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Ready to Open Up a Collections Operation? Here's How to Prepare

3rd Party Remote Call Monitoring Feature

May 04, 2016

Ready to Open Up a Collections Operation? Here's How to Prepare

By Steve Anderson, Contributing Writer

Sometimes it seems like having an internal apparatus designed exclusively to collect those outstanding invoices could be a smart move. No one likes waiting several weeks to have an invoice paid, and for some businesses, prompt payment of invoices can be all that stands between success and failure. A new report from CU Insight shows some points that an in-house collection operation should have ready to go from the outset.


First up is a complete, yet clear and concise, manual for policies and procedures. There are a lot of legal points out there when it comes to collections operations, an entire alphabet soup of acronyms that connect to collections from the Unfair, Deceptive or Abusive Acts and Practices (UDAAP) Act to the Fair Debt Collection Practices Act (FDCPA). Having a clear illustration of procedures that can both be understood by collection agents but also covers the law in its entirety can be Catch-22-level difficulty, but is necessary to ensure the least contact with law and protects against internal audit.

Second, call monitoring software is important. While call monitoring isn't specifically required by regulators, the burden of proof in the event of issues will fall on the collector. That manual stated previously is important, but so too is proof it's being adhered to. Call monitoring can provide that proof, as well as handy tools for agent training.

Third—and this one is more dependent on situation than anything—consider autodialing technology. While not much use in an operation with only a few delinquent clients, for those with larger loan portfolios or a greater chance of delinquency, having autodialer systems can save time in the call center. Every second saved per call can add up quickly, potentially doubling the number of calls made per agent.

Most of this is valid in general just to avoid running afoul of regulators, and make sure a collection operation is up to snuff legally. The autodialing is more for operational expediency, but when it comes to big numbers, it can be helpful. Naturally, this isn't a complete list—a business considering in-house collection operations should likely consult an attorney—but it's a good start to help make sure a business is prepared for the issues involved. Businesses want to be paid, and in a timely fashion. It's the great unspoken contract of work: a day's work for a day's wage. When one end of the equation fails, those involved are often eager to put it right. In-house collection options can help, but such things aren't made in isolation.

Knowing the laws involved and visibly adhering to them will be vital, so with these three points in place, businesses are much likely to come out on the right side of regulatory issues in collections.




Edited by Rory J. Thompson
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