Category: Collections
New Cybersecurity Breaches, New Reasons to Check Your Security Posture
A number of recent security breaches serve as a reminder that your cybersecurity posture should be a primary concern for your office, regardless of your business’ size or industry. A medical group in California recently had the protected health information of nearly 200,000 patients exposed because of a computer virus. It’s a story that stresses
Let’s Be Honest About Debt Collection
One of the most complained about industries in the United States is debt collections according to the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB). No one wants to be called by a debt collector, even if there’s a legitimate reason for the call. The nature of the situation is bound to
Go after bad debts without ruining the good vibes
Reminding your customers to pay their bills is the right thing to do, but it can be an awkward task. Bungle the message, and it’s sure to damage the relationship. Still, in any relationship, setting expectations of the other person is always the healthy thing to do. For you, that means setting the expectation that the
Collection agencies, the FDCPA, and you: Safeguarding customer info
One thing business owners think about is protecting consumer information. When it’s time to turn late accounts over to a third-party debt collector, you may be wondering what happens to that information and what they do to keep it safe. The short answer: Go in with high expectations. Because a reputable, quality collection agency may
Don’t sign a contract with a collection agency without asking these 4 questions
Choosing the right vendor for your organization can turn into a nerve-wracking experience, and it’s even harder to know what to look for in a collection agency. To make sure you’re choosing a collection partner that will bring an ethical and effective approach to your uncollectable accounts, the answers to these four questions can reveal
Collecting in-house vs. a collection agency: Does it make financial sense?
Focusing on past-due accounts is the most important component of accounts receivable management. In order to recover accounts receivable, the path to success is setting up a system where late-paying customers get reminders and those reminders are consistently administered. This alone may raise the question of whether your firm should keep the collection efforts in-house or
How customer segmentation can optimize your accounts receivable
If you’re looking for a way to optimize your accounts receivable, customer segmentation is one strategy you’ll want to adopt. The idea behind customer segmentation is using their past behavior to help you decide how to respond if they fail to pay you on time. Taking this strategic approach to accounts receivable management will help
How collections can shrink your accounts receivable
Sending bad debts to a collection agency is the first step toward reducing your accounts receivable and freeing some locked-up capital. If you work with a strong and experienced collection partner, they can provide the tools and resources to resolve as many accounts as possible. This would further reduce bad debts and give you access
Questions to get answered before hiring a collection agency
While there are many reputable collection agencies out there, there’s a reason why the industry has gotten a bad rap. Before you choose a collection partner, it’s important to do your research. But how do you know what to look for in a reputable collection agency to represent your business? Let this serve as a
What security safeguards should your collection partner have?
Data security and the importance of protecting consumer information remains a top priority for any business that gathers and stores sensitive records. Credit card numbers, personal contact information, social security numbers, and medical records could all be at risk if a business does not take the proper steps to protect themselves. This is especially true
