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 […]
The CFPB’s Impact on Healthcare Revenue Cycle Management
Over the last few years, various regulatory associations have released rules and passed laws that impact healthcare revenue cycle management, especially with regard to collections. In an attempt to protect patients’ privacy, the Consumer Financial Protections Bureau, or CFPB, also limit providers’ options when it comes to recouping losses. This doesn’t mean that you should […]
What Should Your Credit Policy Include?
Getting crushed under unpaid invoices? Maybe you need a stronger credit policy. If your business extends credit to customers, you need a rock-solid credit policy that lets your customers know exactly what you expect from them and what they should expect from you. Otherwise, you’re asking for cash flow issues. Think of a credit policy […]
How Data Scrubbing Can Improve Your Collections
When it comes to collections, data quality matters. Data scrubbing offers an efficient and targeted method of management to help rid your database of inaccurate, outdated, corrupt, or otherwise ineffective data so you don’t waste time. Know Which Consumers to Target A data scrubbing program can clean your data so you don’t target customers whose information […]
Is There a Place for the Pareto Principle in Collecting Receivables?
The Pareto Principle (also called the 80/20 rule) has been used by businesses, scholars, and researchers for more than 100 years. It holds that 80 percent of benefits, such as sales or collections, come from 20 percent of the efforts made, such as marketing and collection strategies. But does it apply to collecting receivables? Collection Chaos When you […]
3 Debt Collection Strategies That Work
When your customers owe money, you send an invoice and expect to receive a check in return. However, history tells us that you won’t hear anything but crickets chirping from some customers. About one in every 20 Americans has defaulted on some type of non-mortgage credit. You don’t have to resign yourself to writing off […]
The Real Cost of Collections
Attempt to collect with your in-house staff. Outsource your collections to a reputable agency. If you’re not sure which way to go, sometimes looking at raw numbers can help you make your decision. What is the real cost of collections? Look at Debt Timelines A debt timeline shows you not only how many accounts are […]
4 Ways Accounts Receivable Management Improves Business Relationships
Think about the last time someone asked you for money, whether in person, on the telephone, or through the mail. It might have been a utility bill, a medical invoice, or the babysitter requesting payment after you had a date night with your spouse. How did you feel after that interaction? Did you willingly open […]