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Credit and Collections

Customer owes and isn’t communicating? 3 steps to salvage the relationship and get paid

“Ghosting” isn’t just a phenomenon in the dating world. Credit departments are increasingly being ghosted by customers who may be struggling to pay multiple creditors. In some cases, these “disappearing act” clients were granted credit extensions by businesses. Failure to respond to phone calls, emails and letters in a timely fashion is often a sign […]

by Scott Ball
October 17, 2023

Is a prospective customer credit-worthy? Its banking history can provide a lot of clues

Extending credit to customers is riskier than ever. Whether it’s an existing customer looking for more favorable terms or a newer client a company doesn’t have a track record with, it’s best to obtain as much info about the customer’s payment habits as possible. One beneficial step companies can (but often don’t) take is to […]

by Scott Ball
September 21, 2023

Is extending credit to customers needed to make the sale? 3 keys to remember

Just as consumers are finally cutting back on spending, we can count on B2B customers to do the same, across all industry sectors. The good news? Companies that offer superior products and services and can easily demonstrate their expertise will weather the coming storm best. The key (as always) is a company’s sales team. Driving […]

by Scott Ball
August 29, 2023

Real-time credit risk management: Another way AI is revolutionizing Finance

Smart and efficient credit risk management is critical to the bottom line. It’s especially important if you’re like the many companies that are offering the convenience of B2B e-commerce to customers. Consider these insightful industry research findings: “Credit risk management is a key component within order-to-cash. … So that includes the risk assessment that you […]

by Brian Bingaman
August 11, 2023
Quick customer credit decisions can drive cash flow

Don’t be surprised when a customer that declared bankruptcy once before does it again

Corporate bankruptcy rates are at Great Recession levels last seen in 2009-10. The worse news? The year’s only a little more than half over. CEOs, CFOs, credit departments and Sales team members need to be aware of the higher risks when taking on new customers or doing more business with existing ones. Too often companies […]

by Scott Ball
July 26, 2023

Avoid the expensive error Finance is most vulnerable to in July

Your finance staffers watch for duplicates and other payment slip-ups all year long. But why should they be especially cautious this month? July represents the peak time of year in terms of invoices processed, according to research from Concur. And it was during July that the most duplicate invoices were found, which can lead to major (often undetected) financial […]

by Alyssa Pedrick
July 6, 2023

Email & phone tactics that prompt more late accounts to pay their bills

More and more businesses are relying on email over phone calls to collect from past-due accounts. Email is faster and more direct than trying to connect with a late payer on the phone. Of course, people can ignore a collections email as easily as they would a phone call. And they’ll almost certainly ignore an […]

by Scott Ball
June 20, 2023

Customers are stretching payments further – why it’s not likely to change anytime soon

2023 promises to be a very challenging year for Accounts Receivable departments. The word from many in the A/R and credit & collections arena is that customers are stretching payments as far as possible, and past-dues are surging. Inflation and interest rate hikes are impacting debtors’ cash flow. One other factor: The COVID gravy train’s […]

by Scott Ball
May 8, 2023
Credit & collections must stay sharp

DOJ & FTC targeting discrimination & bias in companies’ automated systems

Can automated payment systems be guilty of discriminating against certain groups of people? The federal government says yes, they absolutely can – and the feds plan to fine and possibly prosecute companies that rely on automated systems to do business. The Federal Trade Commission (FTC) is planning a multi-agency enforcement push against “discrimination and bias […]

by Scott Ball
April 27, 2023

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Resourceful Finance Pro, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day's headlines, Resourceful Finance Pro delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

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