In an economic climate that can be described as post-recessionary yet in sluggish recovery, the accounts receivable management industry faces unprecedented challenges
Regardless of payment medium, or collections market niche, the name of the game for ARM organizations remains the same: collect outstanding debt as efficiently and cost-effectively as possible while playing by the rules. Sounds simple, right?
Maybe not. The challenges today can be summarized in three ways.
1. Consumer trends in payment technology outpace regulation.
”How the old rules apply to new technology always raises new questions and results in ambiguity, introducing a new set of risks and rewards.”
2. Data security standards always lag behind the latest scam.
“The stakes in the tech battle between security professionals and criminals continue to rise as the rate of online fraud has increased — and there’s no end in sight.”
3. Mitigating compliance risk is becoming more problematic.
“The CFPB can act as a plaintiff and also enforce regulations and impose penalties.”
Download Payment Compliance: Same Rules, Different Game now and ready to change your entire way of thinking about payment complinace!