True Accord

NOVEMBER 13, 2023

After receiving a number of comments to the proposal, including a comment from TrueAccord, NYDFS paused the rulemaking and has not yet released any revised proposal. Both of these departments, NYDFS and NYC DCWP should change their proposed amendments to give New Yorkers the same digital communication benefits all non-New Yorkers receive.

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Debt collector Creditors Collections Original Creditor 88

PDC Flow

JANUARY 29, 2024

Debt settlement campaigns are initiatives where debt collection agencies offer a discount to consumers to boost collection on old or unresponsive accounts. Be sure the accounts you include are not too young. Decide on Accounts to Target 1. How old are the accounts? Have all other options been pursued?

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Debt settlement Collections Debtor Collection Agencies 88

PDC Flow

AUGUST 11, 2023

If you’re receiving email addresses from your creditor client, you might need to scrub invalid or duplicate addresses from the list. You will still need people to design and oversee collection email strategies, identify weak points and experiment crafting new messages. But just buying a tool isn’t going to guarantee more recoveries.

Debt Recovery 88

Debt Recovery Collections Collection Agencies Collections Agency 88

American Profit Recovery

MAY 5, 2023

We always advise the organizations we work with to have an internal debt collection strategy prior to issuing accounts to a collection agency. There are many ways to get your customers to pay before handing that account over to your debt collection agency. You can even provide a direct link for easy payment.

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Collections Collection Agencies Collections Agency Debt collector 210

PDC Flow

AUGUST 3, 2021

Using text messaging for your business is an excellent way to reach consumers through one of the communication channels they most prefer. As always, following the Telephone Consumer Protection Act (TCPA) should be kept top-of-mind when using SMS messaging with consumers. Phone Carrier Rules. Phone Carrier Rules.

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Government Collections 94

True Accord

NOVEMBER 20, 2023

Both the federal and DC laws permit debt collectors to communicate digitally about a consumer’s account as long as the digital communications contain clear and conspicuous opt-out language with strict penalties for failing to abide by the opt-out provisions. Email addresses are not ever reassigned by service providers.

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Debt collector Creditors Lender Collection Agencies 69

PDC Flow

JULY 26, 2023

In a recent PDCflow sponsored webinar on accountsrecovery.com , a panel of digital collection experts sat down to discuss the differences they’ve encountered in text messaging and email for debt collection. They also covered how using SMS messages together with email for debt collection in a single strategy boosts engagement and builds trust.

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Collections Creditors Debt Recovery Original Creditor 62

Payment Savvy

MARCH 22, 2023

SWIFT is also a global financial messaging network that is used by 11,000 financial institutions to make over 30 million transactions daily. The SWIFT messaging system sends encrypted information between banks worldwide and therefore is known for being the most protected system ever known. How Does the SWIFT System Work?

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Banks Financial Institution Creditworthiness 52

True Accord

AUGUST 15, 2023

But just because your business sends emails to consumers doesn’t mean that your messages make it to their inbox. Before we look at what happens when you hit “send” on that email, it’s important to identify some of the key components that operate behind the scenes to get your message from point A to point B. In fact, 59.5%

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Debt collector 73

PDC Flow

JANUARY 17, 2023

Channels like email and SMS messages help reach customers faster about how, when and where to pay. It’s also allowing companies to evaluate and streamline team structures in billing, accounts receivable and customer service departments. This type of technology can simplify customer interactions. WHAT IS A PAYMENT STRATEGY?

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Collections 70

PDC Flow

FEBRUARY 21, 2023

How to Collect More Past Due Invoices For organizations with a large number of past due invoices, it’s essential to clear out as many unpaid accounts as possible to create a more manageable workload. Decide how to collect from each group based on how far an account is past due. Payment verification tools Sometimes payments fail.

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Collections 83

FFGN COLLECT NY

JANUARY 5, 2022

Many prefer to receive text alerts, emails, or direct messages as appointment and payment due date reminders. Now, thanks to new debt collection communication guidelines, debt collection attorneys can use these alternate forms of messaging to alert you to an overdue bill. We have the experience that pays.

