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Within a credit granting business, accounts receivable management (ARM) refers to policies and procedures for a company’s disposition of accounts receivable — or money owed on credit accounts — including measurements, aging, charge-offs, debt collection, and debt sales. ARM divisions increase the revenue of its parent company even though they are typically quite capital-intensive with state-of-the-art systems and extensive frontline staffing.
Accounts receivable management (ARM) can also refer to the industry that aids credit grantors in recovering debt before or after charge-off. This can include first and third party debt collection agencies, collection law firms, and debt buyers.
Higher contact rates – it’s the stat every collections operation strives for. More contacts means more promises. And more promises means more revenue. So it’s no surprise agencies, healthcare offices, asset purchasers, law firms, and every other collections operation under the sun are investing in technology that they hope will dial more lines and waste [...]
Put yourself in the shoes for a moment of a large national creditor. You spend millions of dollars a year reimbursing your legal network firms for process serving expenses but you are completely blind as to HOW, WHAT, WHERE, WHEN and best of all WHO are the process servers. You know that the FTC looked at process serving in 2009 and this February the head of the CFPB’s Enforcement Department uttered the words “process serving” as an area of interest in his speech at the DBA conference. You realize that you have to establish compliance standards for process serving but you really do not know much about process serving as you do not have any direct relationships with collection industry process servers.
It’s probably the most important balancing act a collection agency has to master: call volume, which can translate to increased profits, balanced against call compliance, which can drain a ledger sheet if ignored and put your agency’s reputation and existence at risk. Higher contact rate is the stat that, of course, every collection agency strives [...]
We’re all familiar with the constant challenge: being able to maximize payments while staying compliant and up to date with new rules and regulations. A solution? Speech analytics, which can help ease this challenge by analyzing every agent contact – either during or after the call – to eliminate compliance risk, improve agent performance, and increase recovery rates. The folks [...]
In each of the past two years, insideARM.com has conducted a survey of the ARM industry to better understand how these companies are utilizing debt settlement providers to increase collections. In each of these surveys, roughly 50% of survey respondents indicated that they now engage debt settlement providers as part of a strategy to locate collection accounts and increase collections through the use of these third party service providers. While this adoption is significant, still, roughly half of the firms responding to the surveys each of the past two years indicated that they still did not work with debt settlement companies as part of their collection strategy.
This week on Downton Abbey: A guy with terrific face tattoos (“I feel these really exemplify how I’m living my Best Life Now — ™ Oprah”) named Mark Vevers, 50, lured a debt collector to his home where he then locked her in the bathroom, threatened her life, and stole £300 from her chequing account (see what I [...]
The issue of students and student loan debt will probably be perennial: education costs are increasing; student loans and private loans are almost the norm.
National Enterprise Systems (NES) today announced that it has earned an A+ rating with the Better Business Bureau (BBB), the highest rating awarded by the Bureau. Upon learning of the company’s top BBB rating, Ernie Pollak, president of NES, said, “I am very excited to achieve an A+ rating. It has taken a lot of hard work and a tremendous amount of oversight in compliance and training. Investments in people and systems to support compliance with state and federal regulations are both costly and time consuming, but they are also the right business choices because they allow NES to best serve our clients and consumers.”
ARMing Heroes is pleased to announce that Coast Professional, Inc. will hold a fundraiser to support military veterans during the upcoming months of April and May. During this two-month drive to raise money for military veterans who are facing financial difficulties, Coast will be rewarding any employees who make a donation above a known threshold [...]
Can a Medicare beneficiary’s debt be considered uncollectible if it has been referred to a collection agency? George Washington University Hospital says, “Yes, that debt should be considered uncollectible” — probably because if it were collectible, the hospital wouldn’t be sending that debt to a collection agency. So they took their “Yes” to court.