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Be a Diligent Collector. Because of their light management and administrative structures, small businesses can find collections a challenge. Work on being a diligent collector. It could be via PayPal, credit card, electronicfundstransfer, or e-payment services like Bill.com. The solution?
If your business is scaling and expanding into new geographic regions, it may present challenges in collecting receivables. This should include debit and credit cards, local bank transfer, ACH/echeck, wire transfer and electronicfundstransfer. Enable multiple payment methods. Optimized performance.
However, if you still have several outstanding invoices or you’re waiting for payments to process through a credit card company, you might have more cash flowing out of the business than you do coming in—in which case, you’re cash flow negative. Be a Diligent Collector. Work on being a diligent collector.
Takeaway 3 Consumer compliance laws related to debt collection and preventing money laundering are also important for lenders. Banks and credit unions extending payments on vehicle loans, personal loans, or other consumer loans had to ensure they provided accurate disclosures in compliance with federal and state consumer protection laws.
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