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COMPLIANCE REQUIREMENTS A “CYBERTRACKER” MUST FOLLOW CFPB REPORT REVEALS TELLING STATISTICS AGENCIES TURN TO COLLECTION SOFTWARE FOR COMPLIANCE THE 3 KEYS TO MOTIVATING EMPLOYEES DEBT COLLECTION DISRUPTED DIGITAL AGE COLLECTING IN A REGULATORY MINEFIELD DATA SECURITY ESSENTIAL FOR ELECTRONIC PAYMENTS TECH SOLUTIONS FROM THE COLLECTION FLOOR HOW YOUR IVR IS COSTING YOU AND HOW TO STOP IT

ANNOUNCING

May/June 2019 | Vol. 19, No. 3

Gordon C Beck III

RECEIVABLES ADVISOR

COLLECT

TECH19

Receivables Advisor P.O. Box 92342 Southlake, TX 76092

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Gordon C. Beck III I Welcome

Welcome Friends in Collections, Receivables Advisor and I are proud to announce the return of the leading collection technology conference! CollectTECH19 introduces credit and collection professionals to the latest in collection technology and strikes the delicate balance between education, networking and entertainment. Beginning November 18th, the leading experts in collection technology will show how to enhance collections today using technological innovations. Topics range from the latest in speech analytics to mastering gamification to unlocking the power of artificial intelligence. Between informative presentations, attendees have access to the amenities of TopGolf, the most technologically advanced golf experience in the world. There is no pressure to have a good golf swing, score points or even play. Itâ&#x20AC;&#x2122;s all about learning, having fun and networking. The 2019 Receivables Advisor awards reception will take place on Tuesday evening during CollectTECH19. Donâ&#x20AC;&#x2122;t forget to submit your nominations, see page 28 for details. Check out pages 15-17 of this issue to learn how you can leverage the latest innovations to make your work life easier and improve your bottom line. Your CollectTECH19 Keynote Speaker,

Gordon C. Beck III, COO Valor Intelligent Processing

RECEIVABLES ADVISOR

COLLECT

TECH19

MAY/JUNE 2019

Table of Contents

Women Leaders

IN T

t’s all about who you know! Those who surround themselves with successful thought leaders are bound to see success themselves. Therefore collection professionals should always be on the lookout for trail-blazers willing to share their abundance of wisdom. The following are those recommended by leadership across the industry as collection professionals to know and follow. Receivables Advisor is proud to present the Women Leaders and their thoughts on their most useful collection technology.

MANAGEMENT ADVISOR

The 3 Keys to Motivating Employees Gordon C. Beck III

LESLIE BENDER, CIPP/US, CCCO, CCCA, IFCCE Chief Strategy Oﬃcer and General Counsel BCA Financial Services Today the collection technology I find most useful is Peacock’s CastIMS. It is a straightforward database tool for your compliance management system. The software is well supported by the vendor and for a credit/collections company large or small that wants a quick-to-implement database for compliance artifacts and related management activities, it seems well designed and user friendly. LAUREN M. BURNETTE Partner Messer Strickler, Ltd. As a defense attorney, I love collection solutions that create and maintain records of account activity in realtime and as it occurs. This creates a powerful defense in those “he said-she said” cases where consumers insist they received calls that were never placed or had conversations that never occurred.

WHAT COLLECTION TECHNOLOGY IS MOST USEFUL AND WHAT DO YOU

LIKE MOST ABOUT IT?

WENDY BADGER, ESQ., CCEP Chief Compliance Oﬃcer Vice President, Corporate Compliance ECMC Group I find technology that provides in-the-moment assistance most useful. A few examples include:

SKIP TRACING ADVISOR

The 3 Keys to Motivating Employees Ron Brown

TOP

COMPLIANCE ADVISOR

• Instant messaging, so phone agents can send a note to a manager, co-worker or compliance for assistance; • Speech and data analytics with real-time call monitoring, which assists floor management, compliance, call review and auditing functions. Assuming the appropriate disclosures were provided to the consumer, this may also allow a manager to notice a call being escalated, give the manager an opportunity to listen to the call in real-time, provide in-call coaching to the phone agent or take over a call to de-escalate, or provide other real-time assistance • “Screen pops” that provide account-specific updates, warnings or statespecific reminders when an agent accesses a consumer’s account • Technology that helps tailor the consumer’s experience to their contact preferences (e.g., emails versus phone calls, online account access rather than hard copy letters, etc.).

USE DESKTOP RA 3 MayJune 2019.indd 18

TECHNOLOGY ADVISOR

How Your IVR is Costing You and How to Stop It Michael Meyer

COLLECTION INDUSTRY ADVISOR

Debt Collection Disrupted T. Steel Rose

ONLINE

LEGAL COLLECTION ADVISOR

More Powerful Than Money How to Really Motivate Employees Michael L. Starzec

ONLINE

TRAINING ADVISOR

Immediate Benefits of a Motivated Staff Harry A. Strausser III

DEBRA J. CISKEY Chief Compliance Officer Wakefield & Associates. Inc. Learning management systems provide ease of creation, distribution and tracking of training. Just-in-time training can be accomplished nearly effortlessly yet effectively. Testing can be scheduled, then scored automatically, allowing the trainer to focus efforts on content development and coaching for performance. Eterna by Learn.Net is currently my favorite system.

