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There are three types of customers: those that always pay on time, those that sometimes pay on time, and those that never pay on time. A customer that pays on time does not require any collection efforts. Those who sometimes pay on time only require a collection effort when they pay late; getting them to pay is usually not difficult. Customers who chronically pay late are another matter, especially those who regularly pay well beyond your terms of sale.
Our February blog post is going to introduce and outline our upcoming five-part series on claim denials. Experians Health Report for 2024 had nearly three out of four respondents stating their claims denials have gone up, versus less than half of respondents only two years ago. Almost 40% of the respondents said their claims are denied 10+% of the time, while 11% of the respondents received denials at least 15% of the time.
Los Angeles, CA Los Angeles Business Journal has spotlighted CSS Impact, a leader in financial technology solutions, for its groundbreaking use of artificial intelligence in debt collection. The feature, titled “CSS Uses AI For Collection,” details the company’s innovative AI agents, Ava and Ivan, transforming customer interactions in the debt recovery industry.
Can your AML/CFT and fraud staff recognize these fraud typologies? The technology used to perpetrate financial crimes may be changing, but these common fraud typologies aren't going anywhere. This article covers these key topics: Why familiarizing staff with fraud typologies matters Common fraud schemes Fraud risk management best practices 3 Steps financial institutions can take to prevent fraud Why familiarizing staff with fraud typologies matters in 2025 In 2023, the Federal Bureau of Investig
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
While there are many conferences for finance professionals , there are no conferences exclusively dedicated to Accounts Receivable (A/R), several events heavily feature this topic, attracting numerous A/R professionals. Below are the top five conferences in the USA for 2025 that offer significant value to those in the accounts receivable department and finance sectors.
After a lifetime of hard work and dedication, retirement is a time for unwinding and relaxing. Even though retirement is primarily associated with physical relaxation and more free time, its equally important to consider a less tangible yet equally vital aspect of well-being: mental wellness. After all, to truly enjoy retirement, we must nurture our mental and emotional well-being like our physical health.
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After a lifetime of hard work and dedication, retirement is a time for unwinding and relaxing. Even though retirement is primarily associated with physical relaxation and more free time, its equally important to consider a less tangible yet equally vital aspect of well-being: mental wellness. After all, to truly enjoy retirement, we must nurture our mental and emotional well-being like our physical health.
The RMAI Certification Council announces the adoption of version 13.0 of the Receivables Management Certification Program after a lengthy development and review process. Several significant enhancements were added to the program in version 13.0, including: Allowing the Full Compliance Audit to be done remotely with several exceptions. Modifying the review process for claims of identity theft.
Wire fraud is the second highest fraud scam impacting financial institutions As fraudsters continue to refine their tactics, financial institutions must remain vigilant to protect both their clients and employees from evolving wire fraud schemes. A single misstepwhether its sending funds to a fraudulent account or clicking on a compromised emailcan lead to severe financial losses and reputational damage.
By mastering cash flow management, businesses can avoid the pitfalls of cash shortages, which can lead to operational disruptions and missed opportunities. Optimizing working capital, a key component of cash flow management, can significantly enhance your business's ability to thrive in a competitive market. Proper management of working capital and cash flow means your business has the necessary liquidity to cover short-term expenses, invest in growth initiatives, and seize new market opportunit
People often dream of the ability to work for themselves setting their own hours, choosing projects they enjoy, working from anywhere, and pursuing other passions on the side. For many, this working arrangement leads to a much better work-life balance and less stress than they typically experience in traditional careers. However, despite having more control over their personal and professional lives, one thing doesnt change retirement planning.
Building a strong credit history is crucial to achieving your financial goals, and the right credit card can help you meet them faster. Credit builder cards assist in growing or rebuilding your credit and can help you stay on track to improve your credit score. Understanding how these cards work and knowing what to look out for will be useful in choosing one that helps you establish credit, qualify for loans, and unlock exclusive rewards.
Manual back-end steps bog down loan approvals Financial institutions can make financial analysis, risk rating, pricing, and other steps for processing small business loans less painful. Automating the key steps that often occur in the back office leads to faster decisions, stronger customer or member relationships, and more profitable lending to small businesses.
In today’s rapidly evolving financial landscape, the integration of Artificial Intelligence (AI) into collections management has become a pivotal strategy for organizations aiming to enhance efficiency, reduce operational costs, and improve cash flow. AI agents are revolutionizing the way businesses handle accounts receivable by automating routine tasks, predicting payment behaviors, and facilitating seamless customer interactions.
Top 5 Benefits Using Business Credit Cards for Business In the competitive landscape of business today, managing finances effectively is crucial for both growth and sustainability. One useful financial tool that can significantly streamline financial management is a business credit card. Unlike personal credit cards, business credit cards offer unique advantages tailored specifically for the […] The post Top 5 Benefits of Using Business Credit Cards for Your Business appeared first on Busi
As you become a responsible borrower and work toward building your credit history, youll find that your credit report may sometimes contain inaccurate or outdated information that may harm your score. Failing to review your credit report and remove these inaccuracies or irrelevant information may affect your overall financial health and disqualify you from some premium opportunities.
