Jordan Akins and Robyn Bowman are the team behind Delta Credit Management, a collection agency based in Flint Township, Mich., that announced its opening this week. A new collection agency opening its doors is a rare sighting in the industry, so AccountsRecovery.net reached out to Jordan and invited him to answer some questions about the new company. Here are his unedited responses.
What made you decide to open a new agency now?
Robyn and I have been considering opening a new collection agency since the beginning of the year. When the shutdowns occurred due to the pandemic, we decided it would be best to place this idea on hold so we could evaluate the impact the shutdowns would have on the economy. We began to realize the pandemic and the shutdowns created business advantages that could be beneficial to a startup collection agency. Some of these advantages include an increase in the volume of receivables (both immediately and into the future) that will be available for servicing and purchase, better leverage on existing opportunities, bargain prices on office equipment and real estate, less competition, more qualified labor, and in many cases, a cash-flow positive consumer due to government economic support programs. Although we would absolutely prefer a world without COVID-19, it would have been difficult for us to have ignored these advantages.
Additionally, Robyn and I are big believers that if God gives you more responsibility, you should use your position to do great things for the community around you. We really have a strong desire to make a difference and we viewed the pandemic as an opportunity to use our expertise in the collection business to help others. We strategically placed our office in an area that is economically challenged with the idea that we could do our part to help uplift the community by creating good-paying job opportunities, something that could make a real difference to someone’s life. We are training our employees to treat our customers with dignity and respect, something everyone deserves, and to help educate those customers who are suffering financial hardship about public programs that could benefit them. We also intend to pay our employees for any time they volunteer to local charities each month and have started to identify several charities which we plan to donate a portion of our profits to on a monthly basis.
Who said a collection agency could not be a positive force in this world?
We don’t see a lot of new agencies opening up these days. Why do you think that is?
Over the last decade, opening a collection agency has gotten much harder than it used to be. Existing regulations have become stricter, there are new regulations on what seems like a daily basis, some vendors are resistant to do business with collection agencies, especially new ones, and profit margins are constantly being confronted by an increasing cost-to-collect. If you do not have the right kind of experience or a world-class team, you will struggle with opening a collection business in today’s environment.
What type(s) of debt will you be collecting?
We have actively forged relationships with several banks and consumer lending institutions to collect on their consumer loans (installment loans, signature loans, credit card accounts, etc.) but will also be pursuing medical and other retail accounts. In addition, we are open to the idea of servicing accounts placed with our company by debt buyers, although we will scrutinize these opportunities more than others.
What will separate you from other collection agencies in the market?
Our people. The collection business is a people business and without the right type of people at every level, our clients will never be satisfied with the work we do on their behalf. We are committed to building a strong team of talented individuals who can think outside of the box, helping us bring new innovations to the collection business while finding solutions to existing problems. We believe with the right team, it will be easy to see the clear advantages that our agency will offer.
How did the two of you find each other and decide to become partners?
Robyn and I have known each other for more than a decade. In 2011, we met at a conference and have been friends ever since. Robyn initially contacted me with the idea of establishing a new collection agency, she wanted to capitalize on my track record of opening, establishing and growing collection agencies and departments. For me, it only made sense to partner with Robyn. Robyn also has an impressive background in the collection business. She currently operates a multi-million dollar company that operates in this space and has been involved in the debt collection business since 1992. Not only that but I have always believed it is important to partner with someone who is strong where you are weak. Robyn and I are very complimentary of each other in this respect.