Your Virtual Credit Manager

OCTOBER 15, 2024

Companies are increasingly under duress, especially small and medium-sized businesses (SMBs). While profitability at the largest corporations has risen, it has been falling at firms with revenue below $1 billion. Roughly two-thirds of firms in this cohort are operating a breakeven or worse. While the Fed has finally loosened interest rates, the cost of commercial loans are expected to remain well above the levels experienced prior to the Covid pandemic.

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Chapter 11 Bad Debt Accounts Receivable (AR) Bankruptcy 100

RMAi Blog

OCTOBER 18, 2024

As Director of Business Development at National Credit Adjusters, LLC , my involvement with the Receivables Management Association International (RMAI) has been important to my career in receivables management and greatly beneficial to the success and continual improvement of our industry and collective industry organizations. It’s also been a valuable avenue for my personal and professional growth as an individual, providing the supportive and inspiring professional community and membership tha

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Law Firms Credit and Collections 130

TreviPay

OCTOBER 17, 2024

B2B buyers, much like their B2C counterparts, are driving higher expectations when it comes to the purchasing experience. At TreviPay’s Crossroads Conference, the “Buyer Perspectives” panel explored the shifts in B2B buying behaviors, emphasizing the importance of value, relationships and technology in today’s marketplace. Moderated by Piers Gorman , the discussion featured insights from Rosilyn Richey of Viking Cruises and James Norfor of b2buy.

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OCTOBER 16, 2024

A Virginia-based contractor, Raytheon Company (Raytheon), is set to pay $950m for bribery, export control, and defective pricing cases brought forward by the Justice Department. Ratheon is a subsidiary of defense contracting company RTX, formerly known as Raytheon Technologies Corporation. The Justice Department has conducted extensive investigations into allegations that Ratheon was complicit in a government fraud scheme involving defective pricing on specific government contracts.

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Regal Credit Management

OCTOBER 15, 2024

Photo by John Schnobrich on Unsplash Recently, we have seen a rise in fraudulent letters or email scams being sent to our clients. These letters often claim that the sender has compromising information about the recipient and use fear tactics to demand payment or action. While the threats are typically baseless, the real concern lies in the amount of personal information these scammers have—information they likely obtained from data broker reports.

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RMAi Blog

OCTOBER 14, 2024

In This Update Earlier this month, the CFPB issued an Advisory Opinion reminding debt collectors of their obligation to comply with the Fair Debt Collection Practices Act and Reg F’s prohibitions on false, deceptive, or misleading representations in the collection of medical debt (see RMAI’s October 4, 2024 Member Alert ). The Advisory Opinion increases the scrutiny on those collecting medical debt by requiring substantiation of the medical debt as well as ensuring documentation of payments, rec

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Credit and Collections Law Firms Collector Credit Reporting Agencies 130

Abrigo

OCTOBER 15, 2024

Day 2 accounting and mark-to-market values How banks and credit unions involved in business combinations can overcome issues related to recognizing income in a changing-rate environment. You might also like this whitepaper, "Valuation and purchase accounting in a dynamic macroenvironment." DOWNLOAD Takeaway 1 An often-overlooked component of purchase accounting for banks and credit unions is the ongoing income recognition tied to mark-to-market values.

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biz2credit

OCTOBER 18, 2024

The last few weeks of storms have pounded states across the Atlantic including Florida, Georgia and the Carolinas, leaving millions scrambling for resources like SBA disaster loans and other funding. The post Disaster Recovery Resource for Small Businesses Impacted by Recent Hurricanes published first on.

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Small Businesses 64

Due

OCTOBER 14, 2024

A study conducted by business and analytics firm S&P Global states that countries will default more frequently on their foreign currency debt. A recent Reuters report discussed the statistics provided as part of the S&P Global Rankings in detail. They show that several nations with stable financial circumstances may face the risk of defaulting on foreign debt in the coming years. “Sovereign defaults have significant implications for economic growth, inflation, exchange rates, and t

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Default 59

TMC Financing

OCTOBER 14, 2024

131 Arizona Small Businesses Supported, Securing $401 Million in Total Financing for Fiscal Year 2024 For the third year running, TMC Financing remains Arizona’s leading U.S. Small Business Administration (SBA). The post TMC Financing Remains Arizona’s #1 SBA 504 Commercial Real Estate Lender for the Third Consecutive Year appeared first on TMC Financing.

