You hold your ARM providers to high performance standards for the outsourced portion of your portfolio. Are you holding your in-house AR to the same standards? Take a fresh look at the performance of your AR team and consider their results against the rest of your portfolio. Which segments are paying off? Where’s the tipping [...]
Thriving in an increasingly-regulated ARM industry is a balancing act that grows only more difficult with time. Each new law means new practices to follow, more training for staff, and additional processes to incorporate into your already carefully-planned collections strategy. But adhering to regulatory requirements doesn’t have to come at the expense of customer care. [...]
When it comes to managing accounts receivable, there are two absolutes for any business – maintain strong cash flow and stay in compliance with legal regulations. But what about the consumer experience? How a business treats its customers, regardless of their account status, goes a long way toward defining the business’ reputation. And, in today’s [...]
In a recent blog post we touched on the fact that psychosocial factors can influence borrowers. That discussion brings to mind a well-known psychological theory that gives us a way to think about accounts receivable management (ARM) strategies. Maslow’s hierarchy of needs posits a pyramid in which the fulfillment of an individual’s essential needs supports [...]
Reputation can make or break a business, and reputation management plays out in numerous organizational settings — from product-centered controversies and leadership matters to workforce disputes and safety issues. Preserving a business’s reputation is a particularly fierce dynamic in accounts receivable management (ARM) activities, thanks to traditionally negative perceptions of collections agents as having strong-arm [...]
In the past, debt collection was all about performance. Recovery was the key metric for both delinquent and default accounts. Third-party debt collection service providers would tell their clients, in effect, “We’ll put on our headsets and collect your bills for you.” Today’s consumers, however, are more informed than ever before, and that influences how [...]
Transparency is a proven driver of value and effectiveness in business settings. From organizational management and financial reporting to leadership training and customer relationship management, transparency is a core principle applied again and again for business agility and performance. Transparency noun Lack of hidden agendas and conditions, accompanied by the availability of full information required [...]
Every business wants loyal customers, but preserving customer loyalty becomes more difficult when accounts go delinquent — and that problem is more widespread than you might think. Household debt increased by $35 billion during the second quarter of 2016, and nearly 5 percent of the $12.3 trillion of U.S. consumer debt is in some stage [...]
Customer service is as important with delinquent or default accounts as it is with accounts in good standing. Customer service doesn’t – and shouldn’t – stop when companies are dealing with outstanding accounts. Life is hectic, and financial woes can happen to good customers. When it comes to collecting a debt, the most exceptional service [...]
Waypoint Resource Group will be at the Customer Service Week in Phoenix, AZ this Apr. 25th through the 29th. We’re eager to meet with you and answer your questions. For additional information, please contact us.