Your Virtual Credit Manager

JULY 18, 2023

Photo by Campaign Creators on Unsplash Commerce between companies is facilitated by a trade credit relationship. When a supplier or vendor grants open credit terms to their business customers, both parties benefit. It’s important to keep in mind Pareto’s theorem when you are approving credit.

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tillful

MAY 12, 2023

A poor business credit score or thin credit history can get in the way when applying for small business loans. This is especially true in higher interest rate environments, when lenders pull back on credit (like now). In this article, we’ll talk about how you can qualify for business loans, and which options to look into.

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CreditStrong for Business

JULY 5, 2022

Payment history is the most important factor in calculating your FICO® credit score. Your payment history accounts for over a third of your overall FICO credit score, comprising 35% of the impact of all FICO credit score factors. Read more about the factors that impact your credit score.

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Credit Scoring Credit Card Payments Credit and Collections Deductions 52

Your Virtual Credit Manager

SEPTEMBER 12, 2023

Processing Delays There are several AR activities that often take longer than they should and therefore cause delays: processing credit applications, approving orders, generating invoices, and posting payments. Credit evaluations, however, often take time. Plus, you get full access to our growing archive of over 100 articles!

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Your Virtual Credit Manager

JANUARY 9, 2024

Two weeks ago we recapped the three most read articles from 2023: identifying red flags, understanding why customers pay late, and the secrets of successful collectors. Then last week we looked at credit hold best practices. From a credit management perspective, these are largely reactive topics.

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Credit and Collections AR Aging Accounts Receivable (AR) Deductions 130

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.

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Credit and Collections Credit Scoring 52

Fundera

AUGUST 3, 2016

Too many borrowers can’t answer the most basic question: “How does credit work?”. Every time someone applies for a rental property, makes a major purchase, opens a cell phone plan, or turns on utilities like water and electricity for your home, we’re all reminded over and over again that our personal credit is important.

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Know-It Global

APRIL 13, 2023

Since you’re here reading this article we suspect you’re having issues with not being paid on time. Debtor days, or as some call days sales outstanding (DSO), is a measure of how long it takes for a company to collect payment from its customers. High debtor days figures suggest that a business takes too long to collect payment.

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Fundera

MARCH 6, 2019

Credit Limit. Sometimes referred to as A/P or AP for short, accounts payable can be short or long term depending upon the type of credit provided to the business by the lender. Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Business Credit Report.

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Know-It Global

JULY 26, 2023

In this article, we’ll outline 15 actionable steps that can help you significantly reduce debtor days and optimise your cashflow! Evaluate and improve your credit terms Begin by assessing your current credit terms and ensure they are reasonable and aligned with industry standards. Struggling for time?

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Due

JANUARY 27, 2023

What’s more, increasing credit card debt and interest rates are contributing to the problem. Credit score. It is also important to maintain a good credit score in order to maintain financial health. Make sure you have a prime credit score. A recession is also on the horizon. Numbers vary by lender.

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Fundera

NOVEMBER 14, 2018

How Does Credit Work? Whenever you open a credit card or apply for a loan, credit bureaus collect information about your usage. That information appears on your credit report and is used to calculate a numeric credit score. It’s not just about achieving the perfect credit score.

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Fundera

FEBRUARY 6, 2018

Sometimes referred to as A/P or AP for short, these liabilities can be short or long term depending upon the type of credit provided to the business by the lender. One of the important documents required by lenders and investors that shows a summary of the actual collection of revenue and payment of expenses for your business.

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Small Businesses Credit Scoring Credit and Collections Bankruptcy 105

tillful

JANUARY 9, 2023

You’re probably aware that good business credit comes with perks, but it might be less clear as to why. Well, it all comes down to credit risk. Your business credit score is an indicator that banks and other financial institutions use to gauge the risk associated with lending to your small business. What is Credit Risk?

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CreditStrong for Business

SEPTEMBER 17, 2024

Most negative credit report entries, such as late payments, that appear on your credit history with the major credit bureaus remain there for seven years. If you want to know how to rebuild credit, you can start by making timely payments on all available credit accounts and using other strategies explored in this article.

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Lendio

JUNE 6, 2023

Bank, as quoted in this Business Insider article, 82% of businesses fail mainly because of poor cash management. At this point, most businesses can only turn to business credit to secure funding from lenders and banks. Lenders and banks generally consider your business credit before offering help—and for good reason.

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Lendio

APRIL 23, 2024

As a small business owner with poor credit, it can be even more difficult to find the financing you need. In this article, we’ll explore the possibilities of getting a startup business loan with no credit check or poor credit, as well as alternative forms of financing to consider. Getting a business loan with no credit.

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MNS Credit Management Group

DECEMBER 2, 2022

Many businesses that owe money to creditors use debt collectors, who work for a fee or a portion of the total amount collected. Some debt collectors are also debt purchasers; these businesses buy debt below its face value and then make an effort to collect the entire amount owed. Reasons To Hire A Collection Agency.

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Know-It Global

JULY 5, 2023

Maintaining a healthy cashflow through credit control is crucial for the long-term success and sustainability of any enterprise, especially against the backdrop of soaring insolvencies and record instances of late payment. One effective strategy for achieving this goal is to implement a robust credit control system.

