Remove Credit Application Remove High-Risk Accounts Remove Transactions
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After the Credit Application: Getting to Know Your Customers Even Better

Your Virtual Credit Manager

The same goes for restrictive credit decisions, which are a common fallback when there are insufficient insights to justify a credit limit that meets the customer’s purchasing requirements. Credit applications, however, don’t provide much in the way of credit insights unless a financial statement is included.

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A Focus on Collections & Credit Fraud

Your Virtual Credit Manager

While emails are often used, phone calls can be more effective, especially for high-risk accounts. The most common fraud schemes include Business Email Compromise, changes to supplier information, and account takeovers. Preventing email comprpomise requires verification of changes (payment details, shipping address, etc.)

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Supercharge Your Collections

Your Virtual Credit Manager

They understood the dynamics that affected their customers and marketplace, as well as the credit controls needed to keep credit risk in check in this environment. They also kept very good records on their customers and their purchases, so there were no issues with transactional visibility.

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Four Burning Questions About AI in Finance and Credit – Answered

Emagia

AI can also improve security by detecting fraudulent transactions in real-time and reducing false positives to enhance user trust. This enables companies to focus their collection efforts more effectively and prioritize high-risk accounts. However, some accounts will need human intention, of course.

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Past Due to Bad Debt: How to Segment Customers by Risk & Implement Collections Strategies that Match

Bectran

If left unchecked, bad debt eats into your revenue, making a substantial impact on everything from your cash flow to future credit approvals. When steps are not taken to root out its underlying causes, credit managers may begin to approve new credit applications more sparingly. This is part one of a two-part series.