RMAi Blog

MARCH 2, 2023

*Sponsored Post by TransUnion* Get a first look at the trends, challenges and opportunities reshaping the third-party collections industry. We invite you to download the annual survey — Charting the Course and Steering Toward Success — conducted by TransUnion and the Aite-Novarica Group. Some standout takeaways include: One-third of Americans have at least one collection tradeline Consumer sentiment took a deep dive, hitting a historic low of 50 Nearly 35% of companies collected tenant-related d

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Third Party Collections 130

Your Virtual Credit Manager

FEBRUARY 28, 2023

Photo by Jordan Ladikos on Unsplash A Prompt Pay Discount , also referred to as an early pay discount, provides your customers with the choice of paying invoices at a discount by the discount date or paying the full amount by the due date. Discounts typically range from half a percent to 2 percent. Discount dates are usually set for 10 to 15 days after the invoice date, though sometimes longer when the due date is beyond 30 days.

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Bad Debt Accounts Receivable (AR) Credit Risk Bankruptcy 130

Due

MARCH 1, 2023

The notion of working in retirement may seem paradoxical, but it is not. Although you may have moved beyond your primary career, you should still devote a part of your week to some type of money-making activity. It is possible to round out your schedule and add satisfaction to your retirement through part-time, freelance , or consulting work. Furthermore, there are financial benefits as well.

Deductions 104

Deductions 104

FICO Blog

FEBRUARY 27, 2023

Home Blog FICO Meet The 2023 FICO Decisions Awards Winners! 15 companies recognized for successful innovation in AI, machine learning and decision management Saxon Shirley Mon, 02/27/2023 - 08:09 by Nikhil Behl expand_less Back To Top Mon, 02/27/2023 - 08:00 2023 FICO Decisions Award Winners - Decisions That Matter It's with great enthusiasm that I reveal the victors of the 2023 FICO® Decisions Awards !

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Transactions 98

RMAi Blog

MARCH 1, 2023

March 1, 2023: Receivables Management Association International (RMAI) is pleased to launch another new educational resource for the accounts receivables management industry, An Overview of Bankruptcy for the Accounts Receivables Management Industry. Within the ever-changing world of recovery management, bankruptcy cases and account management require a specialized understanding of the complexities involved with minimizing risk while maximizing cash recovery.

Bankruptcy 130

Bankruptcy 130

Plooto

FEBRUARY 27, 2023

For businesses of all sizes, managing an organization’s cash flow is an essential ingredient for success. For a business to successfully manage its cash flow , it must first understand its current cash flow standing and consequently project how cash flow will look in the future.

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tillful

FEBRUARY 28, 2023

Have you heard about the FICO Small Business Scoring Service (SBSS)? Like most business credit scores, the SBSS helps lenders and service providers understand the level of credit risk that businesses present. However, unlike most, FICO pulls financial data from the other major credit bureaus—collecting both personal and business credit history data under their business credit score.

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Credit Scoring Credit and Collections Small Businesses Bankruptcy 98

RMAi Blog

FEBRUARY 28, 2023

On February 27, 2023, Wyoming Governor Mark Gordon signed into law House Bill 284 by Representative Tom Walters that requires debt buyers be licensed as collection agencies in Wyoming as of July 1, 2023. The term “debt buyer” is defined as “any person that is regularly engaged in the business of purchasing charged-off consumer debt for collection purposes, whether the person collects the debt, hires a third party for collection of the debt or hires an attorney for collection litigation.

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lsq

MARCH 1, 2023

ORLANDO, Fla. (March 7, 2023) – LSQ , a leading provider of working capital and payments management solutions, recently originated an $8 million credit facility for a Texas-based paint and paint products manufacturer and distributor. The company, which also has retail operations, will use the additional working capital to manage seasonality within their industry and build inventory for upcoming peak demand.

Credit and Collections 98

Credit and Collections Bankruptcy Credit Management 98

incfile

MARCH 1, 2023

Just about every entrepreneur has heard the saying, "You need to spend money to make money." Granted, that doesn't mean you need to spend more than you can afford, but it does mean you might need to invest in your business to ensure its success.

