Cloud Technology for Managing Consumer Debt Communications Expedites Compliance Changes and Improves Collections
New white paper explores how customer communications management software enables ARM firms to keep up with the rapid pace of industry change.
CORAL SPRINGS, FLORIDA, September 7, 2022—Cloud-based customer communications management (CCM) technology enables billing and collections firms to keep up with proliferating rules and requirements for how they are allowed to communicate with consumers about delinquent debt, according to Gain Control of Your Omnichannel Collections Communications, a new white paper from Nordis Technologies.
A key takeaway from the white paper is that omnichannel cloud CCM platforms give accounts receivable management (ARM) companies the control and agility needed to stay compliant and effective in connecting with consumers and increasing recovery.
“We needed the flexibility and ability to react as fast as the industry changes,” said Tim Buckles, chief operating officer of Simon’s Agency, in the white paper. “We also wanted a CCM system that let us take advantage of new digital channels. It’s critical to staying current and relevant.”
Secure and HIPAA-compliant, cloud CCM systems let collectors simplify, expedite, and automate development, distribution and updating of print and digital debt communications. Thanks to its easy-to-use CCM platform, early-out and bad-debt healthcare collections leader Meduit implements new letters in 24 to 48 hours and any subsequent edits are made in minutes. Before moving to a CCM system, Meduit spent 30 to 60 days simply setting up letters with vendors for each new client, according to the white paper.
“In this fast-paced, complicated collections environment, manual processes and slow, costly back-and-forth with letter vendors won’t cut it,” said Bryan Ten Broek, vice president of business development for Nordis Technologies and white paper author. “To successfully navigate the changing regulatory and business landscape for debt communications, accounts receivable management companies need to leverage CCM software to digitally transform their operations and improve consumer engagement and collections.”
Improve compliance and performance
The white paper details how CCM technology delivers significant strategic, operational and financial benefits. In particular, CCM systems can enable collectors to more quickly adapt their communications to meet regulatory and legal requirements governing debt collection letters and communications. Additionally, using programmed business rules, ARM firms can automatically include only the disclosures that each recipient needs, based on such parameters as state, zip code, and communication type, including the Reg F safe harbor letter for debt validation notices.
CCM technology also enables ARM firms to cater to growing consumer preferences for digital communications. “Using preferred contact and communication methods increases the likelihood of getting paid. Right now, the recommended payment method by the CFPB is check. The average millennial uses almost any method of payment other than check,” said Tim Buckles, of Simon’s Agency..
For more information on CCM and digitally transforming debt communications to drive consumer engagement and higher collections, download the white paper.
About Nordis Technologies
Nordis Technologies is a leader in cloud-based, omnichannel customer communications management technology, integrated with digital delivery, print and mail services and payment solutions. Companies trust Nordis to drive digital transformation and improve customer experience and financial performance with Expresso™, its patented CCM platform that delivers complete control and agility for creating, managing and distributing critical digital and print communications. Nordis operates state-of-the-art digital and print production facilities in Las Vegas, Nevada and Coral Springs, Florida.
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