By now, every legitimate business should have a working website. Debt collection agencies are no exception. The objectives your debt collection agency website should achieve, however, are unique. Debt collection agencies have three main purposes: help consumers resolve their debts attract new clients to grow your business hire new staff members The challenge is understanding how to build a website …
10 Things to Consider When Redesigning Your Website
Share this ArticleIn the financial services industry, you need to be able to prove legitimacy and build trust with consumers and potential clients. The best way to do this is to build your web presence through a great company website. We spoke to the experts at Metric Marketing to learn what elements every business should consider when creating or redesigning …
3 Tips to Decrease Outstanding Invoices and Collect More Late Payments
Updated July 2022 Running a business comes with many internal and external concerns, from training and team management to focusing on brand reputation. But if your company has excessive outstanding invoices, cash flow will stall and the health of your business will suffer. Decrease late payments from customers, keep revenue flowing and free yourself up to focus on other aspects …
Safe Harbors for Email and Text Messages Under the NPR
The CFPB Notice of Proposed Rulemaking (NPR) has been covered extensively in articles and webinars over the past few months. The prospect of using text and email messages is exciting for an industry that has been all but left out of using the latest technology. The question is, how will you use digital communication safely? Here are a few common …
How Will Limited Content Messages Fit Into Your Collection Strategy?
As Joann Needleman, attorney at Clark Hill, explained in a recent webinar, the CFPB’s Notice of Proposed Rulemaking (NPR) is intended to make debt collection practices uniform. If everyone operates the same way, though, how will you stand out? This is where a customer service strategy for your collection agency can make a difference. To differentiate yourself, prepare now to …
Organize a Successful Working Group for Your Business
For self-sufficient professionals, it can be hard to share workloads. This mindset can sometimes be positive, but more often, this thinking leads to forgotten tasks, overlooked details, and staff burnout. Working groups are a more efficient way to solve difficult problems or finish big projects.Working Group DefinitionA committee or group of people appointed to study and report on a particular …
First Consumer Contact: Creating a Positive Customer Experience in Debt Collection
Debt collectors face numerous challenges when trying to resolve accounts. For many agencies, call blocking has begun to decrease right party contacts. Once a consumer is on the phone, you then need to overcome stalls or objections to find out why their debt has not been paid. These are just a few of the reasons a successful conversation on the …
A Closer Look: Validation End Date, Email and Digital Communications
The comment period for the CFPB’s Notice of Proposed Rulemaking (NPR) is closing soon. Now is the time for debt collection industry professionals to take action. The only way to let the Bureau know what collectors are excited about (and what areas need more consideration) is to file comments before time is up. Many debt collectors are looking to industry …
How to Build Your Brand as a Debt Collection Agency
The strategies and payoffs of marketing are clear-cut for B2C operations, but how do you build your brand if your industry is more nuanced? When you answer to your clients but interact daily with their consumers, what messages should you send? Which audience should you appeal to? Answering these questions will help you form your brand identity, putting you on …
How To Create a Credit Policy and Past Due Collection Procedure
Last updated February 2023 The blueprint most businesses use to collect on accounts receivable is called a credit and collection policy. The guidelines are typically broken into two sections: a credit policy and a past due collection procedure. The framework can be as detailed or as broad as is necessary for your office. Providing this direction to your employees is …
PDCflow Releases Enhanced Recurring Payment Feature
Ogden, Utah – Accounts receivable management software PDCflow has officially released the upgraded recurring payment feature of their new user interface. The enhanced recurring payment module will provide clients greater flexibility setting up consumer payment schedules. The improved recurring payment system was created after careful consideration of the schedule creation and maintenance needs for businesses. Dynamic schedule preview allows employees …
What You Should Know About Submitting a Comment to the CFPB’s Notice of Proposed Rule for Debt Collection: A Step-by-Step Guide
Share this ArticleReprinted from Clark Hill with permission from Joann Needleman The Consumer Financial Protection Bureau’s (CFPB or Bureau) Notice of Proposed Rule (NPR) is a dense 500-page document. In the NPR, the CFPB puts forth numerous proposals which seek to clarify numerous debt collection processes that span from communicating with consumers to providing a new validation form. Many agencies …