All of these options help enhance interactions with the consumers. This requires that you understand the demographics and preferences of the portfolios the company is working.

CFPB Report Reveals Telling Statistics Debra Ciskey

4/15/19 12:14 PM

1 7

Welcome

Gordon C. Beck III

Virtual Collections Roundtable

Shielding Collectors from TCPA and FDCPA Violations

Agencies Turn to Collection 11 Software for Compliance Digital Age Collecting 12 in a Regulatory Minefield

Jeff Freedman, Co-CEO of MRS BPO, LLC

Tech Solutions 13 From the Collection Floor Security Essential 21 Data for Electronic Payments Advisor 22 ReceivablesDirectory Business

May/June 2019

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Agency Advisor I Gordon C. Beck III

The 3 Keys to Motivating Employees

et’s face it, the agents in our call centers across the country don’t usually walk in to training on their first day with the mindset that this job is going to be what they do the rest of their lives. As a matter of fact, quite the opposite. Most collection agents starting off in this field, and many in the industry a long time, are embarrassed to even tell their friends and family that they are a bill collector. It’s not a glamorous job, but it certainly can be a rewarding one. My goal in this article is to show everyone why motivation is, in fact, the most important aspect of running your center and what you can do to develop the mindset among your staff that this can be their career. There are a million ways to motivate that I can write a book on, but I’m going to focus on the three most important ways collectors are motivated, either positively or negatively, on a daily basis. First you have engagement, which is paramount in this business. You cannot motivate an employee who is not engaged with their team and their organization. Second, you have the mental aspect which is their knowledge of the job, learning to love what they do because they understand how important it is to consumers and the economy. Lastly, you have monetary and this is a given, but it’s not what you may think. Motivating a staff to achieve greatness simply with money alone is impossible and can even conjure negative chemistry amid the ranks. Remember, it’s the little things that count most and I will share what you can do to help this work to your advantage.

Engagement My first recommendation is to designate an

employee engagement committee and ensure there is a point person at each location responsible for keeping their finger on the pulse of the people. This person is responsible for employee events, birthdays, anniversaries and being an open door for employees to talk to anytime and about anything. Employees who are recognized by their company, by default, become more involved and concerned about the companies well being. Have monthly meetings with the entire organization. No matter how big or small, this can be done. In these meetings each month, give out various awards for production and compliance, show everyone where you stand on the scorecards for your clients, share with the group where the company came from, what you are doing now and where you are going. When you take time to explain and teach your people, not just about the industry, but about the very organization they work for, they can get a broader view of what their role encompasses and how important they really are to the company’s success.

Mental The old cliché “praise in public, criticize in private”

could not be more true in the collection business. Motivation

President/COO/ Minority Owner Valor Intelligent Processing

through fear is what I call “caveman collections.” It’s old school, ineffective and actually makes your employees hate coming to work. I like to use the “snooze button” analogy. If your employees hit snooze on their alarm before coming to work, you’re doing something wrong. Collections is a tough enough job as it is and as we all bond together to change the image of our industry, it is important to realize, it starts with our agents. Their state of mind, attitude and mood are almost always reflected in their tonality on the phone. A happy employee is a productive employee. It is vital to support and motivate your people through an amazing culture and a positive work environment. When they are down, pick them up, when they are struggling, take time to listen to their calls and teach them what they are doing wrong. With everything agents need to know to do this job in this era of quality and compliance, it is motivating to the employee when they have knowledge and a positive leader backing them up.

Monetary Whether the agents like it or not, this is still a

commission-oriented business. In an economic environment where unemployment is very low and people are paying more, collections is still a slim-margined industry. No matter how hard we try, we will forever face the battle of pay for production in a world where everyone wants a guarantee. This is the single most important reason why a motivated and engaged staff is vital to an agency’s success. When an employee truly cares about where they work and the people they work with, they don’t leave to go down the street for an extra buck. Solid pay with an excellent bonus structure is a good way to motivate, but in addition to that, employee events such as a night out bowling or an employee appreciation day at work is what the employees remember. You must remember that it’s the little things that count and it’s the little things that are remembered. A simple smile, a handshake, a high five or a “good job” goes a very long way to your people when it’s genuine, consistent and coming from upper management. Our agents write our paychecks and our agents are a reflection of not only our organizations, but of our clients. High attrition is a killer in our business and people don’t leave an environment where they are treated right, compensated correctly and truly shown a path to a career. In the end, you can have the newest and best technology, a beautiful call center and an amazing strategy, but without your people, you have nothing.