Small Businesses 98

Small Businesses 98

Grit

MARCH 2, 2023

RaceFX: Accelerating B2B Sales with BackOrder With BackOrder functionality, customers [.] can place their orders regardless of current stock levels, with the added assurance that their products have been reserved. Lee Nickson - RaceFX eCommerce Coordinator Try BackOrder Now Problems Product unavailability affected B2B sales and trust Wasted time and resources spent on restocking management Limited scalability in traditional methods Solutions BackOrder allows customers to purchase beyond out-of-s

Dashboards 97

Dashboards 97

RMAi Blog

FEBRUARY 28, 2023

ATLANTA , Feb. 17, 2023 /PRNewswire/ — FLOCK Specialty Finance announces a strategic investment in technology and human capital related to data-driven insights and innovation. “Our investment in an analytical platform is foundational to our commitment to provide best-in-class support to our customers and our investors. The FLOCK analytics platform enables operational efficiencies, improved insights, and opportunities for data-driven innovation.

Cybersecurity 130

Cybersecurity 130

lsq

FEBRUARY 27, 2023

ORLANDO, Fla. (February 27, 2023) – LSQ, a leading provider of working capital and payments management solutions, recently originated a $1.5 million credit facility for a Connecticut-based pet-food wholesaler. The company will use the additional working capital to support growth and manage sales and inventory seasonality. As part of the partnership, LSQ will also provide the company with comprehensive accounts receivable and customer credit management.

Credit and Collections 98

Credit and Collections Bankruptcy Credit Management 98

Credit Absolute

MARCH 1, 2023

The Fair Credit Reporting Act (FCRA) was passed to assure the privacy, accuracy, and best use of each American’s credit information. Specifically, Credit Reporting Agencies (CRA), collectors, and lenders are cautioned against misusing or misreporting consumer information. If any of your rights are violated, per the act, you have legal recourse to report the party […] The post How to Report FCRA Violations on Your Credit Report appeared first on Credit Absolute.

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Credit Reporting Agencies Collector Credit Scoring 95

Abrigo

MARCH 3, 2023

Ten red flags to help you identify check fraud A financial institution's guide to identifying mail-related check fraud. You might also like this webinar, "Proactive measures to protect against check fraud and fraud loss." REGISTER now Takeaway 1 Check fraud is one of the more common methods of stealing funds from consumers and businesses. Losses from check fraud total $18 billion annually, representing more than a million checks daily.

Credit and Collections 78

Credit and Collections 78

RMAi Blog

FEBRUARY 27, 2023

STERLING, IL – VeriFacts , a leading location and employment verification service provider for the receivables industry, is firmly rooted within our community and takes great responsibility and commitment to giving back. VeriFacts is proud to have a team that works hard and also plays hard. For the fourth year in a row, the VeriFacts team will participate in the YMCA Spinathon helping support thousands of children in the area get involved in afterschool programs, sports, and even summer ca

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Accounting Department

MARCH 3, 2023

AccountingDepartment.com is 19 years old today. Wow. When I started here in November of 2013, we were rapidly approaching our 10 th anniversary and faced with the first big “but how do we celebrate this milestone” question. Of course, as the years have passed these questions have come at various intervals celebrating both time and event-based achievements—but the excitement and celebration grows with each one.

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Credit Management Group UK

FEBRUARY 27, 2023

Considering invoice finance for any business should take a substantial amount of evaluation as to the best solution for your business, or if invoice finance is even right for your business. It is not a decision to take lightly as this will ultimately affect the cash flow of your business, so you need to be sure that whatever you decide will positively impact cash flow rather than negatively.

Credit and Collections 83

Credit and Collections Invoice Collections Credit Management 83

Abrigo

MARCH 2, 2023

Banking technology decisions now affect future growth With the possibility of a recession, community financial institutions may consider a delay or cut in technology spending. Experts say that would be a mistake. You might also like this whitepaper, "Best practices for purchasing bank or credit union software" DOWNLOAD Takeaway 1 As Southwest Airlines learned, technology shortcomings create enormous costs in the short-term and in the future.

Credit Unions 78

Credit Unions Credit Risk Small Businesses 78

Lockstep

FEBRUARY 28, 2023

If you’re an accountant, then you know that QuickBooks Online a popular accounting and financial software. But what you might not know is that QuickBooks Online works even better when you use it with Lockstep Inbox. Here’s why: Lockstep Inbox is the only shared inbox designed for accounting. Seamlessly connected into QuickBooks Online and Outlook, Inbox creates efficiencies and improves accounting activity workflows.

