Running an accounts receivable agency means balancing opportunities with business risks that can threaten your bottom line. From compliance violations to data breaches, even a small misstep can become costly if your team isn’t prepared. That’s why effective business risk management is essential. Attorney Lauren Valenzuela and Finexus Insurance CEO Katie Zugsay, both experts in financial services, stress that the …
Operational Risk Management in Financial Services
Operational risk management (ORM) has always been on the radar for business owners and senior management. However, hybrid work models, tighter regulations, and escalating cyber threats have raised the stakes and added new challenges to managing operational risks. Effective operational risk management now goes well beyond meeting check-the-box requirements. Risk management protects your bottom line from financial losses stemming from …
Risk Management Strategies: Prevent, Shift, and Improve
An essential part of running an accounts receivable business is keeping up with trends that will impact the industry and your agency. With the changes caused by the coronavirus pandemic, new regulations, and emerging technology, it’s important to understand the risks your company faces. Just as important, you must know the latest risk management strategies to keep issues to a …
Steps to CFPB Compliance Throughout a Period of Shifting Priorities
Implementing systems and workflows in line with Regulation F was a huge project for debt collectors. But recent remarks, social media posts, bulletins, blogs and CFPB press releases suggest that the focus on CFPB compliance isn’t over for AR professionals. Joann Needleman and Leslie Bender, Attorneys at Clark Hill Law, have monitored CFPB rules and actions for many years and …
What to Know About Expanding Your Business into First Party Collections
Many debt collection agencies are looking for business expansion opportunities to bring in more revenue. As a result, first party collection and extended business office (EBO) services are becoming more popular offerings.The Difference Between First Party and Third Party Collections First party collection means you are collecting late payments on behalf of your client under their branding – before accounts …
Credit Union Challenges and Opportunities: Balancing Recovery Rates and Member Retention
Many organizations rely on customer loyalty to thrive. Credit unions (which must maintain membership rates to stay competitive) often find themselves in this tenuous position. This balancing act between retention strategies and collection efforts is just one example of the credit union challenges you may have experienced in your own branch. To help you face these challenges head on, PDCflow’s …
Technology Adoption: Lessons Learned from the Pandemic
2020 was a year of change for everyone. Companies were forced to rapidly move employees to remote work. Staff figured out the logistics of sharing home office space with spouses, roommates or elearning children. Restaurants, retail and other business to customer operations quickly deployed contactless, digital methods that kept things running.Other companies, like accounts receivable extended business offices (EBOs) experienced …
Professional Spotlights: Women in ARM
As many know, the month of March is dedicated as a time to acknowledge the contributions women have made to our society (both in the past, and through ongoing efforts). All year round, our content team at PDCflow tries to create a platform for women in the financial services industry to share their expertise and help others grow and learn. …
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 …
Marketing Messaging: Making It Work for Accounts Receivable
The way accounts receivable businesses operate is changing. Consumers and potential clients spend more time researching companies online and less speaking directly to your business. That means your agency’s website must speak to visitors as clearly as possible. A concise marketing message and clear website copy can help you communicate to all your audiences. Use messaging properly and you will …
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