Posts Tagged debt collection services
Going Green Benefits Debt Collection Companies
Posted by Mallory McGuinness-Hickey in Currency & Finance on March 2nd, 2010
It seems as though companies all over are “going green” these days and collection agencies have jumped on the bandwagon. Companies such as Pacific Northwest Collections have chosen to dispose of paper files and use a program called Document Locater instead. The new system is beneficial in many ways.
Collection agents can now use the document locater to access files for information and can use the data to answer debtor questions over the phone in real time. This is beneficial because it is more efficient. Before, payers often had to wait on the phone for information, or even for a call back from the company.
Being able to quickly retrieve information is a helpful and effeciant way to collect, because contacting debtors may prove to be a difficult task. If an agent does get a payer on the phone, it can be frustrating for them to wait on questions and often times a debtor may not be able to answer a call back from a collections company.
The new system has turned out to be profitable financially as well. With the new paperless system, hours of work are obliterated. No more typing, filing, or copying is neccessary, leaving collectors with more time to get in contact with debtors rather than do clerical work.
The new system also lends to professionalism of the company. It may seem like a collection agency is uninformed when they cannot access information immediately. The more creditable an agency seems, the more likely those in debt are to take the company seriously. Although shifting the information to software and purchasing the software itself may be costly at first, the whole procedure seems to pay for itself. A manager at Pacific Northwest Collections asserts that the company saves $2,000 with the new system.
In a recession, collection agencies are struggling with retrieving money from debtors. Companies who are creative and have the ability to think outside of the box may very well turn out to be the most successful.
Mallory McGuinness-Hickey works for debt collection agency Rapid Recovery Solution and writes free lance pieces on financial news and other subjects.
Bankruptcy Lawyers Get Down At Gathering
Posted by Mallory Megan in Currency & Finance on February 6th, 2010
For some reason a gathering of mid-level bankruptcy professionals made it into the news recently. They met at a bar, some networked, others found new clients, and others just came for the fun. Sources reveal that all of the young executives were enjoying themselves very much.
Maybe one of the only industries flourishing in today’s economy; the corporate restructuring profession is experiencing an upswing. According to statistics, U.S. business bankruptcies climbed up to 38% in 2009 from the past year.
This increase inspired advisory firms into bulking up their practices with new “turnaround experts,” young lawyers who burn the midnight oil in order to handle the blitz of bankruptcy cases. Without a doubt, established pros have enjoyed one or two good company-approved networking outings; wine tastings, makeover and martinis groups, and golf are just a couple of examples. Unfortunately, this leaves only the less experienced attorneys to work at a desk into the night.
This was not the first get together like this. December marked the first gathering of the “Turnaround Underground” posse. Oops did I say posse? I meant gathering. Turnaround Underground gathering. Some attorneys came to network. A few attorneys came looking for love in all the wrong places. “You can meet your best friend here, meet your significant other here. This is not all about business” a starry eyed lawyer cooed. But some of the party-goers managed to leave work at work, loosening their ties and kicking up their feet.
Fashionably late, attendees stormed the bar minutes after the get together officially started at 7 pm in a classy New York City nightspot. Within 45 minutes, there were BlackBerrys, business suits, and beer as far as the eye could see. In fact, one unruly attorney who wisely declined to be named was quoted as saying “Everything is better with beer.” All in all, it seems as though Turnaround Underground is a success.
Mallory Megan is employed by a debt collection agency. She also writes pieces about business and finance, the credit industry and debt collection.
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