Your Virtual Credit Manager

SEPTEMBER 17, 2024

For small business executives, and many mid-sized businesses as well, managing collections effectively can be a significant challenge, particularly when time and resources are limited. Over time, this erodes profitability and financial stability, making it harder to keep the business running smoothly.

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Credit and Collections Accounts Receivable (AR) Bad Debt Credit Risk 100

Fundera

OCTOBER 20, 2019

How to Manage Small Business Finances in 5 Comprehensive Steps. Choose a business bank account and separate your personal and business finances. Organize your business finances by using accounting software and hiring a professional. Understand and fulfill your business tax responsibilities. ATM access.

Small Businesses 101

Small Businesses Credit Scoring Credit and Collections Default 101

Your Virtual Credit Manager

JULY 23, 2024

This is especially true in the case of small business customers, who will do everything they can to keep paying their suppliers and vendors, including tapping out their personal credit, until the bottom falls out. Irregular payments are a clear warning sign that default may be around the corner.

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Credit and Collections Accounts Receivable (AR) Shared Service Center Small Businesses 130

CreditStrong for Business

NOVEMBER 1, 2024

Small Business Administration (SBA) loans are the gold standard for business loans. However, like many types of business financing, they can be hard to qualify for if you don’t have a good credit score. If a borrower ever defaults, their lender can recover most of their losses from the SBA.

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Credit Scoring Default Nonprofit Organizations Small Businesses 52

Your Virtual Credit Manager

MAY 2, 2023

Growth is down, interest rates continue rising, small businesses are facing a credit crunch, commercial bankruptcies are skyrocketing and experts see an emerging threat: Washington Post: U.S. Please feel free to share this newsletter with your small business customers. economy grew at 1.1%

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Bankruptcy Credit and Collections Accounts Receivable (AR) Default 100

Fundera

NOVEMBER 7, 2020

Here’s what you need to know about business bridge loans, and where you can start your search for bridge lenders. What Is a Bridge Loan for Small Business? A bridge loan is a short-term loan that does exactly what the name suggests—it bridges the gap in time for a transaction to close. Business Lines of Credit.

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Small Businesses Credit Scoring Transactions Default 75

Your Virtual Credit Manager

SEPTEMBER 10, 2024

Pricing Problems: A supplier of medical devices implemented a new ERP system, but flaws in the pricing application caused it to frequently default to list price (nearly every accounts had exceptions), thereby generating hundreds of incorrect invoices. Customers refused to pay as billed, frequently demanding corrected invoices.

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Credit and Collections DSO Deductions Accounts Receivable (AR) 130

Your Virtual Credit Manager

JANUARY 17, 2023

Photo by Alex Radelich on Unsplash When small businesses add customers and increase sales, their company’s Accounts Receivable (AR) will grow. It is important to keep in mind that trade credit — selling on terms in a B2B environment — is greatly affected by the transactional process.

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Credit and Collections Accounts Receivable (AR) Days Sales Outstanding Past Due Invoices 246

CreditStrong for Business

SEPTEMBER 27, 2024

Sole proprietorships are the default legal structure for companies with a single small business owner. However, that raises the question, do sole proprietors need a business bank account to keep their funds distinct? It looks more respectable when transacting with vendors and customers.

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Credit Scoring Credit and Collections Credit Unions Transactions 52

Fundera

FEBRUARY 6, 2018

Running a business involves a constant learning curve. And that applies whether you’re a rookie entrepreneur just starting out with a great idea for a new business or a more established small business owner with a quickly growing business that needs to expand. Accounting Terms to Know. Accounts Receivable.

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Small Businesses Credit Scoring Credit and Collections Bankruptcy 105

Fundera

OCTOBER 22, 2018

Deciding to become a credit card merchant is a huge step for a small business. Whether you decide to take on credit card processing capabilities from the get-go, or you gradually build your way up to it, it’s certainly a valuable step toward preparing your business for major growth. Starting at 2.75% per transaction.

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Small Businesses Credit Card Payments Transactions Default 72

Fundera

DECEMBER 31, 2018

All in all, Intuit GoPayment’s fee structure will work better than Square’s for businesses that typically process larger transactions. And though Intuit GoPayment offers simpler mobile POS solutions than Square does, that it can easily integrate to QuickBooks accounting software is a game-changer for many business owners.

