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How can debt collections achieve success in this challenging industry?

 




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With inflation and a credit crunch the average consumer is balancing who to pay first.  Collectors walk a difficult tightrope. They need to collect overdue funds to maintain sufficient cash flow and to profitably to run their businesses.  At the same time it is important to maintain relationships with loyal customers while they overcome current difficulties.

 

The goal of in house and third party collections agencies is to collect all of a substantial portion of the outstanding debt as efficiently and cost effectively as possible. But there are differences in the above two.  

 

The collections industry faces unprecedented challenges, including rising costs and deteriorating debt portfolios that are eroding the margins for collections agencies.  

 

Bad times for consumers translate into good times for collectors but ethics govern the on boarding of new clients.  Many new entrants can be expected adding additional pressure to margins.

 

How can debt collections achieve success in this challenging industry? There are some critical success factors that are central to the success in the collections business productivity, management and compliance and the use of integrated technology solutions can contribute to progress with each success factor.


Date Posted: 2013-12-04
Posted By: OVAG Int. SA
Listed under these Business Listing Categories: Financial services, Business services & consultants,

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