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Small Businesses 59

Gaviti

OCTOBER 13, 2024

If your business could proactively identify the risk of potential customers before taking them on as new customers and avoid bad debt, wouldn’t you want to do that? Predictive AI capabilities in many modern B2B collections software now let businesses do exactly this while solving many other challenges in the B2B collections process. The Challenges of Traditional B2B Collections Unlike B2C collections, B2B collections involve steps related to credit, financing and legal agreements.

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CreditStrong for Business

OCTOBER 18, 2024

The Intelliscore Plus credit score is a business credit score created by Experian, which is one of the major business and consumer credit bureaus. The newest version of the Intelliscore Plus has a range of 300 to 850, which aligns with most personal credit score ranges. But older versions, which are more commonly used by commercial lenders, range from 1 to 100, with a good score starting at 76.

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Credit Scoring Bankruptcy Credit and Collections Small Businesses 52

Due

OCTOBER 18, 2024

A man who operated a fake prize transnational scam has been sentenced to 98 months and fined $700,000. According to court documents, Jose Alejandro Zuñiga Cano, the man at the heart of the matter, was alleged to have run a Peruvian call center that attempted to defraud 1,100 Spanish-speaking United States residents. He was also accused of harassing these residents with falsified arrest threats, court proceedings, and immigration consequences.

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TMC Financing

OCTOBER 18, 2024

After more than three decades, FB County founder Tom Kim was ready to purchase commercial real estate for his innovative Los Angeles-based clothing and personal-goods company. “For a growing business. The post How SBA 504 Financing from TMC is Boosting FB County’s Bottom Line appeared first on TMC Financing.

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Reorg Blog

OCTOBER 18, 2024

The Second Circuit affirmed district court and bankruptcy court rulings dismissing fraudulent transfer claims because the transaction in question qualified for the Bankruptcy Code’s safe harbor for securities contract transactions.

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CreditStrong for Business

OCTOBER 18, 2024

One of the most often-repeated bits of business wisdom is that it takes money to make money. While that’s not a hard and fast rule, it’s safe to say that having some extra cash available improves your chances of starting and running a successful business. Fortunately, your startup capital doesn’t have to come from your own bank account. You can get funding from countless external sources.

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Credit Unions Small Businesses Credit Scoring Transactions 52

Due

OCTOBER 18, 2024

Late career changes are more common than you think. With many opportunities available in the job market, transitioning careers can enhance your job satisfaction and increase your income. Yet, what does a transition mean for your retirement savings? While a new career path can offer more fulfillment, it’s important to consider this change’s impact on your retirement plans.

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Transactions 52

TreviPay

OCTOBER 17, 2024

Embedded finance has recently gone from being a ‘hot topic’ to an essential part of the global financial ecosystem. It has game-changing and far-reaching implications for most industries. Recent research estimates that the value of the embedded finance market, which was at $43 billion in 2021, will grow to $138 billion in 2026. Just like the word ‘ fintech ‘, it means different things to different industries and companies.

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Reorg Blog

OCTOBER 18, 2024

Legal Research: Josh Neifeld Relevant Document: Summary Order On Sept. 19, the U.S. Court of Appeals for the Second Circuit issued a summary order in the case of Holliday v. Credit Suisse, a $720 million fraudulent transfer suit that arose from Boston Generating’s 2010 bankruptcy.

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Bankruptcy 52

CreditStrong for Business

OCTOBER 18, 2024

The North American Industry Classification System (NAICS) organizes businesses into groups based on their offerings and activities by assigning them six-digit codes. Lenders often use these NAICS codes to gauge businesses’ risk factors. As a result, they can have a significant impact on your chances of qualifying for funding. Here’s what you should know about these codes, including which ones lenders consider high-risk NAICS codes, how they affect your ability to get financing, and what you can

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Electronic Funds Transfer Credit Scoring Credit and Collections Credit Unions 52

Due

OCTOBER 18, 2024

Energy Investment opportunities abound with the impact of AI, and this is an unexpected corner. One such opportunity has recently been gaining significant traction—the energy sector, specifically energy infrastructure. This sector has been thrust into the limelight due to the increasing energy demands of tech giants. These companies are in a constant race to power their Artificial Intelligence (AI) technologies, creating a unique investment opportunity.

