“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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