Hear more from Gordon C. Beck III at

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Skip Tracing Advisor I Ron Brown

Compliance Requirements a “Cybertracker” Must Follow

Member National Association of Fraud Investigators Author “MANHUNT: The Book” Contact rbrown2150@aol.com

n the last issue we discussed the compliance data both in transit and at rest. The inspection will usually requirements that a skip tracer must adhere to when include a review of the various purposes the data will be used attempting to obtain location information related to for and that the users have been properly trained in relation the collection of a debt. In this issue we will look at the to the applicable laws such as the FDCPA, GLBA and FCRA. compliance requirements a cybertracker must follow when The data brokers will have an area in their program where the tracking a person through the maze of electronic data posted user is asked to indicate the reason for obtaining the data and on the Internet. often audit the data purchaser’s records to verify compliance. First let us begin by defining the action that a As I stated, the information obtained through these data cybertracker performs in their effort to locate consumers. brokers falls under a litany of federal and possible state laws and The cybertracker locates and analyzes data that has the users should be trained to follow the requirements of these been posted on various free data sites statutes to the letter. such as public records, social data The two major areas of concern sites such as Twitter, Facebook and Social Site Compliance LinkedIn, and pay data sites where Next, we will discuss the social sites to a tracer should be obtaining an information broker has purchased and the guidelines a cybertracker must data, refined it and made it accessible follow when accessing data extracted information from data brokers in a user-friendly format from these sites. The two main things and obtaining information for a fee. to remember when searching for The two major areas of concern information on the many social sites from social media. to a tracer should be obtaining which may include high school and information from data brokers and college sites such as Alumni.com and obtaining information from social media. The information Classmates.com is 1): It is “read only.” The tracer must obtained from free data sources such as public records never ask to “be a friend” of the person they are attempting and Internet news postings are usually considered “Open to locate or, for that matter, the person’s friends or relatives. Source” data and there are very few laws which the tracer And 2): The tracer should never attempt to establish a should be concerned about other than giving a false reason false identity to obtain information. Doing either of these for obtaining public record data covered by a privacy law. two things could certainly be viewed as a violation of the An example of this would be driver license information Fair Debt Collection Practices Act, § 807 [15 U.S.C. which would have non-public personal information (NPPI) §1692e] which prohibits the use of “any false, deceptive, or data such as the date of birth, physical characteristics and misleading representations or means.” addresses. Most state Department of Public Safety requires a In a nutshell, these rules cover the statutes a cybertracker form to be filled out asking for the purpose the information must adhere to when tracking people through the Internet. is needed. The tracer must never put down a false reason When there is a question as to what to do, I train people to as it would violate that state’s law, triggering an FDCPA ask themselves a simple question: “Could I get in trouble violation. Now to the two major areas of concern. for doing this?” If the answer is “yes” or “I don’t know,” the conclusion is simple: Don’t do it. Data Broker Compliance Until next time… good luck and good hunting. Let’s begin with the Data Brokers who resell information. These entities usually fully vet their potential clients and Hear more from Ron Brown at conduct on-site inspections to insure the clients are legitimate, using the data in a legal manner, properly licensed and bonded as required and have taken the required steps to protect the

COLLECT TECH19

May/June 2019

RECEIVABLES ADVISOR .com

SHIELDING COLLECTORS FROM TCPA AND FDCPA VIOLATIONS

he demands of regulators lead collection professionals to collect debt with the credo of “as little contact with the consumer as possible.” Every eliminated encounter with a consumer while the payment is still being collected is one less chance for a TCPA or FDCPA violation. For this reason many accounts receivable departments are turning to virtual collection portals. Receivables Advisor asked collection software experts in what way virtual collection technology can help professionals avoid TCPA disputes and FDCPA violations.

Virtual Collections Roundtable BY JOSHUA FLUEGEL

THE THREAT OF TCPA DISPUTES MATTHEW HILL President and CEO of The InterProse Corporation Consumers facing virtual agent collection web portals can have a tremendous impact on an agency’s collection action resistance to TCPA and FDCPA violations. 1) Because the consumer is voluntarily

logging into the virtual agent, there is little room for the consumer to have issues with the contact as long as the vehicle (letter, email, text, or voicemail drop) has been vetted for compliance. 2) With strict rules regarding the available hours initiating contact with the consumer, a virtual agent renders a TCPA/FDCPA constraint moot because of the consumer initiated action.

Continued on page 8

Compliance Advisor I Debra Ciskey

CFPB Report Reveals Telling Statistics

he CFPB issued its Semi-Annual Report of the Bureau of Consumer Financial Protection (Report) on February 12, 2019. This 42-page report provides a comprehensive summary of the Bureau’s activities between April 1, 2018 and September 30, 2018, including rulemaking completed, plans for upcoming rules, complaint analysis, summaries of enforcement actions taken during the period, reporting on its Fair Lending initiatives, and its efforts to increase workforce diversity at the CFPB. In depth analysis of a consent agreement described briefly in the report should speak volumes to the collection industry.