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Grit

OCTOBER 17, 2024

Buy Online, Pick Up In-store (BOPIS), aka click and collect, is a game-changer for retailers looking to boost foot traffic and seamlessly blend their online and offline experiences. This option gives retailers the power to merge the convenience of online shopping with the personal touch of in-store visits. It’s a win-win, drawing customers in while making their shopping experience smoother.

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TreviPay

OCTOBER 17, 2024

In business, “Net 30” is a common payment term. It helps manage cash flow and build good relationships between buyers and sellers. Knowing how to manage these terms can significantly impact a company’s financial health. Definition of Net 30 Net 30 payment terms refer to a payment term used in business transactions. Net 30 is where the buyer agrees to pay for goods or services within 30 days of the invoice date.

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CreditStrong for Business

OCTOBER 18, 2024

A small business owner can’t always get away with using their personal credit score to demonstrate their creditworthiness. Vendors and lenders also often consider business credit scores, including the popular Dun & Bradstreet PAYDEX Score. If you’re a business owner, here’s what you need to know about your PAYDEX Score, including what behaviors affect it, when and how others use it, and what qualifies as a good one.

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Credit Scoring Transactions Insurance Companies Small Businesses 52

Due

OCTOBER 18, 2024

From a young age, we learn that customization creates a special sense of ownership in our possessions. Vacation outlet malls offer a variety of custom keychains, mugs, and shirts inscribed with your name, while businesses like Build-a-Bear cater to an audience that’s willing to pay premium pricing for a toy uniquely tailored to their preferences. Over the past few decades, the consumer goods industry has seen a significant rise in financial gain through customization.

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Small Businesses Transactions 52

Grit

OCTOBER 17, 2024

Whether you’re ready or not, the battle for customer attention on Black Friday is fiercer than fighting for that last slice of pumpkin pie after Thanksgiving dinner. Every retailer is chasing the same goal – crafting an irresistible Black Friday newsletter campaign that customers can’t help but open, click, and grab those deals, thereby skyrocketing your revenue in the process.

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Transactions 52

TreviPay

OCTOBER 17, 2024

Understanding your financing options is crucial for any business looking to grow and succeed. Among these options, debt financing and equity financing stand out as two primary methods. This blog looks at their definitions, key differences, and the pros and cons of each. This will help you make better decisions for your business. Definition of Debt Financing Debt financing involves borrowing money that must be repaid with interest.

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CreditStrong for Business

OCTOBER 18, 2024

There is no universally accepted “good” Paynet Score. Yet lenders that use PayNet Scores will typically consider a PayNet MasterScore of 700 or higher to indicate a low level of credit risk. PayNet® is a business credit reporting agency that maintains a database of more than 25 million small business contracts — small business loan accounts, business leases, and business lines of credit.

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Credit Scoring Credit Reporting Agencies Default Credit Risk 52

Due

OCTOBER 17, 2024

The Occupational Safety and Health Administration (OSHA) has hit an Alabama stonemason with multiple sanctions and a nearly $30,000 fine as a result of a fatal injury inquiry. The company, Huntsville Granite and Marble LLC, was the scene of a fatal accident where a slab of stone weighing thousands of pounds hit a 33-year-old employee. OSHA has now said that this fatal and horrific accident could have been avoided, as a result of the investigation.

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Emagia

OCTOBER 17, 2024

According to The Hackett Group, generative AI has transformative potential in finance. It emphasizes that Generative AI can significantly enhance productivity and reduce operational costs. According to their research, generative AI can increase staff productivity by up to 44% and reduce finance process costs by 42%, offering finance leaders an opportunity to streamline operations and optimize workflows.

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