Companies that accept ACH payments online: are you prepared for Nacha’s coming rule changes? Nacha, the governing body in charge of maintaining the safety and security of the ACH payment network, has created new guidelines for accepting WEB debits.What ACH Rules Are Changing?The new Nacha guidance, the WEB Debit Account Validation Rule, has specified a need to pre-transaction screenings of …
Operational Risk Management in Financial Services
Operational risk management in the workplace has always been a concern for business owners and managers. However, the changing workplace environments of the last year has created more risks and liabilities for organizations than ever before. Performant Corporate Counsel Lauren Valenzuela and Finexus Insurance Agency CEO Katie Zugsay discussed these evolving risks in a recent CAC webinar, Smarter Risk Management …
PDCflow Named Best Digital Signature Software Company of 2021 Digital.com
Ogden, Utah–Digital.com, a leading independent review website for small business online tools, products, and services, has named PDCflow among the best digital signature software companies of 2021. The top systems were selected based on key features, advanced capabilities and integration tools. The finalists were chosen during a 40-hour assessment of over 70 solutions. With secure delivery and capture of payments, …
Collection Success: The Art and Science of Mental Rehearsal
Another year of Collector.Live! content is in the books, and the speakers did not disappoint. Negotiation expert Joshua Weiss spoke about negotiation tactics front line collectors can use to improve call outcomes and Joann Needleman of Clark Hill discussed digital communication with consumers. Another inspiring speaker, Mike Hiller of American Profit Recovery, discussed the benefits of mental rehearsal for improving …
4 Core Payment Negotiation Tactics for Debt Collections
Collector.Live! has wrapped up another program full of speakers, panels and inspirational knowledge. Front line collectors gained insight on everything from the impacts of Regulation F to the positive impacts of mental rehearsal on job performance. One such speaker, Dr. Joshua N. Weiss, who is a negotiation and conflict resolution expert and President of Negotiation Works, Inc., taught attendees the …
Top Financial Services Podcasts for AR and Consumer Finances
Managing your business while staying informed about current industry events can be difficult to balance. Luckily, with podcasts becoming more popular than ever, you can access knowledge from industry experts at any time. However, wading through all of the content available can be intimidating. Here are just some of the many financial services podcasts available centering on accounts receivable, consumer …
How to Improve Customer Experience in Accounts Receivable
Accounts receivable businesses have a unique relationship with consumers. Often, you find yourselves collecting a bill that consumers may not be excited to pay for a good or service that has already been delivered. Making payment as easy as possible will go a long way towards fast resolution and higher debt recovery rates. Understanding the basic elements of how to …
8 ARM Industry Expert Predictions: Regulations, Consumer Preferences, and Electronic Communications
2020 has been an unusual year for the accounts receivable management industry (to say the least). Agencies across the country found themselves making the shift to remote workers, trying to keep up with state-by-state collection restrictions and dealing with other logistical issues caused by running a business during a pandemic. But the year also saw numerous pieces of legislation, (CFPB’s …
10 Customer Experience Statistics For Accounts Receivable
Poor customer experience negatively impacts companies every day – whether they realize it or not. However, the accounts receivable industry is seeing a shift in focus to prioritize consumers. If your AR company hasn’t made the shift yet, here are ten customer experience statistics that may change your mind.Impact of Negative Customer Service on BusinessNegative customer experience can severely impact …
The CFPB Completes Debt Collection Rulemaking
This article was written by Joann Needleman, Ann E. Lemmo, and Leslie C. Bender. It was originally published by Clark Hill Law and is republished here with permission. On Dec. 18, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) completed its seven-year rulemaking process for debt collection. In 2013, the CFPB embarked on an ambitious journey to write regulations to interpret the 40-year-old Fair Debt …
PDCflow Software: Providing a Better Customer Experience
PDCflow’s development team works hard to continually improve the products and services we offer. In this quarterly article series, Product Manager Kristen Makanoa highlights what we’ve been working on.Kristen MakanoaProduct Manager, PDCflowIt’s a pleasure to work with this excellent team and to help our new and loyal customers! After my first few months here, I’ve taken an opportunity to pause …
5 Collection Call Script Questions Answered by Industry Leaders
Call Scripting BenefitsScript LimitationsKeep Agents In ControlCall Script ElementsAgent TrainingMost agencies use collection call scripts but how do you know you’re getting all you can out of yours? Recently, we reached out to several experts in the industry for their thoughts on call scripting. They discussed the pros and cons of using scripts, elements they should contain and the important …