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Small Businesses Default Transactions 45

Lendio

JANUARY 15, 2023

Now, businesses with big aspirations for the new decade are pivoting just to survive. Your small business doesn’t have to become another 2023 casualty. If your business is trending in the wrong direction, now is the time to make a change and start your comeback story. There’s still time to rescue your company.

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Small Businesses Default Transactions 59

Fundera

SEPTEMBER 14, 2018

Estate Planning for Small Business Owners in 8 Steps. Sort out issues in family-owned businesses. Draft a buy-sell agreement (for multi-owner businesses). As a small business owner, you have dozens of things competing for your attention on a daily basis. Why Business Estate Planning Is Important.

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Small Businesses Law Firms Transactions Default 85

Abrigo

AUGUST 29, 2022

Credit risk refers to the potential for a loss if a borrower or a counterparty to the transaction fails to meet its obligations as they fall due. Risk Rating One method for pricing a loan is to assign a risk rating to quantify risk of default. Small Business Lending. Small Business Lending. download guide.

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Credit Risk Credit Unions Default Small Businesses 78

Your Virtual Credit Manager

MAY 16, 2023

By avoiding the following common traps, or myths if you will, businesses can minimize the risk of non-payment or default and make better informed decisions about extending credit to other businesses that will boost sales and profits. Please feel free to share this newsletter with your small business customers.

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Bad Debt Credit and Collections Default Small Businesses 100

Your Virtual Credit Manager

DECEMBER 27, 2022

Cash flow is the biggest cause of customers defaults, but often cash flow is a result of other financial problems or miscues. Please share this newsletter with your small business customers. A business with a strong credit history is more likely to be considered creditworthy than one with a weaker credit history.

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Credit Scoring Credit and Collections Accounts Receivable (AR) Credit Application 130

Fundera

SEPTEMBER 18, 2018

When a credit bureau computes your credit score, their job is to produce a number that estimates—given your past and current financial history—how likely you are to default on future debts. But you might be surprised at some of the lesser-known factors that could affect your score and how they might affect you as a small business owner.

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Credit Scoring Small Businesses Credit and Collections Collector 93

Your Virtual Credit Manager

SEPTEMBER 19, 2023

Please feel free to share this newsletter with your small business customers. Ideally, the customer will agree to sign a Promissory Note, which in the event of default can be taken to a judge with the assurance you will be granted a judgement against the debtor since this document is prima facie proof of the debt.

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Credit and Collections Default Bad Debt Credit Risk 130

Fundera

NOVEMBER 4, 2015

When you’re new to the world of small business lending, it’s not uncommon to have more questions than answers. Almost without fail, the first question every small business lender or loan broker will ask you is, “How much do you need?” How will my credit impact my small business lending options?

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Small Businesses Credit Scoring Credit and Collections Default 97

Fundera

NOVEMBER 1, 2018

If you’re a small business owner trying to more effectively manage your spending, consider investing in a prepaid business debit card. Prepaid business debit card holders preload their card with however much money they want to spend, ensuring that they never go over their limit or spend more than they can afford.

Small Businesses 49

Small Businesses Credit Card Payments Credit Card Companies Credit and Collections 49

Your Virtual Credit Manager

OCTOBER 2, 2024

The experts at Your Virtual Credit Manager have default risk probabilities and other financial benchmarks for analyzing your AR portfolio and revealing actionable insights. Learn More About Credit Reports Please share this newsletter with your small business customers. it just might help them collect faster and pay you sooner.

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Past Due Invoices Credit and Collections Deductions Accounts Receivable (AR) 130

Fundera

MARCH 29, 2018

When you’re a small business owner looking for money, you usually look to two common avenues for funding: business loans vs. personal loans. We’ll unpack all parts of this decision—business loan vs. personal loan—so you’ll be in a position to make a choice and get the capital to grow your business. Business Loan.

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Small Businesses Credit Scoring Medical Billing Default 80

CreditStrong for Business

SEPTEMBER 6, 2024

Roughly 38% of failed startups cite burning through their capital as a primary reason for going out of business , and defaulting on a small business loan can be disastrous, especially if you sign a personal guarantee. That’s everything you need to know to choose from the many small business loans available.

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Credit Scoring Credit and Collections Small Businesses Credit Unions 94

Fundera

MARCH 16, 2016

First, I want to address the second part of this article: Why does your small business need one? All it takes to make a small business owner realize why they need a bookkeeper is one simple question: Did you start your business so that you could do bank reconciliations every month? We’ll get to that in a moment.