MEMBERS ONLY: Read the Action online

Compliance and Operations

Operations folks should be most interested in practices that resulted in enforcement actions, and in particular, the action filed on July 13, 2018 in the matter of National Credit Adjusters, which concluded in a consent order. Collection agencies working on NCA’s behalf to collect purchased debt inflated the amount actually owed on accounts, threatened consumers and family members with legal actions including lawsuits and arrest when there was no intent nor legal authority to do so, among other things. Members of NCA’s compliance team recommended terminating the agencies because of the illegal acts and practices they observed in audits, but NCA continued to place accounts with the agencies and refused to implement corrective recommendations made by NCA compliance personnel. This action demonstrates the true partnership that needs to exist between any collection agency’s compliance team, the operations team and executive management. The compliance team identified problems and communicated those to the appropriate parties, yet the recommendations went unheeded. This demonstrates to the regulator that the continued relationship with the agencies was deliberate and that their potentially illegal processes were sanctioned. In my experience with such investigations, it is assumed that industry members seek to subjugate the law for their own financial benefit. Ignoring the advice of one’s compliance team related to the collection practices of a vendor provides the evidence. I recommend a full reading of the action.

The Concentration of Complaints

The industry is always interested in the CFPB’s reporting on complaints it receives related to debt collection. In fiscal year 2017-2018 (October 1, 2017, through September 30, 2018), according to the report, “the Bureau received approximately 329,000 consumer complaints.” (p. 18) Not surprising to anyone

Chief Compliance Officer Wakefield & Associates. Inc. Board of Directors Member/ Certified Instructor ACA International, Inc.

who responds to consumer complaints, the CFPB reports that “consumers submitted approximately 82% of these complaints through the Bureau’s website.” Another 5% were submitted via telephone calls and referrals from other state and federal agencies accounted for 8% of complaints. Companies responded to approximately 93% of complaints that the CFPB sent to them for response during the period, and only 2% of responses were considered untimely, which means responses were submitted after the 15-day deadline, after the extended 60-day deadline if the complaint was placed “in progress” by the complaint recipient. Debt collection complaints do not sit at the top of the complaint categories during the reporting time period, a fact that is at least notable, and even laudable. The CFPB reports that 25% of complaints during the period were related to debt collection, while the top spot on the list belongs to complaints related to credit or consumer reporting, at 37% of complaints. With 13 categories on the list, the remaining 38% of complaints are spread rather thinly. My own latest analysis of the debt collection complaints in the public database showed that the debt collector with the most complaints had nearly 9,500 on record since the inception of the database in July 2011. On the other hand, 1,850 companies had 9 or fewer complaints, with a whopping 651 companies garnering a single complaint since 2011. 3,374 distinct companies with debt collection complaints are listed, and many of these are first party creditors collecting their own debts—names you would recognize. My purpose here is not to call anyone out, but merely to point out that the numbers tell a story. The report mentions the work of the CFPB on the Debt Collection Rule. We have been awaiting the Rule since the inception of the CFPB. The Report affirms that “The Bureau will work towards releasing a proposed rule concerning FDCPA collectors’ communications practices and consumer disclosures.” (p. 16). No further specifics are provided, but this brief description confirms the narrow focus that CFPB-watchers have expected, based upon work previously published by the CFPB. Most recently, the CFPB has expressed its intention to reissue a consumer survey to provide more data about contacts by debt collectors, which some have thought would delay the publication of the Rule. No doubt we will all need to adjust our consumer contact schemes once the rule is published.

Hear more from Debra Ciskey at

COLLECT TECH19

WELL-DOCUMENTED POLICIES AND PROCEDURES INCLUDING REMEDIATION PLANS CAN MAKE A MARKED DIFFERENCE WITH REGULATORS AS WELL AS REDUCING TIME AND STRESS FOR THE AFFECTED ORGANIZATION Continued from page 7 RANJAN DHARMARAJA CEO of Quantrax Corporation A “threat” can be described as “...hostile action on someone in retribution for something done or not done.” In addition to sometimes being punished for things we do not perceive as being “wrong,” both TCPA disputes and FDCPA violations are moving targets. To address the challenge of a moving target, we must be able to define the existing problems and anticipate what could happen tomorrow. That is no easy task. The existing challenges with TCPA disputes have been known for many years, and include calling cell phones and managing our contact strategy in a manner that does not confuse or bully the consumer. To strive for a perfect solution, we must

RECEIVABLES ADVISOR .com

May/June 2019

seamlessly integrate collection technology with our collection efforts. Some would even argue that we must allow machines to take over traditional human roles, because if programmed correctly, a machine will never make a mistake. You cannot stop an agent from saying the wrong thing, but you can stop your company calling a cell phone in a predictive campaign, or calling a consumer at an “inconvenient time.” More challenging problems like counting and limiting the number of calls to a consumer or type of phone number (e.g. home, cell) for a day or a period, can only be effectively addressed with pure technology solutions. With older systems, major redesign is called for. With compliance, it may be argued that “prevention is the best cure.” We will not find all of the answers in one place. We have to be proactive, practical and logical in our approach to addressing these challenges.

