The vital role played by debt collection agencies in expediting accounts receivable is common knowledge to most business people, but very few understand the client onboarding process or the complexities needed to make a new collection campaign go live. Directed by agencies, the implementation of a successful collection program is the result of a cooperative…
DetailsSelecting the right debt collection agency requires a thorough review of top firms. To save businesses valuable time, Optio Solutions has assembled an all-inclusive checklist covering nine key considerations. The first four categories of the checklist displayed below cover the areas of compliance, certification, security and technology. The second part will detail quantitative analysis, qualitative…
Details“Consumer confidence hit a 17-year high in late 2017 and holiday sales jumped nearly 5% vs. 2016, the largest year-over-year increase since 2011,” Experian stated in its 2017 State of Credit survey, that included the retail industry. The eighth annual survey provides insights about retail credit card use among U.S. consumers. Taking a closer look…
DetailsA successful debt collection agency is powered by skilled, knowledgeable leaders. Management is responsible for maintaining smooth day-to-day operations that significantly impact clients’ return on investment (ROI), brand image, and customer retention and satisfaction rates. The performance of these crucial tasks are predicated on utilizing a number of important operational, technological and analytical tools that…
DetailsDespite the growing optimism among U.S. consumers about the economy and their personal finances, the rising debt from unpaid student loans, auto loans and credit card balances over the last 18 months should be disconcerting to all financial institutions, including community banks and credit unions. Thus, the importance of maintaining judicious loan practices and effective…
DetailsThe perfect storm of circumstances is challenging energy industry accounts receivable as the result of nationwide trends, some as old as a decade. These developments are fueled by the one-two punch of a demanding industry landscape and increasing consumer debt that is reducing revenue. The latter is especially disconcerting because consumers are triaging their debt…
Details
