What is a Consumer Debt Agency
A Consumer Collection Agency is an Accounts Receivable Management firm that deals in resolving debts for businesses that transact directly with people.
Let’s say, for example, you own a business, and your customers aren’t paying, then a collection agency is what is needed.
How is Consumer Debt Different than Commercial Debt?
Many people confuse a consumer debt agency for a commercial collection agency. There are essential differences between the two in regards to their regulations. A consumer collection agency must follow fair debt collection practices, whereas a commercial collection agency does not have to follow FDCP laws when collecting on business to business transactions. In conclusion, it’s vital to hire a collection agency that follows FDCP laws and keeps your business out of trouble.
What to look for when hiring a Collection Agency
All reputable consumer collection agencies are members of credit organizations like the ACA International or the California collectors association. These types of organizations provide information on all current laws surrounding the accounts receivable management industry. In addition to being members of reputable organizations, the type of services offered, and technologies utilized dictate the best companies.
What Kinds of Services Does A Collection Agency Provide?
Amplicon offer’s the following services for consumer collections:
What type of technology do you utilize for collections?
This is the part that is super nerdy, but extremely important. All of our software operates on Amazon Web Services, which is the most secure and reliable data hosting providers in the world. Now that the security portion of the data is safe, the next step is the organization of the information. Organizing data is very simple with our state of the art collections software database. The power provided by the software allows us to automate the accounts receivable process. In turn, we automate the mailing of invoices, the automation of mail return, and lastly the automation of communication in the form of text, emails, and recorded phone calls. In conclusion, all of the automation we are providing results in a higher return for our clients. Lastly, being highly organized allows us to report on demand to our clients.