The decision to partner with a third-party to manage your past due accounts isn’t a difficult one. From FTE savings to maintaining the necessary compliance standards and technology resources that best serve consumers, a collection partner can provide numerous benefits for organizations in any industry. With a wealth of options available the hard part is choosing the right partner. In this post, we are going to identify the seven must-haves for a collection partner to assist you in ensuring you are making the best choice.
7 Must-haves when choosing a Collection Partner
1. Licensed to collect in every state
Just because a consumer opens their account locally doesn’t mean they are going to remain local. To ensure the best chance for recovery, your collection partner should be licensed in all 50 states as well as Washington, D.C.
2. Exemplary data security standards
Nothing is more important in the current cybersecurity climate than data security. Considering the sensitive consumer data associated with your accounts, strong and tested standard for data security is a must for a collection partner. A potential partner should have at minimum proof of regular auditing and certifications for; PCI Compliance, SSAE 18, and ISO/IEC 27002.
3. Ample skip-tracing resources
A key aspect in a collection partner’s ability to recover on your accounts lies in their ability to effectively locate consumer contact and asset information. Your collection partner should have multiple skip-tracing resources at their disposal; the more data vendors, the better chance of speedy recovery.
4. Industry certifications and recognitions
An ideal collection partner will not only have a good reputation but the certifications and industry recognitions to back it up. The Professional Practice Management System Certification from ACA International, for example, illustrates that the agency adheres to a high standard for compliance and best practices.
5. Self-service tools
The 21st-century consumer has certain expectations for self-service which previous generations did not. This means the collection partner you chose should have a variety of modern self-service tools. Newer technologies such as online account portals, mobile payment apps, and instant chat features all facilitate self-service and these conveniences can result in a better return.
6. Unfettered client access
One of the most desirable traits in a collection partner is transparency. The most comprehensive way this can be offered is by providing clients unfettered access to their accounts. A good partner will provide you with a means to view, monitor, and take actions on your accounts, including up-to-date reports and statistical information. Ask about a client access portal; these provide a fully transparent view of account activity with 24/7 access for the client’s convenience.
7. Monitoring and Analytics technologies
You want a collection partner that is evolving with the times. Agencies that take an active role in process redesign do more than audit their calls. Considering the wealth of call monitoring and speech analytics technologies available, it is not a far stretch to find a partner who has incorporated this technology into their practices. With these tools, they can ensure the highest level of performance by monitoring 100% of consumer interactions, creating an alert system for compliance, and providing analytical data concerning the experience of your consumers.
Looking for a collection partner? We check all the boxes. Contact us to learn more about how we are the right choice for your recovery needs.