How To Create a Credit Policy and Past Due Collection Procedure

How To Create a Credit Policy and Past Due Collection Procedure

Share this Article To ensure a successful transaction from start to finish, each department in your company should have a playbook to outline the basics. The department responsible for payment collection – whether it’s called billing, invoicing, collection or, most often, accounts receivable – is no exception.  Providing this direction to your employees is essential. A policy manual outlines the …

What Creditors Should Understand About the Proposed Debt Collection Rule

What Creditors Should Understand About the Proposed Debt Collection Rule

Share this Article The Consumer Financial Protection Bureau (CFPB) recently released their Notice of Proposed Rulemaking (NPR) for the debt collection industry. Even if creditors have heard about this news, not all are likely to have read the hefty document. However, if your business or department handles AR billing, there are elements of the new proposed rule that will impact …

Accounts Receivable Management Definitions

Accounts Receivable Management Definitions

Share this Article Managing the money customers owe your business is a vital – often overlooked – part of maintaining a healthy business. If your accounts receivable (or billing) department could use some attention, start with the basics. Here’s a glossary of accounts receivable management terms every AR billing professional should know. Accounts receivable is the unpaid funds owed to …

Preparing Staff for Electronic Communication Under the CFPB Proposed Rule

Preparing Staff for Electronic Communication Under the CFPB Proposed Rule

Share this Article Industry experts are certain electronic communication will play a part in the final CFPB debt collection rule once it is created. This means agencies will be given clearer guidelines on how text messages and emails can be used for communication with consumers. Sending communications through electronic channels offers consumers more choice in how they can resolve their …

What is AR Billing?

What is AR Billing

Share this Article If your business provides goods or services without requiring full payment up front, this unpaid money is categorized as accounts receivable (AR). The process of sending invoices, collecting payments, and pursuing unpaid balances makes up the AR billing system your company most likely already follows.   In fact, most offices have a dedicated department in their organization …

Why Attorneys Should Embrace New Law Firm Technology

Why Attorneys Should Embrace New Law Firm Technology

Share this Article The slow adoption rate of law firm technology has been discussed in the legal industry for years. In 2016, LexisNexis covered law firms and technology, centering on why firms have struggled to keep up. The article cited a report that suggests it is because “most lawyers have a tendency to believe their own practice is better equipped than …

Payment Collection: How To Use Your Voice as a Tool of Persuasion

Payment Collection: How to Use Your Voice as a Tool of Persuasion

Share this Article “Have you ever thought that when you’re on a call, you could strategically use your voice and speech melody to be more persuasive, and perhaps redirect the behavior and change the direction of that call?” This is a question presenter Liz Peterson asked the audience at the 2019 Collector Live virtual conference. Peterson has worked as a …

Company Culture: Make Your Collection Agency a Great Place to Work

Positive Company Culture: Make Your Collection Agency a Great Place to Work

Share this Article PDCflow recently reached out to an expert in company culture to find out what makes up a great place to work. American Profit Recovery is an exemplary collection agency. They have been in business for 14 years and boast more than 25 years of experience from Owner Jeff DiMatteo and each of his three business partners. This …

How To Manage Employees: Hiring and Employee Retention

How to Manage Employees Hiring and Employee Retention

Share this Article Turnover is a concern office managers face constantly. While some factors are beyond your control, there is much you can do to increase your employee retention. The collection industry faces more hurdles than most when it comes to hiring and retaining a good, engaged, workforce. This has given managers in the industry a lot of experience hiring, …

Multi Generational Team Management

Multi Generational Team Management

Share this Article Effective team management transforms your office. It can create an environment where happy, self-sufficient employees work well on their own and also come together to create a winning team. This isn’t always as simple as it sounds. A good manager must take into account the backgrounds and experiences each employee brings to their work. Experiences that change …