MICHELLE JEFFERS VP of Business Development of Applied Innovation To prevent violations of both the TCPA and FDCPA, understanding of the laws is critical. Once an organization is aware of the potential risks of disputes and violations and creates policies and procedures to mitigate potential issues, they are well on their way to mitigating risk. Well-documented policies and procedures including remediation plans can make a marked difference with regulators, as well as reducing time and stress for the affected organization. Organizations can reduce TCPA risk with virtual collectors as these consumers voluntarily create accounts and set up repayment plans, thus reducing the concerns with telephone communication.

ONLINE: POSSIBLE FDCPA VIOLATIONS This article is continued on www.ReceivablesAdvisor.com.

Technology Advisor I Michael Meyer

How Your IVR is Costing You and How to Stop It

o you cringe when you have to push a button on an IVR? I know I do. So does everyone else. Do you still have an old traditional push button (push “1” for this or push “2” for that) IVR system hanging around handling or routing most of your inbound calls, or maybe taking a few payments? If so, it’s time to reevaluate it and consider upgrading or replacing it entirely with a newer, more customer friendly and capable system. You are probably thinking, “Why should I replace it? It has worked well for me all of these years and it probably will last a few more.” There are plenty of good reasons that you want to do this now. Some of those reasons are compliance related like Reg. E, the flexibility of changes and even the cost of those changes. However, the real reason is it is costing you more money than you realize. Let’s explore and discover the reasons why. You might have noticed that larger companies replaced these push button IVRs years ago. They are now on their second or maybe the third generation of the new IVRs. Why did they do that? You know why. The voice IVR sounds more natural, it does more, it is more flexible, it can be changed faster and it has a lower cost to operate.

The Critical Reason

Those are all essential reasons but not the critical one that drove the change. The real reason they made the change was to enable customers to self-serve themselves and get answers to their questions faster, more accurately and without waiting. Also, these changes mean those companies no longer need an employee in a call center or store to stop what they were doing to answer the same question for the umpteenth time that day. Because of the newer technology, you need less staff to do the same amount of work. Plus the new solution can quickly scale up as you grow. This also frees your existing staff to learn and perform functions that are more valuable. The potential cost savings in having less or redeploying existing staff is pretty significant now and into the future, no matter how small or mid-sized your company is. If making customers happy and saving money isn’t enough, then there is yet another perspective that will compel you to make the switch: climbing client expectations.

Expectation Escalation

If a new or existing client wants to experience what their customers will experience when contacting you and hears your

Chief Risk and Security Officer MRS BPO LLC

archaic IVR, let’s face it, it’s not exactly what you want them to hear. So, what do you do? The first thing is to figure out what you want and need the new IVR to do. This is by far the hardest part because we are not used to laying out how we want a call to go or what routes the call should follow. I can tell you that mapping out each step of the call flow is by far the most valuable aspect of an existing or new IVR upgrade. Don’t skip this step! This will allow you to optimize what your IVR is doing in detail which is important because you might be paying for its usage by the minute, by each function that a customer chooses, paying a fixed or sliding percent of each payment or a combination of all of these. You can start this process by looking at what your existing IVR does (or doesn’t) and really looking at the IVR report. As an example, can you see where people are pushing zero or hanging up? Can you see how many people are stopping at making a payment or how many try three or four times to enter information in before they zero out and take out their frustrations on your agents? Have you heard any feedback, good or bad, from your agents who take IVR calls? All of these are great places to start when deciding what the next version or generation of your IVR should do, how it needs to treat customers and how it must perform financially. Said another way, the more effective you make your IVR, the less you will pay in fees and the less your agents will have to work – which saves payroll. It really does not do you any good to spend time designing or buying a new IVR that ends up causing more than 90% of your customers to zero out and talk with an agent. That is just wasting money to say you have the latest toy and not doing the right thing for your customers or your business.

How to Measure Functionality

To help you get on the right track, here are two high-level measures to help you determine how your center and IVR are functioning. The first measure is called call deflection. Call deflection measures how many or what percentage of your overall calls were deflected away from human agents and handled by the IVR or an alternate non-human channel? As an example, out of 100 inbound calls or contacts, 50 were handled by agents, the IVR handled 30 and then the website handled 20. So you need to decide what you want these numbers to look like from an employee cost, technology cost and a client performance basis. Once you determine what the optimal ratio is for your business, you know what Continued on page 21 May/June 2019

