Maximizing results from agencies

Article Abstract:

Managing a collection agency is no longer as easy as it had been in the past because the collection industry is rapidly changing. To succeed in the present environment, creditors need to throw out outdated management myths and must start adopting new concepts of agency management. They must strive to gain a better understanding of new business realities, of the agency's business and profit, and of the client fit. For the collection agency of the 1990s, the primary goal is usually profit maximization. This can be achieved through the agency's efficient and effective use of technology, good customer relations, and ability to manage accounts so that the potential for profit outweighs the potential for loss. Agency managers must address areas related to the agency utilization wheel and develop effective strategies and policies concerning these critical areas.

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Growth in gaming creates new opportunities - and new challenges - for credit and cash providers

Article Abstract:

The expansion of the gaming industry presents many opportunities and challenges for credit and cash providers. Companies that want to provide funds to the patrons in casinos, riverboats, card rooms and lotteries should understand that cashing checks or offering credit is riskier in the gaming sector than in other industries. The greatest risk they face is the lack of sufficient information about the clients in these environments, making it harder for them to decide on certain applications. Moreover, they have to provide seven-day, all-hour services given the nature of the gaming business, which could prove to be a major strain on the company's operating systems. Therefore, a funds provider should have a clear understanding of gaming, the risks and customers to ensure their own profitability.

Depository Credit Intermediation, Misc. Amusement, Recreation Services, Legal Gambling, Gambling Industries, Checking & Savings Services, Evaluation, Gambling industry, Gambling, Check cashing services

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Working with collection agencies: here's help for the credit grantor in maximizing cash flow

Article Abstract:

Many large credit grantors utilize collection agency services for cost-effective resource recovery. All US third-party collection practices are regulated by the Federal Trade Commission under the Fair Debt Collection Practices Act. The competent collector has a psychological advantage as a third party intervening with debtors. The agency should be knowledgeable about the credit grantor's internal functions in order to be effective. Placements should not be fragmented among numerous collection agencies. The measure of the collection agency's success is 'net back,' the amount of dollars placed and retained, minus fees.

Analysis, Laws, regulations and rules, United States. Federal Trade Commission, Cash management, Debtor and creditor

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