Customer: Recovery Management Solutions LLC
Industry: Debt Collection Agency
OUR CUSTOMER

Recovery Management Solutions, LLC. (RMS) opened their doors April 9, 2015 as a two person operation. Since then, the company has continued to grow to a team of approximately 25 collectors. They expect to increase the number of clients they serve while continuing to working on their in-house collections.

RMS is licensed in 42 states, and are currently working to become licensed in the other eight, making them fully operational across the country.

Liz Colwell, RMS Administrator, handles all licensing necessities and payment processing management for RMS.

RMS Logo
“It's nice consumers are able to pick the date of each month that the payment will work for them. Our collector doesn't have to waste time looking back into the file. We're able to just kind of forget about that account until it is paid in full."
LIZ COLWELL
THE CHALLENGE

Recovery Management Solutions was looking for a solution that would assist with:

  • Complying with Regulation E - Traditional payments require written authorizations for a recurring ACH payment sent through the mail to comply with Regulation E.

  • Accepting recurring payments quickly and easily - Waiting for authorizations by mail slows down collections.

    With traditional recurring set up, RMS relied on consumers to remember to send a paper check through the mail each month.

    RMS wanted a solution where their collectors could quickly and easily set up a payment schedule and send it to the consumer in real time for a written authorization.

"We don't have to worry about the consumer sending in a monthly check or it getting lost in the mail."

LIZ COLWELL, RMS ADMINISTRATOR
THE SOLUTION

Implementation of PDCflow Payments and FLOW Technology provides RMS with:

The collector can send a FLOW smart request for a signed approval while on the phone with the consumer.

The collector obtains a legal wet signature and a documented audit trail fulfilling Regulation E compliance.

  • An efficient payment workflow - Collectors can send a request for an initial payment along with the recurring schedule consent form all in one workflow through PDCflow's integrated digital communication and payment tools.
  • An easy consumer experience - Initial payment requests can already be prefilled based on information provided while on the phone with the consumer.

The consumer can simply click accept and submit on their cell phone or any internet connected device.

RMS Case Study: Payment Compliance Workflow
“We want to make sure we’re following Regulation E as best we can, and we want to make sure consumers are aware of what payments are going to be debited from their account. We will not process any payments from a consumer unless they first sign with an esignature.” – Liz Colwell, Administrator, Recovery Management Solutions LLC
THE RESULTS

FASTER PAYMENT COLLECTION

RMS no longer has to send schedule agreements through traditional mail and wait for consumers to sign and return them. RMS collectors now send agreements through email or SMS text message while on the phone with consumers. This instant access to documents ensures signed, returned schedules within minutes.

Based on a year's data, RMS had a:

95% FLOW delivery rate sent via email

96% FLOW delivery rate sent via text

67% FLOW esignature completion rate sent via email

74% FLOW esignature completion rate sent via text

GREATER CONVENIENCE FOR CONSUMERS AND COLLECTORS

“It’s nice consumers are able to pick the date of each month that the payment will work for them. Our collector doesn’t have to waste their time looking back into that file. We’re able to just kind of forget about that account until it’s paid in full," say Colwell.

FULFILLING COMPLIANCE FOR RMS AND PROVIDING CLARITY FOR CONSUMERS

“We want to make sure we’re following Regulation E as best we can, and we want to make sure consumers are aware of what payments are going to be debited from their account. We will not process any payments from a consumer unless they first sign with an esignature."


PDCflow for Payment Collection
PDCflow for Compliance

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