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Small Businesses Credit and Collections Transactions Default 69

CreditStrong for Business

AUGUST 2, 2024

Small Business Loan Options (When You Don’t Have Big Revenue) Traditional financial institutions have the highest qualification requirements, and you’ll struggle to get financing from them without money. Business Credit Cards Fortunately, low sales usually won’t prevent startups from obtaining business credit cards.

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Credit and Collections Credit Unions Credit Scoring Small Businesses 52

Your Virtual Credit Manager

AUGUST 6, 2024

And when the risk does not warrant open credit terms ; How can we structure the transaction to ensure a profitable sale? The experts at Your Virtual Credit Manager are currently offering 33% off our standard small business consulting rates. Too often, extending credit is viewed as a yes or no function. ” The Bottom Line.

Bad Debt 100

Bad Debt Credit and Collections Accounts Receivable (AR) Credit Risk 100

CreditStrong for Business

JULY 1, 2024

Small Business Loan Options (When You Don’t Have Big Revenue) Traditional financial institutions have the highest qualification requirements, and you’ll struggle to get financing from them without money. Business Credit Cards Fortunately, low sales usually won’t prevent startups from obtaining business credit cards.

Credit and Collections 52

Credit and Collections Credit Unions Credit Scoring Small Businesses 52

Your Virtual Credit Manager

APRIL 25, 2023

Please feel free to share this newsletter with your small business customers. Share The Importance of Aligning Sales and Credit It is important to keep in mind that trade credit — transactions between companies — is very different from commercial lending. it just might help them pay you sooner!

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Credit and Collections Past Due Invoices Collector Deductions 130

CreditStrong for Business

OCTOBER 25, 2024

However, you’ll have to meet pretty strict criteria to qualify for one, including a good personal and/or business credit score and financial foundation. The Small Business Administration (SBA) helps make business financing available to companies that demonstrate an inability to qualify for private funding.

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Credit Scoring Credit Unions Default Transactions 52

Abrigo

MAY 18, 2023

Loan review evaluation Measuring the depth of transaction or portfolio reviews The guidance notes that loans and portfolio segments scoped for review should be evaluated for credit quality, soundness of underwriting and risk identification, borrower performance, and adequacy of the sources of repayment.

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Credit Risk Credit and Collections Default Credit Scoring 78

Abrigo

MAY 19, 2023

Learn more about the impact of CFPB 1071 rule on small business lending Building a talent pool Get serious about loan reviewer training Comedian Steven Wright complained, “When I was in school, the teachers told me practice makes perfect.

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MNS Credit Management Group

AUGUST 7, 2023

However, there is always the possibility of loan default. Lenders are picky about whose businesses they give credit to. A business credit score is a credit rating that indicates how likely a company is to repay its loans on schedule and without default. What is a company credit score?

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Credit Scoring Credit Risk Credit and Collections Bad Debt 52

Lendio

JANUARY 18, 2023

The applicant agrees that the lender can claim ownership of the collateral if the applicant defaults on the loan. The lender gains ownership of your collateral if you default on payment, whether you pledge your car, house, or equipment. It’s low risk for banks because it’s very easy to get their money back in case you default.

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Default Credit Unions Small Businesses Credit Scoring 52

Abrigo

JANUARY 14, 2021

Third round of PPP funding is available for small businesses. There is no doubt that the COVID-19 global pandemic has challenged communities across the country and has created a significant economic downturn, which has hit small businesses especially hard. Stopping PPP Fraud in New Round of Funding. PPP Fraud Spikes.

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Bad Debt Small Businesses Transactions Default 78

Your Virtual Credit Manager

MARCH 19, 2024

Learn More About YVCM Services Readers of Your Virtual Credit Manager can access sharply discounted business credit reports from D&B, Experian, or Equifax through our partner accredit. More About Purchasing Credit Reports Please feel free to share this newsletter with your small business customers.

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Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

Your Virtual Credit Manager

FEBRUARY 28, 2023

Getting customers to pay now rather than later reduces the risk of a default down the road. A Prompt Payment Discount can help you avoid serious losses as customers go out of business. Please feel free to share this newsletter with your small business customers. it just might help them pay you sooner!

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Bad Debt Accounts Receivable (AR) Credit Risk Bankruptcy 130