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Collections Debt collector Fair Debt Collection Creditors 52

PDC Flow

JANUARY 17, 2024

Waiting for payments in the mail makes it harder to reconcile accounts, stalls work, and impacts cash flow. Bank account and routing numbers are used to transfer funds from one account to another. PDCflow offers authorization requests you can send by email or text message, so customers can sign them right away.

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Banks 67

Credit Corp

APRIL 10, 2024

A prepaid debit card isn’t connected to your bank account. The main difference between the two is that a prepaid debit card has money loaded onto it, while a debit card draws from the money you have in your bank account. When you use a traditional debit card, you’re spending money from your checking or savings account.

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Financial Institution Banks Retail 59

True Accord

MARCH 5, 2024

In January, overall delinquency grew with a 2.31% increase in delinquent accounts and 10.49% in delinquent balances month-over-month. Your business must be able to engage with the right message, the right channel, and the right time to recover the most funds possible. “If

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Consumer Credit Student loans Student Loans Collections 85

PDC Flow

SEPTEMBER 14, 2021

Eliminating the time for mail to be sent, received and returned shortens your revenue cycle and facilitates faster bill payment for your consumers. Through electronic communications, staff can track whether a message was received, opened, clicked on and more. Preferred by Consumers. Down Payments and Copays. Payment Reminders.

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Collections Healthcare Banks 79

PDC Flow

DECEMBER 13, 2022

It’s true you don’t need to be a payment expert to run a business, manage an office or head up an accounts receivable team. Help you predict when funds will be available in your merchant account. Making an electronic payment from a bank account is the other major payment option you can provide to customers. ACH Payments.

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Banks Financial Institution Education Collections 73

Troutman Sanders

JUNE 30, 2021

On June 26, Minnesota Governor Tim Walz signed into law a bill that expands the regulation of the accounts receivable management industry to include debt buyers and affiliated companies. But debt buyers, unlike collection agencies, are not required to keep payments collected from debtors in a separate trust account.

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Accounts Receivables Management Collection Agencies Collections Agency Debtor 52

Credit Management Company

OCTOBER 27, 2022

The act protects patients and makes it illegal for debt collectors to threaten consumers when trying to collect on medical accounts. Trying to manage this in-house often requires special training for staff members working on collection accounts. Debt account number. Debt collectors are required to share information about debt.

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Debt collector Collections Healthcare Credit Management 52

Nexa Collect

AUGUST 30, 2020

In a data-driven business world, knowing how to use data analysis tools optimally and what the advantages of data models are will allow you to assess the efficiency of your Accounts Receivable department. These are the main Key Performance Indicators (KPIs) used to measure recovery or collection of receivables: 1.

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PDC Flow

JUNE 1, 2021

Payment processors are now offering options to send payment reminders, billing statements and more to consumers through text messaging and email so your company can connect with customers in this way too. Maintaining chargeback ratios can keep your merchant account healthy, saving you money. How can they monitor compliance?

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Collections Banks 78

PDC Flow

DECEMBER 1, 2022

This helps you understand where your consumers are paying the most attention to your messages. It’s also important to let people serve themselves in other ways like filing a dispute , finding more information about your company or their account – or even to make a complaint. How much revenue overall comes from your digital channels.

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Collections Financial services Debt collector 86

PDC Flow

DECEMBER 21, 2021

Are you looking for a way to better leverage your technology options to create a better consumer connection experience in accounts receivable? Sales & Marketing Manager at PDCflow Email and SMS text messaging are becoming more popular communication channels for debt collection. Jacqueline H. ABOUT THE AUTHOR -.

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Healthcare Debtor Banks Collections 76

PDC Flow

NOVEMBER 7, 2023

Consumers like the convenience of email and companies prefer advantages like: The cost savings of using email compared to traditional mail The possibility to reach consumers you otherwise wouldn’t Faster collection on accounts Even with the positive aspects of email for debt collection, one point of hesitation remains – sending validation notices.

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Collections Collection Agencies Collections Agency Original Creditor 62

PDC Flow

OCTOBER 10, 2023

For those who already use a processor from this list, PDCflow account setup is fast and easy. This system allows you to validate customer bank account information before submitting transactions. Send an email, a text message, or even provide a payment link through your customer service chat.

