant revenues or business credit history. Here’s a step-by-step guide to help you navigate the process, plus some alternative financing options you may want to consider.

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Human-in-the-loop: Enhancing AI in AML/CFT software for competent case management

Abrigo

When AI complements human decision-making Human oversight, often called a human-in-the-loop approach, remains important as AI increasingly enhances AML/CFT software. You might also like this checklist, "6 steps for compliance with the new AML/CFT program rules." DOWNLOAD Takeaway 1 A human-in-the-loop approach plays a vital role in ensuring that AI systems effectively support alert and case management for AML/CFT suspicious activity monitoring.