Collections agencies have a tough job to do. Their work becomes near impossible, though, when faced with weak documentation, dismissible communications, and sloppy regulatory compliance. At Microdynamics Group, we understand those challenges more than anyone — we’ve been in the transactional communications industry for years.
Try these tips to maximize the return on owned debt:
Keep a thorough record of debt transfer and ownership in order to easily and effectively fulfill a verification request. Online document archival and presentment is one efficient way for collections agents to access debt history and debtor communications.
Send effective letters
Collection letter campaigns only work if they get opened. Variable printing driven by data mining is a powerful way to redesign everything from the colors on envelopes to the specific content in the letters sent to debtors.
Managing the regulatory compliance of your collections agency is task enough before adding a third-party vendor into the mix. Be sure to scrutinize the regulatory breadth and history of any communications vendors to ensure your agency fits regulations.
Microdynamics Group supports collections agencies in all three of these crucial areas with:
- SAS70 and PCI compliance that ensure processes, controls, and systems follow industry best practices
- Robust transpromotional marketing offerings that maximize the use of variable data and printing
- Online document archival and efficient retrieval that can retain documents forever
Overcome these three challenges and start maximizing the return on the debt you own by calling Dan Tobin at (630) 848-2301 or emailing firstname.lastname@example.org.