RECEIVABLES ADVISOR .com

AGENCIES TURN TO COLLECTION SOFTWARE FOR COMPLIANCE

hether an agency is new or a size that suits management’s taste, its collection software (1-100 seats) has little room for waste and must fit the agencies needs like a glove. As compliance officers monitor calls and outgoing letters, upper management must also keep track of what software is being utilized and what is being charged by the vendor. “Many software vendors have feature/ module ‘add-ons,’” said Rick Bonitzer, president of Credit Collection Partners. “Make sure you review your itemized Rick Bonitzer invoice/statement every month to ensure you’re not paying for ‘addons’ you no longer use.” A close working relationship with the vendor is also essential to realize the best use of the software’s ability. “We work closely with our software vendor Kyle Shanahan to automate processes as much as possible,” said Kyle Shanahan, president of Eastern Revenue, Inc. “One specific process is ‘close and returns.’ This is where accounts automatically get closed and returned due to our and our clients’ specifications. “We also work with FICO to help improve current features/processes for future upgrade releases. These upgrade releases not only benefit Eastern Revenue, but other agencies that utilize their software.” Growth is the result of an ongoing process of improvement. Improvement can only be achieved if good decisions are consistently made. Data from collection calls and collection manager input are crucial in making these decisions. “Having control on retrieving realtime performance data is critical in meeting both our needs and our clients’ needs,” said Shanahan. “FICO has a multitude of real-time performance reports that are essential to any agency’s growth. Two very important areas of data that Eastern Revenue focuses on are liquidating and unit yields. Not knowing specific client

performance numbers will hinder the growth and profitability of any agency.” While communication among staff is imperative, the “conversations” between the multitude of moving parts in an agency’s system must also be clear and numerous. “The easy ability to integrate with thirdparty platforms [is essential for growth],” said Bonitzer. “Regardless of whether we’re talking about third-party vendors or client systems, the next great tech is always right around the corner. The easy ability to integrate it into your workflow as envisioned is critical. Don’t let your primary software vendor tell you what you want to do is not possible, not easily doable or will cost you a fortune.” There is always the ominous cloud of compliance, the one-two punch that has laid waste to many agencies over the last decade due to its costly requirements. Agencies between one and 100 seats have always turned to software to help them maintain these lofty

standards, and for good reason. Automation and status reporting can make one set of eyes on the collection process seem like many. “Compliance is obviously very important for any agency,” said Shanahan. “One of the most helpful aspects of [our vendor] is that it is a status code driven system. But implementing proper status codes on the account level (cease and desist, disputes and requests for verification) allows Eastern Revenue to greatly reduce any potential exposure regarding compliance.” The standards, as far as collection software is concerned, are always a safe place for collection efforts to reside. However, never be reluctant to frequently venture into the core of your system to search for new means of efficiency and compliance. “Most collection systems will have the basic/similar safeguards, such as preventing phone calls from being made before/ after certain time thresholds or letters to certain states, but I continually go back to integration,” said Bonitzer. “The ability for your other vendors to seamlessly integrate with your core system is paramount.”

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DIGITAL AGE COLLECTING IN A REGULATORY MINEFIELD BY JEFF FREEDMAN, CO-CEO OF MRS BPO, LLC

or those of us who have been in the accounts receivable management industry for a long time, we know that collecting on debt is not for the faint of heart. We all take pride in the services we deliver but unfortunately we are also forced to deal with frivolous lawsuits from attorneys more interested in their own finances than helping their clients. Sadly, government regulators and courts around the country only muddy the waters more with contradictory statutes and inconsistent rulings.

It is no wonder that in a landscape littered with pitfalls and potential land mines, most agency owners are reticent to take risks that could improve the customer experience and enhance the bottom line. The mantra is almost always the same, “We want to try something new, but the risks of being sued are simply not worth it.” While totally understandable, the reality may be much different. Perhaps the risks can be worth it if the proper time is spent understanding precisely where the risks lie and by building the proper controls (preferably systemic controls) to ensure compliance. Let’s take a look at a few examples. At my company, we have deployed several different digital strategies within the last couple of years that have helped make us more efficient as well as more effective.

Text Messaging

Texting is one such area. What makes texting a little more complex is the fact that you are dealing with both TCPA and FDCPA issues around consent and potential third party disclosure. When developing strategies, we recognize that nothing is foolproof, however our goal is to create a layered defense that helps mitigate risk. One way we did this was by creating our own tool that launches text messages without the use of an automated telephone dialing system (ATDS). By generating the texts in a manual fashion (requiring human intervention to send each text), we add an additional layer to any potential claim of a TCPA violation. This is not to say that we ignore consent but rather we don’t simply rely on consent as our only layer of protection. We also add another layer of protection by conducting a phone ownership scrub. This scrub enables us to gauge the likelihood that the customer we are seeking is the primary user of the phone. This adds yet another layer to our defense as we try to avoid sending text messages to the wrong party.

Finally, the messages we send are FDCPA compliant, both in terms of content and the time of day in which we launch them (the text cannot launch if it is outside of acceptable calling hours in the recipient’s time zone/address). Needless to say, this texting tool has been invaluable to us as we have increased our right party contacts by connecting with more customers who might never have engaged with us by telephone call or snail mail. We deploy many of the same controls and principles when we email customers, however it is worth noting that we have seen a much greater impact with texting than with email.

IVR

Another area where we have crossed the digital divide has been with our AI-enabled conversational IVR that we call ADAM. Unlike traditional IVRs, customers no longer have to “…listen to our entire menu as our options have changed…” At MRS, customers engage and interact with ADAM through conversation rather than by listening to menus and constantly pressing keys. While again, there is risk in deploying new technology, we believe the benefit is so substantial that it will revolutionize the way customers engage with us. Customers can now make payment arrangements, render a dispute, report a bankruptcy, to name a few, without ever having to speak to a live agent. They can also do so at times that are most convenient to them, including late into the evening or on the weekend. Countless hours have been put into quality control, testing, and training of the multitude of “responses” that create the overall user experience with ADAM.

