Why should you care if your accounts receivable management company attains agency certification? Consider it similar to the people you hire to staff your accounts receivable and administrative positions. You probably check their education, experience, and achievements before stamping your approval. Don’t choose a profit recovery company before checking to see if it’s been vetted by an organization such as the Association of Credit and Collections Professionals (ACA), using an 18 point approval criteria for its Professional Practices Management System (PPMS) program.
Document Control: Why This is Good for You
The ACA requires debt collection agencies in its PPMS program to have procedures in place for document protection and destruction. Agency officials must continuously review their document storage procedures, as well as stay updated on practices for destroying outdated and no-longer-needed files.
Training: Why This is Good for You
This one’s pretty obvious, but all ACA-compliant profit recovery companies must continuously train their employees. Laws are always changing, technology is constantly refreshing itself. If an agency is not making the utmost effort to stay not just on top of, but ahead of the trends, it’s behind them.
Corrective and Preventative Action, Continuous Improvement: Why These are Good for You
In all of that continuous training, companies learn for the better. PPMS-certified debt collection companies transform those learning lessons into positives. They learn what not to do, how to do something more efficiently, and how to better conduct the processes that help your company recover money. Ever hear the term, “Those who do not remember are doomed to repeat?” The ACA ensures that the few companies in the PPMS ranks do remember.
Purchasing: Why This is Good for You
Companies that achieve PPMS status are held to high standards for their vendor agreements. Strict controls include precise standards for purchase orders, contracts, and vendor evaluation. While your company never sees this activity, you get the assurance that there’s no trickle down effect that could possibly impact your bottom line. The debt collection agency’s vendors are chosen for price, reliability and trustworthiness, not favors or kickbacks.
Management Responsibility: Why This is Good for You
While you may work solely with a dedicated collector, you’ll want to know that the executives at the helm of the debt collection agency ship are adhering to principles that will keep that ship afloat. For PPMS certification, management must demonstrate leadership ability and vision, as well as conduct periodic reviews, document policies, and review agency statistics on a regular basis.
Process and Client Satisfaction Measurements: Why This is Good for You
Another fairly obvious one here, until you realize that this is #17 on the ACA’s list of PPMS certification requirements for a reason. When you sign on with a debt collection company, you’re making a big decision, one that’s often fraught with concern and anxiety. A successful company won’t just take your business and run – it’ll look back over its shoulder and make sure you’re happy with the speed. The agency will constantly check in and see what you need, reevaluate processes, and make sure you’re satisfied.
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