Top Tech Trends Impacting Debt Collection
If your debt collection firm isn’t using analytics to predict consumer behavior you’re at risk of falling behind. ~~~ It’s no longer surprising that digital technology has disrupted every industry, including debt collection. From new data-driven software to internet security and workflow automation, tomorrow’s debt collection firms will look nothing like the local Mom and […]
Do I Need an Attorney or a Collection Agency?
Your business has a number of delinquent accounts on the books and it is hurting your cash flow. Internal collection efforts have been unsuccessful, and you are looking to enlist some help. But the question is, do you hire a collection agency or a collection attorney for the job? The answer is complicated and depends […]
Outstanding Debt at All-Time High: Is the Answer Outsourced Collections?
Defaults are on the rise — how will that affect your profits? Here’s a number that should get the attention of any CFO: $1.021 trillion. According to The Washington Post, that’s how much debt U.S. consumers are currently carrying. Defaults on these debts are also rising. The Post points out that both the 2008 recession and the Great Depression […]
Handling Medical Bill Collections
If you have previously been sick, it can be incredibly frightening to also have to deal with medical bill collections. Doctors and hospitals rely on being paid in order to continue to function, so it is remarkably important that you compensate them for their service. That being said, there are ways to make it a […]
Leveraging Digital Channels in Today’s Collections Environment
Advances in technology have rapidly shifted the nature of communications with their customers, particularly when it comes to accounts receivables. It has also significantly changed the way consumers think about and handle their money. The ways that you choose to connect with outstanding accounts will have a direct impact on whether or not they decide […]
Finding Debt Assistance
There are times when even the most conscientious consumer may find they need debt assistance. The first thing to understand is that there is no shame in this. Occasionally, people need help finding out what their options are and how to best go about handling any issues that might have cropped up. The world is […]
Which Is More Important – DSO or Predictable Payment?
For many businesses, transactions don’t take place all at one time. When you extend credit to your customers, whether they’re individuals or businesses, you assume a certain risk. Some customers pay their bills like clockwork, while others default. You can approach this problem in one of two ways: proactive or reactive. It’s important to know […]
4 Important Factors in Medical Collections
Medical debt collection can sometimes seem more complicated than collections for other industries. Medical bills can quickly rack up and not everyone who gets sick can cover those bills. Additionally, the law protects medical records and provides for patients’ right to privacy. If you want to improve your medical practice’s cash flow, consider these four […]
Cyber Security and Debt Collection
Did you know that employees account for 43 percent of data loss, whether intentional or accidental? The remaining data breaches occur because of criminal infiltration. Regardless of the threat, our research shows that data loss and security breaches cost companies an average of $4 million in 2016, during which more than four billion pieces of confidential data were […]
Top 3 Debt Collection Complaints (And What to Do About Them)
Let’s face it: Most people don’t enjoy hearing from debt collectors. That’s why they screen their calls and shred their incoming mail. Unfortunately, debt collection complaints often find their way to top agencies in the U.S., from the Federal Trade Commission (FTC) to the Better Business Bureau (BBB). Understanding the top complaints and how to […]
