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We often talk about the importance of having an efficient and effective collection process and how, from a process improvement perspective, collectionsautomation provides substantial benefits. We don’t, however, want to minimize the importance of the credit side of the equation.
A Cautionary Tale… As a corporate creditmanager, I periodically was tasked with other finance department activities. Most of the collectors seemed relieved I was cooperating and accepted my initial offer. The point is, almost all of the collectors (there were dozens) were content to leave money on the table.
The evolution of Accounts Receivables (AR) automation has revolutionized our collection strategies. Previously, decisions were largely left to the discretion of individual collectors, resulting in subjective and inconsistent approaches. What do you need help with?
Email us to learn how the experts at Your Virtual CreditManager can help you clean up your AR Ledger and increase cash flow by improving your Collection Process. This included a 100 percent increase in past due collected. A high-volume Collection Calling Effort on the larger accounts.
The latest modification to Reg F, lenders’ digital-first strategy to engaging with consumers, and the improving economy are all going to make things more difficult for third-party collectors. What is the Operating system for Debt Collection? Also Read: What is A Business Credit Report?
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