Articles

Why Automation Is Key For Effective Accounts Receivable Management

Why Automation Is Key For Effective Accounts Receivable Management

Businesses waste countless hours each year trying to keep track of and chase their receivables. Meanwhile, they could be saving upwards of 15 hours per week with accounts receivables automation and significantly reducing invoice ageing days. In business, it can feel like a constant race against the clock. The last thing anyone needs is to have to chase up late customer payments. The reality is;...

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The Do’s and Don’t’s of Sending Someone to Collections

The Do’s and Don’t’s of Sending Someone to Collections

Sending a late account to collections is a big decision. Should you refer a client to collections, or should you handle it yourself? Wait at least 90 days after your invoice is due to send a nonpaying client to collections. Before sending a nonpaying client to collections, you should take steps yourself to receive payment, such as calling the client and sending the client debt collection...

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How Can Digital Debt Collection Play an Important Role in Fintech Success

How Can Digital Debt Collection Play an Important Role in Fintech Success

According to a McKinsey’s 2020 report, the international was facing numerous challenges, despite the fact that several industries rely on its expertise to recover debts from customers. The report further highlighted that many debt collection agencies could only recoup $40 billion out of $150 billion in 2010. The average collection rate of the industry was only 20 percent. Heavy Reliance on...

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Thinking Of Consolidating Your Debt? Here Are The Pros And Cons You Need To Know

Thinking Of Consolidating Your Debt? Here Are The Pros And Cons You Need To Know

While debt consolidation carries risks much like any other loan, it also has attractive advantages.Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.It can be easy to fall into debt, especially if...

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Tips for Debt Recovery

Tips for Debt Recovery

When you have any sort of business enterprise, you depend on money flow for the day to day operating of it. In the event the cash flow dries up your online business often goes for the wall. Part of the problem may very well be triggered by negative debt. Negative debt is funds that your clients or customers owe you that may be not paid and that you cannot recover without it costing you more than...

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Locating Debtors: Collection Triggers Will Dramatically Maximize Debt Collection Success

Locating Debtors: Collection Triggers Will Dramatically Maximize Debt Collection Success

To improve debt collection efforts, some collection agencies are implementing advanced skip tracing tools by using collection triggers. Collection triggers monitor delinquent debtor accounts, and can accurately predict, identify and contact past due debtors with the ability to pay. With an ever increasing rise in home foreclosures, as well as personal and business bankruptcies, due to growing...

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Legal Action to Recover

Legal Action to Recover

Both lenders and borrowers are protected by federal law in their dealings with each other. When lenders and creditors have trouble collecting past-due accounts, they can choose to sell the bad debt to a collections company or take legal action themselves to recover the debt. Understanding your options as a lender, and the legal process of debt recovery, can help you to minimize your...

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How AI Is Modernizing The Collections Process

How AI Is Modernizing The Collections Process

For both individuals and companies, debt levels have been steadily rising. The New York Fed reported that household debt increased by $87 billion in the third quarter of 2020, continuing an upward trend since 2013. Unfortunately, not all borrowers can meet their obligations, leading to debt collection. The economic crisis caused by Covid-19 has exacerbated these concerns. Suppressed economic...

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Maximize Bank Debt Recovery Successes Utilizing These Strategies

Maximize Bank Debt Recovery Successes Utilizing These Strategies

Bank debt recovery is growing, mostly because of a poor economy affecting both consumers and markets around the world. Banks and credit unions are adding new techniques and strategies to improve bank debt collection.Banks are witnessing continually growing loan and credit card defaults, as well as checking account charge offs, due to years of steady rising consumer debt, as consumers face trying...

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How to More Effectively Convert Your Accounts Receivable into Cash

How to More Effectively Convert Your Accounts Receivable into Cash

Converting accounts receivable into cash is a critical process in the development of a healthy cash flow. While booking a receivable is accomplished by a simple accounting transaction, the process of maintaining and collecting payments from your customers requires a steadfast commitment to a systematic process of Accounts Receivable Management. To more effectively convert accounts receivable...

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Rethink Debt Collection with AI and ML

Rethink Debt Collection with AI and ML

Lenders, collection agencies, law firms, and other organizations in financial services inherently operate with a certain level of risk. And when it comes to collections itself, a growing influx of new debt, digitally aware customers, more stringent laws, and transformative technologies continue to make the job of collection agencies increasingly complex. These concerns have only been amplified...

