The Value of Partnering with Consumers in the Debt Collection Process
When it comes to debt collection, one of the most important things is to continue the positive relationship you already have with the consumer. After all, the consumers are your customers, and even if you won’t be doing business with them again, you want to avoid burning bridges if you can. Debt collection can be […]
3 Unique Debt Collection Challenges
When your client or customer owes you money, challenges may arise. Perhaps you have a number of clients or customers who are delinquent in payment or maybe some of them have gone out of business. How do you collect? Do you want to continue working with them if they do pay? If so, it’s important […]
4 Ways the Right Debt Collection Partner Helps Your Team
When you’re running a small or mid-sized business, one of the demands on you, among many, is collecting payments you are owed. Sure, there may be someone on your team who might be able to manage this, or maybe everyone is responsible for working with their clients to collect debts. However, this can cause stress […]
6 Warning Signs of Financial Trouble for Your Small Business
Any entrepreneur knows there’s a chance that their business may not take succeed. Risk is inherent in any new business venture, of course. The Small Business Administration says that, while about 80% of small businesses make it through their first year, only 50% of small businesses make it past the five-year mark. Only one in three celebrate […]
How Technology is Disrupting the Collections Industry
The future is here for debt collection technology. Is technology a good or a bad thing? The answer is it depends on how you use it. In the field of debt collection, technology is being used to improve the consumer experience while helping industries work smarter and improve their bottom line. Here’s how the new […]
Four Healthcare Debt Collection Stats You Need to Know
Healthcare debt collection is one of the most delicate of processes. Hospitals, medical practices, and ancillary service providers must tread lightly to maintain the doctor-patient relationship they’ve worked so hard to build. At the same time, most healthcare revenue cycle metrics cannot sustain an extensive volume of past due accounts receivable customers for very long. […]
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 […]
Debt Collection and Commercial Reputation: How to Protect Both
Perfection may not be achievable in the business world, but you can still maintain balance between your reputation and your debt collection efforts. Everyone wants to be liked, right? It’s ingrained in our psyches from the moment we step foot in a kindergarten class and wonder if anyone will talk to us. However, you can’t let […]