Plano, TX, January 31, 2010 --(PR.com)-- Bill collection can become difficult, especially if there are not full-time resources to devote to the process. It is at this point, where most businesses consider taking on a third-party business collection agency. Now most CEOs agree that outsourcing often costs some of the control of the process. However, in the realm of bill collection, that is a good thing. Knowing federal regulations, minding accurate record keeping, and performing timely follow-up can cost big money to handle in-house.
Bill Collection Woes: Lawsuits Mount Up
“The penalties for unorganized or unscrupulous collections practices are well documented, commented John Pillow, President of United Mediation Services of Dallas, Texas. “According to the Birmingham News, lawsuits against organizations trying to collect on outstanding debts exploded 295 percent from 2007-2008 to 2008-2009.” Most of that litigation related to the Fair Debt Collection Practices Act--a piece of legislation aimed at curbing lying, harassing, misleading, and abusive tactics towards debtors.
In addition, that is precisely the point. Knowing the complex rules of bill collection is a job in and of itself. The processes and protections change frequently--without dedicated staff members staying on top of things, many businesses leave themselves open to legal action with every collection attempt.
The Rise of the Business Collection Agency
Economic trends that should continue to fuel the demand for business collection agency services include:
Consumer savings accounts dwindling
Potential economic recovery, prompting more credit offers
Businesses missing traditional financing offers and calling in debt
What to Look for in Bill Collection Outsourcing
“Thumbing through the yellow pages for a bill collection agency is not always the savviest tactic for finding a partner in this endeavor, Pillow said. “There are thousands of companies that offer these services--both exclusively and as part of a suite of business solutions.” An article in the MetroWest Daily News outlines some of the aspects of a quality bill collection service:
Knowledge. Of collections regulation--meaning what can and cant be done to recover debt
Character. Approaching each collections attempt with a friendly, yet businesslike demeanor
Resources. Including ample account representatives and technological tools to collect in a timely fashion
Because successful bill collection can increase cash flow and encourage expansion, outsourcing these activities to a third party business collection agency is a smart move for any size business.
United Mediation Services is a nationwide company that has been in business for over 10 years. The founders of the company are college graduates with more than 20 years experience each in the collections industry. Each of the employees must have a minimum of 10 years of collection experience, and Must be Certified Professional Debt Mediators.
Mr. Pillow is a strategic and analytical leader who continually strives for improvement of business processes and people performance and is responsible for running marketing operations in and forming joint ventures with affiliated businesses and in the United States, Canada, India, Mexico, and Puerto Rico.
Mr. Pillow holds a Bachelor of Science degree from the University of North Texas. He studied pre-law at the University of Texas, and he completed the Master of Hotel Supply program at the Educational Institute. Being an active and contributing member of his community is important to Mr. Pillow. He currently belongs to the Dallas Regional Chamber of Commerce, the Technology Business Council Committee, the International Business Development Committee, the Government Relations Committee, and the Plano Chamber of Commerce Public Policy Committee. In the past, he has served on the Texas Apartment Association of Legislative Affairs Committee as well as in the National Apartment Association, has been a representative to Dallas Area Rapid Transit (DART), has been a member of the National Speakers Association.
Parkmont Group, Inc.
John Graham Pillow
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