Like with texting, our strategy has been to create layers of defense to try and mitigate risk. One example, is by always giving customers the ability to opt out to a live agent if they don’t wish to continue engaging ADAM. Other controls have been put in place to ensure that ADAM consistently gives the proper disclosures as well as verify the identity of the caller. As a further detective control, ADAM calls with customers are scored and evaluated with the same scrutiny and diligence by our quality team as those of the live agents.

Self-Help Web Portal

Customers can also engage us via our self-help portal on our webpage or even with live chat. Our goal is to give customers options that enable them to have more control in the collection process but also ensure that we are not exposing ourselves to unnecessary risk. For us, the rewards gained from our initiatives and strategies far outweigh those risks. It is also worth noting that, contrary to claims by some within our industry, not all customers are cut from the same cloth. Some prefer to engage us online, some prefer the less intrusiveness of a text, while still others prefer to engage ADAM. Then, of course, there are still those that prefer the traditional approach of speaking to a live human. We can now engage customers like never before and the results are a win for our clients, their customers, and those in our industry willing to take the risks. Trying something different is often a little scary, and venturing into areas like texting and artificial intelligence can seem downright frightening with so much uncertainty. However, we all have collectively survived and thrived in the collection industry because we were willing to adapt and change with the times. The times have changed again and our industry has entered the digital age. Are you ready for it? Jeff Freedman co-founded MRS in 1991. Jeff manages all aspects of the organization by providing direction to the Executive Team, Finance Department, and Legal Department; in addition to providing indirect oversight of Operations, Sales/Marketing, Human Resources, Training, Quality Assurance, and IT/Security.

JOSHUA FLUEGEL

Tech Solutions From the Collection Floor

ere’s a question: How many fellow collection professionals have you talked to lately about challenges you have faced on the collection floor? The vague but ideal answer would be: Many! Unfortunately, in an effort to a exude success many professionals will keep everyday struggles to themselves. This philosophy makes those struggles theirs alone. But sharing with others not only opens the door to valuable advice from fellow seasoned professionals, it also reflects favorably on the dispenser as a benevolent and astute member of the industry. Receivables Advisor spoke with several collection professionals about challenges they have faced on the collection floor and how they leveraged their technological prowess and resources to overcome them.

What was a challenge on the collection floor and how did technology help your agency overcome it?

Michael Ryalls

HOWARD GEORGE CEO of Receivables Performance Management, LLC

Howard George

G. SCOTT PURCELL President of Professional Credit The need we had on the collection floor was a technology platform with the flexibility to support a vast number of client interface requirements and to meet rapidly evolving consumer communication preferences. We have implemented a solution that allows us to achieve this. Our new AR management system, ARTrail, includes an EDI [electronic data interchange] subsystem, RoboDX, that seamlessly connects to both legacy and contemporary systems and handles any number of data configurations. It also provides interoperability with any communications platform, and manages workflows for consumer contact via text, email, IVR, telephone or letter.

RECEIVABLES ADVISOR .com

May/June 2019

Over the last few years Receivables Performance Management, LLC has noticed a shift in the behavior of the consumers we speak to: longer conversations that don’t result in a payment, and a shifting preference of younger consumers for a conversation-free solution to resolving their bill. Both of these challenges were addressed by an upgrade to RPM’s online payment portal. The new portal now serves as a full solution for consumers that prefer to resolve their bill on their own. It features the ability to setup full payment plans, settlements and a budgeting tool to help determine the right payment amounts.

NATE KALNINS VP of Operations of The Stark Collection Agency G. Scott Purcell

MICHAEL RYALLS Chief Strategy Officer of RGS Financial When servicing sophisticated financial services clients, compliance is as important as performance. A great scorecard will not save you from poor compliance ratings. The

challenge is managing QA [quality assurance] and collection performance on 100% of your contacts. CallMiner, with 100% speech analytics seems like a great solution, but we found it requires a high level of expertise to operate effectively. To achieve real results, you must train or hire internally, and both are very costly. After two years of trying, our solution was to partner with Provana and utilize their ICAP (Integrated Call Analytics Platform) product where they provide the know-how.

Nate Kalnins

Challenge: Gathering and integrating data Solution: Our office has struggled at compiling usable data from our collection software and other outside sources and finding real-time, actionable insights from this data. Analysis could be done, but it required pulling programmers away from other projects to gather the data. To alleviate this problem, we began using Microsoft Power BI. This software allows the user to pull data from dozens of disparate sources (including our collection software, Excel, Access databases, web pages and more) to make the analytics-driven decisions needed to drive our business forward. Power BI allows for easily understood reports which can be easily generated without the involvement of a programmer.