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Emagia

MARCH 15, 2024

Managing credit risk for B2B customers is critical for seamless order to cash (OTC) and working capital cycles. Businesses that follow traditional reactive strategies in OTC processes may find it difficult to collect at-risk future invoices, likely leading to large invoices going delinquent.

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Emagia

MARCH 15, 2024

Managing credit risk for B2B customers is critical for seamless order to cash (OTC) and working capital cycles. Businesses that follow traditional reactive strategies in OTC processes may find it difficult to collect at-risk future invoices, likely leading to large invoices going delinquent.

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CreditStrong for Business

AUGUST 23, 2024

Small business owners looking for a way to finance and organize purchases will want to know how to get a business credit card. In addition to having the application information ready in advance, you’ll want to know how both personal credit and business credit scores are considered for approval. Why do they ask this?

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Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 52

CreditStrong for Business

AUGUST 30, 2024

In this article, we’ll go over what constitutes a low-risk and high-risk industry and why it matters to your lender. Solid revenues, profitability, good credit scores, and length of time in business are all driving forces behind what minimizes the credit risk for a lender. What Are Some Low-Risk NAICS Codes?

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CreditStrong for Business

SEPTEMBER 27, 2024

That becomes difficult to do when every business loan or credit line requires a personal guarantee. To keep your personal assets out of business affairs, it’s best to go for business loans and lines of credit that don’t have a personal guarantee. This means your personal credit and business credit are used to qualify.

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Know-It Global

JUNE 28, 2023

In today’s fast-paced and interconnected world, credit control has become a vital aspect of financial management for businesses. Traditionally, credit management involved manual processes and relied heavily on human intervention, which often proved time-consuming and prone to errors. Check out this short demo to see how-it works!

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Fundera

MARCH 8, 2016

Applying for a loan can be pretty time-consuming: you have to collect all your financial records and documents, complete application forms, and make sure you have a convincing reason to take out a loan. In other cases, their personal credit scores might be too low for them to be eligible guarantors. Why are these Forms Required?

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Credit Scoring Default Credit and Collections Small Businesses 74

Abrigo

NOVEMBER 17, 2023

How to close more loans by speeding up lending and credit analysis Seeking a quicker loan origination workflow is worth it. WATCH Takeaway 1 A critical look at the existing steps for loan requests and credit underwriting helps uncover ways to offer faster loan decisions. Learn where to find opportunities for improvement.

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Lendio

NOVEMBER 17, 2023

Understanding the nuances of financial transactions can be intimidating, with credit card factoring being a prime example. In this article, we’ll dissect the concept of credit card factoring, delve into why it’s illegal, explore common examples, and examine the potential consequences of engaging in such activities.

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truly financial

MARCH 23, 2022

The most straightforward way to get things off the ground is to make use of different credit and loan options available to you. To get the best options, you’ll need to establish and build your business’s credit. This article will discuss 5 key strategies for building business credit: #1: Set Up Your Business Credit Profile.

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Credit Scoring Credit and Collections Credit Reporting Agencies Small Businesses 52

Know-It Global

JUNE 14, 2023

Offering trade credit can bring a huge boost to your business! One effective strategy that accomplishes both goals is offering trade credit. This is an arrangement where businesses extend credit to their customers, allowing them to purchase goods or services and pay at a later date.

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Fundera

JANUARY 21, 2016

You’ve got your personal credit score, your balance sheet, your profit and loss statement, your FICO SBSS…. You know, that small business credit score that’s all the rage these days? Credit Scores: A Refresher Course. A credit score reflects how trustworthy you are with money you borrow.

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tillful

MAY 23, 2023

Secured credit cards can seem quite similar to prepaid cards and debit cards. However, they are a unique type of credit-building credit card that are actually more similar to unsecured credit cards (what you may be familiar with as “regular” credit cards). In this article: What is a secured credit card?

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Credit Card Companies Credit Scoring Credit and Collections Credit Card Payments 52

Fundera

MARCH 27, 2018

There are plenty of business documents, files, agreements, and statements that you’ll want to collect and analyze, ideally with the help of a lawyer and accountant. For an LLC, this is the articles of organization. For a corporation, this is the articles of incorporation. Business credit score. Customer lists.

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CreditStrong for Business

SEPTEMBER 27, 2024

Banks don’t review your personal or business credit reports, so you can open them with a limited credit history or even a bad credit score. Helps in Establishing Business Credit Qualifying for financing can be a significant challenge for many small businesses.

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Lendio

NOVEMBER 13, 2023

In this article, we will delve into this unique financial tool that is specifically designed to keep your construction business on solid ground. Factoring company collects payment – The factoring company takes on the responsibility of collecting the payment from your customer. What is construction invoice factoring?

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Credit and Collections Credit Scoring Small Businesses 52

Fundera

JANUARY 16, 2019

There are plenty of business documents, files, agreements, and statements that you’ll want to collect and analyze, ideally with the help of a lawyer and accountant. For an LLC, this is the articles of organization. For a corporation, this is the articles of incorporation. Business credit score. Annual revenue.

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Credit Scoring Credit and Collections Transactions Small Businesses 104

Know-It Global

AUGUST 23, 2023

In this article, we will delve into the reasons why cashflow is important and why you should prioritise it as a business owner or credit controller. Problems, such as insufficient funds to cover expenses, can lead to missed payment deadlines, damaged credit scores, and strained relationships with suppliers and creditors.

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