Accounts Receivable (AR) 70

Accounts Receivable (AR) Small Businesses 70

Accounting Department

FEBRUARY 28, 2023

Rare Disease Day is the globally-coordinated movement on rare diseases, working towards equity in social opportunity, healthcare, and access to diagnosis and therapies for people living with rare diseases.

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Cpcmcredit Blog

MARCH 1, 2023

This is the story which is going to run for many years to come and whilst the detail might be a bit dry for some, there are interesting unanswered questions, the most significant of which is what incentivised the Credit Suisse employees to take such extraordinary risks? Throughout the whole saga, catalogued brilliantly in the superb Pyramid of lies , certain parties have taken risks which are simply baffling.

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Abrigo

FEBRUARY 28, 2023

Preventing SMS phishing, or "smishing: A financial institution's guide to smishing scams, why they work, and how to avoid them. You might also like this webinar, "Proactive measures to protect against check fraud and fraud loss." REGISTER now Takeaway 1 Phishing is not a new fraud trend, but the rise of smartphones means text messaging fraud is becoming more common.

Cybersecurity 78

Cybersecurity Credit Unions 78

NorthOne

MARCH 3, 2023

In order to reach your target audience, you need to be fluent in generating content tailored to a variety of different digital mediums and social media platforms—and you have a significant amount of competition to outperform. While restaurant marketing of the past focused on print material, today’s best restaurant marketing strategies must account for the powerful draw of social media content, expanded reach through delivery services like Uber Eats and DoorDash, and consumers who are inundated w

Small Businesses 52

Small Businesses 52

Accounting Department

MARCH 2, 2023

Cloud-based technology has altered how modern-day businesses operate. From management to finance, everything has a place when it comes to recent software technology offerings. This goes for accounting as well. With the current technology and service offerings on the market, accounting is becoming simpler and much more effective for business owners.

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Collenda

MARCH 3, 2023

Aryza announces two senior appointments in Canada and North America as global expansion continues Aryza, expert developers of software solutions for the insolvency, credit and debt recovery sectors, has appointed two new senior hires in Canada and North America. Mark Roberts as head of business development Canada and Tanner Forster as chief technology officer in Canada, a move that further strengthens the global position of the company.

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biz2credit

MARCH 3, 2023

One of the most common small businesses in America is restaurants. Restaurants, whether family-owned or franchise-owned, represent the core of what it means to run a small business. Small business owners connect with their communities and customers by establishing great relationships through serving great food. Running a small business restaurant is by no means easy, … Continue reading "How to Choose Between Restaurant Finance Options" The post How to Choose Between Restaurant Finance Opti

Small Businesses 52

Small Businesses 52

NorthOne

MARCH 3, 2023

You started your landscaping business because you love building beautiful outdoor spaces for your clients, not because you love building marketing strategies. But in order to grow your budding business, you need to get your hands dirty. Thankfully, marketing for landscaping companies doesn’t have to be that hard—especially if you have a great track record of projects under your belt.

Small Businesses 52

Small Businesses 52

Chaser

MARCH 3, 2023

Bank reconciliation is a critical process that helps ensure the accuracy of financial records by matching accounting records with bank statements. Businesses that fail to conduct regular and accurate bank reconciliation risk inaccuracies and financial losses, which can negatively impact their credit control process. In this blog, we will discuss the importance of bank reconciliation and how it can prevent costly errors and fees, as well as the negative impacts of poor bank reconciliation on your

Small Businesses 52

Small Businesses 52

Collenda

MARCH 3, 2023

The role of technology in helping Licensed Insolvency Trustees to streamline process By Mark Roberts, Head of Business Development, Aryza Canada. Despite insolvencies temporarily falling during the height of the COVID-19 pandemic, the Office of the Superintendent of Bankruptcy (OSB) recently reported a rise in the number of business and consumer insolvencies being filed, up 35.9% and 19.6%, respectively.

Credit and Collections 52

Credit and Collections Bankruptcy 52

MNS Credit Management Group

MARCH 2, 2023

Nowadays, there are two main methods of debt collection in Vietnam. The first is through litigation, which takes time because one must file a petition with the court and then wait for the judge to rule. Nevertheless, by this point, debtors may have already sold their assets, transferred them to another party, or even declared bankruptcy, leaving creditors, particularly unsecured creditors, with nothing to recover.

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Debt Collections Collector Bankruptcy Credit and Collections 52