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How to Get Out Of Debt with a Debt Consolidation Loan Plan

How to Get Out Of Debt with a Debt Consolidation Loan Plan

Landing into a debt is a total disaster and contrary to our hard imposed policy of not to take loans in life, we actually will be forced to get into this loan debt. The debts aren’t single; they are in various forms like the mortgages, personal loans, credit card loans, auto loans to name few. So when you find out that you are in such a mess, it is better to go in for the debt consolidation loan...

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How Automation Can Improve Debt Collection

How Automation Can Improve Debt Collection

In the debt collection industry, collectors are a company’s front-line offense and defense. They bring in revenue and are the first point of contact for debtors. The higher the productivity of your agents, the higher the income of your company.Debt collection has traditionally been a call-and-respond industry. Collectors would attempt to locate and contact a debtor directly, and any automated...

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Healthy Debt Collection Habits Which Generate Income Throughout The Rough Economic Conditions

Healthy Debt Collection Habits Which Generate Income Throughout The Rough Economic Conditions

“Implementing procedures for debt collection long before the first payment is late is the key to successful recovery of credited funds. Creating policies and procedural outlines related to debt collection is part of the financial foundation of the company, and divulging the terms of service to clients should include written notice of these practices.”All debt collection should appear in writing...

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New rule will allow debt collectors to track you down on social media

New rule will allow debt collectors to track you down on social media

Federal regulators have given debt collectors the okay to pursue debtors via email, text messages and social media sites One by product of the pandemic has been more debtors, and now collection agencies have new ways to track down the people who owe them money. So watch out who you connect with on Instagram or befriend on Facebook. It could be a debt collector contacting you through a direct...

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When a debt collector calls – what can’t they say!

When a debt collector calls – what can’t they say!

It’s inevitable that you will eventually get a call from a debt collector. I hear about it all the time, from friends, family, colleagues, even my barber. Sometimes it’s about a bill they’ve forgotten to pay, a bill they didn’t realize they had, or they have simply fallen behind on payments. No matter what the situation, you still have rights when dealing with debt collectors and deserve to be...

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Collections Industry Increases Hiring and Technology Investments While Preparing for the “Next Normal”

Collections Industry Increases Hiring and Technology Investments While Preparing for the “Next Normal”

New report from TransUnion and Aite-Novarica Group explores the latest trends in the collections industry A new report by TransUnion (NYSE: TRU) and Aite-Novarica Group found that the collections industry is boosting hiring and technology investments as it transitions into a “next normal” stage. Approximately seven in 10 collections professionals (69%) said technology solution spending will...

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Warning Signs of Too Much Debt

Warning Signs of Too Much Debt

A long-standing rule of thumb holds that monthly payments on debts (not including a home mortgage, which is really more of an investment) shouldn't exceed 20% of take-home pay. The closer you get to that 20% ceiling, the greater your risk of over-indebtedness.Rules of thumb can be useful, but don't count on this one to keep you out of trouble. It says nothing about your total financial...

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How Long Can Creditors Try to Collect on a Debt

How Long Can Creditors Try to Collect on a Debt

The Fair Debt Collection Practices Act regulates what debt collectors can and cannot do as they attempt to collect from you. Although the federal law protects you in many ways, it does not include provisions for making debts disappear or expire. That means a debt collector could pursue you for the rest of your life for a debt that you legally owe.Time Frame State statute of limitation laws...

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Tips to Get Out from Your Debt

Tips to Get Out from Your Debt

Money is very important for all people. People will need money because people will need to buy all things with their money. When they are lack of money then they will not be able to get all things that they want. It is so dangerous when you don’t have money and you have lots of bills to pay. Most people prefer to lend money from some money lenders or banks. Unfortunately sometime they can’t pay...

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Thwarting Fraud Before It Happens

Thwarting Fraud Before It Happens

Banks are turning to identity scores to determine if people are who they say they are. How is it working?Move over credit scores – there’s a new type of score on the block: identity scores that can calculate the risk of fraud before a consumer opens an account. Vendors say their use is bound to grow because of mounting concern about identity theft and fraud. Last year, for the fifth year in a...