The stock market experienced its most significant downturn of 2025 as the Services Purchasing Managers Index (PMI) reported concerning numbers for January. The data revealed that the service sector, representing approximately 70% of the U.S. economy, entered a contractionary phase. Understanding the Services PMI Impact The Services PMI serves as a critical economic indicator that measures the health of various service-based industries, including: Restaurants Hotels Airlines Financial services Te
In today's fast-paced business environment, managing cash flow effectively is crucial for maintaining operational stability and fostering growth. One strategic tool that many companies leverage to achieve this is the early payment discount.
When discussing a possible equipment loan, many people quickly ask some combination of these questions, What is the interest rate? , How much is my monthly payment?, and How many months can I have to pay it off?.
Whether youre building back your credit from past damage or starting from scratch, you may need expert help navigating the process. Credit improvement services offer expert assistance in reviewing your credit report and disputing errors with the agencies. They may even offer to negotiate with lenders on your behalf. But as tempting as this seems, not all companies that offer to clean up your score are legitimatesometimes, they may not deliver the results they promise.
Retirement should be a time for relaxation, travel, and pursuing your passions. However, a nagging concern haunts many: they fear they will outlive their savings. After all, as lifespans increase , the traditional retirement game plan might not work. Half of non-retired Americans (51%) have concerns about outliving their retirement assets, according to the Schroders 2024 U.S.
Asking for payment can be a delicate situation, especially when dealing with clients or customers. Striking the right balance between being professional and assertive is crucial to maintaining positive relationships while ensuring you receive the compensation you deserve.
SBA loans are one of the most powerful tools for businesses looking to grow, yet misconceptions can sometimes deter business owners from exploring this financing option. As experts in this field, were here today to share the facts about SBA lending. Lets clear up some of the most common myths about SBA loans and set the record straight.
Does increasing the credit limit affect the credit score ? The answer typically depends on many factors, including how high or low your credit utilization is and what happens after you request a raise. If youre considering asking for an increase in your limit, begin by weighing the benefits and potential drawbacks of a credit increase. Knowing when to do so and if you should raise your credit limit is also important to avoid damaging your credit score.
The release of Tesla Optimus humanoid robots took the world by storm. These robots can do laundry, the dishes, clean up around the house, and in some cases, can look after your kids. This excitement and hype around these robots are leading silicon valley companies to invest heavily in these robots. Tech Companies to Invest in Humanoid Robots Initially the major companies investing in these robots were Amazon, Google, Microsoft, NVIDIA , and Tesla.
When applying for a business loan or credit card, you may encounter two types of credit checks: soft pulls and hard pulls. Understanding the difference between the two is crucial as they can impact your credit score.
The Altares report reveals a record explosion in insolvencies in 2024, accentuating non-payment and insolvency risks. The challenges for Credit Management and key strategies for securing receivables.
If a collection account is deleted, does your credit score increase ? The short answer is that it depends on the credit-scoring model used to evaluate your credit. If a collection account appears on your credit, it highlights a crucial issue with your financial health, which you should immediately work to improve. Understanding how to avoid entering collections and how to improve your score for the long term is vital to maintaining healthy credit.
Amazon is breaking into the generative AI space with their new product Alexa+. The product still is a piece of hardware people can have in their homes, but this time it is more advanced. According to Amazon , the Alexa+ conversational, smarter, personalizedand she helps you get things done. Amazon releases Alexa+ What makes this product a bit different than previous Alexa models is that it runs on both Amazons large language model and Antropics (which was acquired by Amazon).
Reading Time: 4 minutes Accounting software provides digital solutions to banks and other lenders, enabling them accurately and efficiently represent their companys financial position. The right software will save time, money, and frustration while allowing lenders to access real-time financial data to grow and protect their loan portfolios. In this article, we explore the different types of accounting programs, the advantages of accounting software for banks and lenders, and some great tips on
A business credit score is a numerical representation of a companys creditworthiness and financial stability. Similar to personal credit scores, these scores are determined by evaluating a company's credit history, payment behavior, and outstanding debts. A strong business credit score can significantly enhance your ability to secure loans, attract investors, and negotiate better terms with suppliers.
If youre about to apply for a mortgage loan, you are most likely concerned about how the loan will affect your credit score. This is because your credit score significantly influences your financial prospects and your chances of qualifying for loans, lower interest rates, cash back rewards, and travel points. It can also contribute to the mortgage approval process and the strictness of your payment terms.
Understanding exactly how much each job or project costs your business is essential for maximizing profitability. However, many business owners struggle to track costs accurately, leading to mispriced jobs and unexpected expenses later on. This is where job costing comes into play.
Banks & credit unions recognize the importance of new deposits After years of consistent deposit growth, financial institutions have faced a shift recently, with deposits declining since 2022. How can they attract and retain new depositors? Strategies to help banks attract new deposits Banks and credit unions planning for 2025 agree that attracting and retaining deposits remains a top priority.
Conversations about money are challenging, no matter the situation. However, they are necessary when proposing a deal with a potential client. As a B2B debt collections company, we thought we'd share some tips to help make these discussions easier. Navigating financial discussions with B2B clients can be challenging, but mastering these skills can build healthy business relationships and secure timely payments.
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