Compliance and Risk Management is the Secret to a Successful Debt Collection Agency

Compliance and Risk Management is the Secret to a Successful Debt Collection Agency

Share this Article Some companies think that revenue is the most important, and compliance is a cost. “Actually, if your compliance program is working, it should be saving you money,” says Laura Knights, Gulf Coast Collection Bureau. She recently discussed the important role compliance management plays in collection in a webinar on the future of compliance management.  Gaining new business …

California Consumer Privacy Act Overview

California Consumer Privacy Act Overview

Share this Article Social media, websites and countless apps have expanded our worlds and made our lives easier. Now, consumers are starting to see the potential downsides to technological convenience. The Cambridge Analytica scandal and countless data breaches have made consumers – and lawmakers – weary. In 2018, the European Union (EU) led the way in data protection rules with …

How To Build a Website for Your Debt Collection Agency to Reach Every Audience

How To Build a Website for Your Debt Collection Agency to Reach Every Audience

Share this Article By now, every legitimate business should have a working website. Debt collection agencies are no exception. The objectives your debt collection 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 and to hire new staff members. The challenge is understanding how …

10 Things to Consider When Redesigning Your Website

10 Things to Consider When Redesigning Your Website

Share this Article In 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 …

3 Tips to Decrease Late Payments from Customers

3 Tips to Decrease Late Payments from Customers

Share this Article As a manager, you work hard to balance the external parts of your business like sales and customer service with internal aspects like hiring, training and team management. If your customers don’t pay their bills on time though, cashflow stalls and all your hard work amounts to nothing. Here are some basic tips you can use to …

Organize a Successful Working Group for Your Business

Organize a Successful Working Group for Your Business

Share this Article For self-sufficient professionals, it can be hard to let go of control and share the workload. For some, this leads to recognition and exceptional accomplishments – if things go right. Oftentimes, though, tasks get forgotten, details are overlooked, and staff experience burnout. In the long run, working groups can be a more efficient way to solve difficult …

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 …