Banks 68

Banks 68

True Accord

SEPTEMBER 27, 2023

Let’s take a look at a few of the top KPIs and how they can be categorized. That’s why it stands to reason that alongside the “traditional” metrics of recovery economics, forward-looking businesses have pioneered a new set of KPIs that measure the value of consumer experience.

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Debt Recovery Loans Collections Financial services 84

Troutman Sanders

NOVEMBER 9, 2022

specific contact frequency controls, developing appropriate processes for obtaining consent to electronic communications, and adjusting collection litigation filing processes are among the items that the receivables industry needs to consider in preparing.

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Debt collector Collections Loans Judgment 52

PDC Flow

OCTOBER 12, 2021

Many people are worried about compliance, debt parking, handling previously unreported accounts and more. However, when new accounts come in, a written notification will be necessary before credit reporting these new accounts. Limited Content Message. Our FLOW Technology : Allows consumers to opt out of text messages.

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Debt collector Financial Institution Financial services Collections 81

PDC Flow

JANUARY 19, 2021

Accounts receivable businesses have a unique relationship with consumers. Convenience, positive interactions with staff, and intuitive, easy-to-use technology should all be elements of your accounts receivable customer experience strategy. Understanding the basic elements of how to improve customer experience is simple.

Debt Recovery 85

Debt Recovery Collections Creditors Financial services 85

PDC Flow

AUGUST 3, 2021

Using text messaging for your business is an excellent way to reach consumers through one of the communication channels they most prefer. As always, following the Telephone Consumer Protection Act (TCPA) should be kept top-of-mind when using SMS messaging with consumers. Phone Carrier Rules. Phone Carrier Rules.

Government 52

Government Collections 52

PDC Flow

JANUARY 24, 2023

Like other Accounts Receivable professionals, Franklin found his career by accident when he accepted a collection job after college in 2005. Speeds up the Collection Cycle Emails, text messages and other digital communications prompt consumers to pay in a more convenient (and less intrusive) way.

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Collections Client Management Debt collector Legal Collections 71

Payment Savvy

DECEMBER 11, 2023

Automated Clearing House ( ACH) transfers have revolutionized the way we handle our finances, offering a convenient and secure method to send and receive money electronically. Whether it’s receiving your paycheck through direct deposit or paying your bills online, ACH payment solutions have become an integral part of our daily lives.

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Banks Financial Institution Government 52

PDC Flow

JANUARY 25, 2024

Accepting spoken account data over the telephone puts personnel, the technology used, and the infrastructure to which that technology is connected into scope of PCI DSS.” This means getting payment messages through email or text message, or being able to pay online. People expect easy, modern ways to pay their bills.

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Banks 53

Credit Management Company

SEPTEMBER 23, 2021

Then, an appointment reminder comes via a text message. After they have received treatment, they receive a survey by email. One study last year found that 35% of customers are interested in making a payment via a text message from their phone. They might make an appointment by signing into a patient portal.

Healthcare 52

Healthcare Accounts Receivables Management Collections 52

Collection Industry News

NOVEMBER 17, 2023

They don’t apply to text messages, emails, and other types of media. Debt collectors must follow certain rules if they contact you through social media, including: Keeping the messages private – Their messages to you must be private and not viewable by the general public or by your friends, contacts, or followers.

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Debt collector Collections Fair Debt Collection Creditors 40

PDC Flow

NOVEMBER 23, 2021

If a customer doesn’t like phone calls, you should be able to offer automatic payment reminder emails and text messages. 5) Boosts Revenue Through One-Time Campaigns If you haven’t addressed late payments in the past, it’s time to clean up your accounts. This can change the language, cadence and urgency of your message.

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Collection Agencies Collections Agency Collections 69

PDC Flow

SEPTEMBER 21, 2021

Consumers are interested in self-service options, alternative forms of communication like email and text messaging, and other digital options that enhance the customer experience. Now, text messaging and email are both indicated as acceptable types of communication in debt collection – so long as you keep compliance in mind.

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Collections 73