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The Difference between Good Debt and Bad Debt

The Difference between Good Debt and Bad Debt

Debt is a serious problem for a lot of people and it is something that you need to be concerned about. However borrowing money is not always a bad thing there are times when debt can be a good thing. It is important to make sure that you understand the difference between good debt and bad debt so that you can make good choices when you borrow money.The difference between good debt and bad debt...

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Organize Your Email Marketing Campaign for Success

Organize Your Email Marketing Campaign for Success

If you have recently decided to try implementing an email marketing campaign, you can congratulate yourself on becoming involved in one of the most effective types of online marketing for your business. While many business owners tend to shy away from email marketing campaigns because they believe these campaigns are always viewed as spam, others realize the importance of this type of...

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Learn about rules for debt collection

Learn about rules for debt collection

If you owe a debt, you should make every effort to pay it. After all, you’ve enjoyed the services or goods that your debt bought. And companies have a right to try to collect or even sell that debt to recoup their money.The more they can collect, the less likely they are to pass on their debt troubles to other consumers in the form of higher prices or the cost of credit.But consumers have a...

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How to Deal With Harassing Calls from a Bill Collector

How to Deal With Harassing Calls from a Bill Collector

Know your rights and where to report abusive collection practices.Debt collectors often call relentlessly despite being barred by law – unless given prior permission – from contacting you before 8 a.m. or after 9 p.m.Do you owe a lot of money? You aren't alone. One in seven Americans are pursued by a debt collector, according to a recent report from the nonprofit Center for Responsible...

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A/R Automation Revolution Improves Key Metrics, Including Invoice DSO

A/R Automation Revolution Improves Key Metrics, Including Invoice DSO

There’s no escaping financial automation, and who would want to? If you surveyed hundreds of treasury executives, as PYMNTS did, across the accounts receivable (AR), billing, cash application, credit, collections and treasury management functions and in as many verticals you would quickly find that automation is the treasurer’s golden ticket. They’re actively seeking it from tech partners....

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The Advantages of Low Interest Rate Student Loans

The Advantages of Low Interest Rate Student Loans

Any time you have to borrow money especially for student loans you want to choose a loan that has a low interest rate. Student loans can total up into the thousands and thousands of dollars. The interest on most loans starts to accumulate as soon as the loan is paid out. Student loans often have a deferment payment until after you graduate. Can you imagine how much interest that would be? It...

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Relationship Management Dispute Resolution

Relationship Management Dispute Resolution

The credit department is the focal point between clients and internal departments – properly managing these vital relationships is a challenge due to communication obstacles, conflicting goals, and revenue exposure.The Payoff of Enhanced Systems A study by Goldman Sachs found it costs 10 times as much to acquire a new customer as it takes to keep one. The reality is your credit department is...

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Master Three Critical Debt Collection Techniques to Increase Cash Flow to Your Business

Master Three Critical Debt Collection Techniques to Increase Cash Flow to Your Business

Effective debt collection techniques are a necessity for businesses in any economic climate. Knowing how to encourage your customers to pay their outstanding debts to you on time can increase your cash flow. After all, your business has its own debts to pay. Without adequate cash flow, you could be risking falling behind with your own bills, which could lead to problems with suppliers or loss of...

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AR Automation Benefits : 6 Reasons to Automate

AR Automation Benefits : 6 Reasons to Automate

Do you struggle to find the time to chase customers for your money? Are you slogging away entering data onto slow and outdated systems? Maybe it’s time to step up your systems and go digital. A manual accounts receivable system is tedious and outdated. It also leaves a lot of room for costly human error. This allows for valuable resources to be redirected elsewhere, making a company more...

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Making the Right Collection Calls

Making the Right Collection Calls

Traditional behavioral scoring has filled the bill for many years by providing a basis for making decisions about which delinquent accounts to call. But with millions of dollars in uncollected delinquent dollars, many financial institutions are supplementing their behavioral scoring approach with action-specific modeling solutions that predict the response to particular actions – such as sending...

