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Key Takeaways
The credit and collections industry is witnessing a rise in debt and bankruptcy, necessitating proactive strategies from companies.
Offering diverse credit terms and flexible payment solutions is essential to mitigate risks and encourage timely payments.
Personal relationships and human interaction remain crucial, even in an increasingly automated environment.
The evolution of technology in collections is fostering more data-driven and personalised strategies for managing accounts.
Compliance with regulatory standards is paramount as the industry adapts to new technologies and processes.
Securing personal guarantees in business transactions is vital to reduce financial risk for companies.
Empowering employees with flexibility and creativity in payment terms can enhance morale and productivity.
Building partnerships with clients, rather than maintaining merely transactional relationships, fosters prioritisation in payments.
The deve...
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