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The Concept of Debt Recovery Management

The Concept of Debt Recovery Management

Banks were never so serious in their efforts to ensure timely recovery and consequent reduction of Non-Performing Assets (NPAs) as they are today. It is important to remember that recovery management, be of fresh loans or old loans, is central to NPA management. This management process needs to start at the loan initiating stage itself. Effective management of recovery and Non-Performing Assets...

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Ten Tips to Successful Debt Collecting

Ten Tips to Successful Debt Collecting

Tips on how to collect debt: 1. PREPARE: Review the paperwork on the debtor before making the call. Know the history of the account, credit record, the promises kept/broken. Have all records in front of you, ready for reference. 2. ATTITUDE: Adopt a straight, professional business-like attitude. You have a contract, you delivered the goods, money is owed, and you have a right to expect payment....

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Seven Habits and Rewards of Highly Efficient Collections Operations

Seven Habits and Rewards of Highly Efficient Collections Operations

Imagine if your collection centers knew the best hour of the day to contact each delinquent account. Now, imagine that your calling strategies were intelligently coordinated, consistently executed, and impervious to disruptions. ~ by Lois Brown Imagine if your collection centers knew the best hour of the day to contact each delinquent account. And imagine that you could easily overlay this data...

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Optimizing Receivables

Optimizing Receivables

For every business serious about maintaining optimum cash flow, it is imperative that effective practices be implemented for securing monies owed and curtailing potential debtors. The past several years have seen some troublesome statistics materialize with respect to business debt collections. The statistics are particularly upsetting for small and medium-sized businesses trying to collect on...

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7 Hidden Ways Overdue Accounts Are Killing Your Business

7 Hidden Ways Overdue Accounts Are Killing Your Business

If you're like most kiwi business owners chasing overdue accounts is an ugly time consuming monster you'd rather never have to deal with. It's right up their with preparing tax returns and firing staff. Now as hideous as hounding people for money is, there are seven hidden ways in which your overdue accounts are killing your business.7 Deadly Debt Drains Bleeding Life And Joy Out Of Your...

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Collecting Accounts Receivables

Collecting Accounts Receivables

Keys to collecting debt legally and successfully include preparing a policy and procedure manual and a credit application form. A measured approach to debt collection is better in the long run than immediately going to a collection agency or court. Consumer credit laws affect preliminary debt collection methods, while the Truth-in-Lending Act regulates the amount of interest that can be charged...

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7 Ways To Consolidate Debt

7 Ways To Consolidate Debt

Borrowers who seek to consolidate their debts today have more options than ever before. Student loans, credit cards, car payments and other types of debt can be moved around in many different ways to get ahead of the curve. Knowing the pros and cons of each strategy can help you determine which path is best for you and save you thousands of dollars – and your credit score as well. What to Expect...

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13 Strategies to Speed up Collections

13 Strategies to Speed up Collections

Before the Money is DueEveryone doing business knows that a sale isn’t a sale until the cash is in your bank account. Getting it there when you need it, however, can be a real challenge.Most companies wait until an invoice is past due before taking action. But why not be proactive?Here are some strategies you can use before the account is due, that can help you speed up your collections.1....

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Accounts Receivable Collections: How to Get Late-Paying Customers To Pay On Time

Accounts Receivable Collections: How to Get Late-Paying Customers To Pay On Time

A year or two ago, your business was probably running pretty smoothly, with sales and profits growing. And then the recession and credit crunch hit-a brutal double-whammy- and everything started slowing down almost overnight, including your accounts receivable collections. ~ by Gene Siciliano Whether commercial or consumer, your customers started paying your accounts receivable later and later,...

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Five Ways to Improve Collections in the 21st Century

Five Ways to Improve Collections in the 21st Century

With billions of delinquent dollars still uncollected around the world, collection centers are searching for new, more productive and profitable ways to pursue overdue accounts. In this quest, many companies have re-evaluated long-held beliefs and have actually found that some of these assumptions are restricting—rather than promoting—their success. ~ by Lois Brown With billions of delinquent...

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Kollect Systems is an innovative tech platform provider with BankTech and FinTech software solutions which leverage AI based decisioning and workflow technologies to help lenders perform Debt Collections & Recovery (BankTech) processes effectively and for mid-size to large scale enterprise companies (FinTech), to automate Receivables, e-Invoicing & Payments better.

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