Future TECH Advisor I T. Steel Rose

Debt Collection Disrupted

Founder Receivables Advisor magazine

riverless cars are being tested and flying cars are My bold prediction is: those who support the taxing predicted to arrive by some futurists in five years. authorities will pioneer the future tech application for Technological disruption is nothing new. How collections. Look to Massachusetts, California and New York swiftly it changes an industry is the surprise. City to follow Los Angeles in finding the next great collection Not that long ago there was no Uber or Airbnb. It’s now technology solution. clear to see how they disrupted the transportation and hotel I look forward to a day when someone who has lost industry. Uber took an uncomfortable process (taxicabs) the trust of creditors can be contacted, begin a payment utilized a common asset (your car) and coded an engaging plan and see their credit score improve each month. They technology (your cell phone) to pay a much more pleasant can reach certain milestones and receive notifications like, driver to take you where you needed to go. Airbnb offered a “Congratulations, your credit score just improved to 600, you similar proposition. They utilized a common asset (your home) can be trusted to get a mortgage to buy a house again.” and coded an attractive website for home and cell phone and There is something intrinsically fascinating about disrupted the hotel industry. Amazon began with a similar collections. When you loan someone anything or provide them proposition. They created a simple one-click ordering website a service or product in exchange for payment you are trusting for resale items like books. them. When they violate that trust they When Uber, Airbnb and Amazon have betrayed the trust you placed in Therefore we will continue began they had one other silver lining them. When they can’t pay because of our time-honored tradition in common. They all evaded taxes. medical or other legitimate issues, we Although, it’s really called tax avoidance understand. When they have the means of recognizing top professionals until you cross the legal divide. Tax to pay but do not, and continue to violate with an award ceremony avoidance and paying debt avoidance the trust you placed in them, it stings. have one thing in common. If the Therefore, the business processing at the conference. avoider is successful, someone else has to outsourcing of the collection industry pay their way. takes on the hard work of asking Venture capital is placing big bets on financial technology people to be responsible and make payments toward what they to disrupt uncomfortable processes. Take an uncomfortable promised to pay in exchange for whatever they received. It’s process (reminding people they owe you) utilize a common like parenting; you are reminding them they have a way to asset (existing past due debts) and code an engaging website become trustworthy again. The problem is parenting is hard optimized for your cell phone, that incidentally has no tax work. People don’t mind avoiding responsibility. consequences. The convergence of the top accounts receivable proTop Receivable Professionals fessionals with the top technology providers for this necessary This is an honorable profession built on helping people process will occur at Receivables Advisor’s CollectTECH 19, rebuild trust. Therefore we will continue our time-honored November 18-20 in Ft. Worth, Texas. This is not a new idea. tradition of recognizing top professionals with an award CAT EXPO brought the best and brightest together for years. ceremony at the conference. This year, after the Top 50 There, technological innovations were introduced. What we Professionals are awarded individually, the Most Innovative know as virtual collections was pioneered by Debt Resolve and Agencies will be awarded and the Top 50 Products will Apollo. Ten years ago virtual collections was in its infancy. be awarded. Then, the highlight of the evening, the Most Now people are pondering when it will be the primary source Innovative Product, the Top Product and, drum roll please, for collections. the Professional of the Year. Be sure to cast your vote. See the ballot on page 28.

Future TECH

Talking like a futurist, I see two trends continuing: 1) First party and third party collection will be more integrated utilizing technology and, 2) text and email will become the primary methods for collecting past due debts.

Hear more from T. Steel Rose at

COLLECT TECH19 May/June 2019

RECEIVABLES ADVISOR .com

RECEIVABLES ADVISOR

COLLECT

TECH19 NOVEMBER 18-20 FORT WORTH, TEXAS

Technology Event of the Year CollectTECH19 will be a delicate balance of education, networking and entertainment focusing on technology and compliance issues in an unrivaled setting. CollectTECH19 will be held at the Worthington Renaissance and TopGolf in Fort Worth, Texas. TopGolf is a technologically advanced venue for learning and engagement. Breaks provide time to unwind and network with industry leaders over a fun game. There is no pressure to have a good golf swing, score points or even play. It’s all about everyone learning, having fun and networking. Getting the most out of your technology investments has never been so important or so difficult. Join us at Receivables Advisor’s CollectTECH19 for the latest insight on how today’s tools and techniques can reduce decision making complexity and jumpstart growth. Through case-study-based sessions tailored especially for credit and collection executives, you will hear the latest thought leadership in Artificial Intelligence, Texting, Email, Chatbots, Realtime Speech Analytics, Virtual Collections, Client Portals and more.

NOW ONLY $695

RECEIVABLES ADVISOR

COLLECT

TECH19

NOW ONLY $695

NOVEMBER 18-20 FORT WORTH, TEXAS

SPEAKERS Jon Balon

VP of Product and Innovation Williams & Fudge, Inc.

Gordon C. Beck III

President and COO Valor Intelligent Processing

Total Technology Immersion CollectTECH19 is a potent blend of people, tech and ideas exploring the technological disruption of collections. Bringing together the visionaries and innovators from the receivables eco-system, this is your opportunity to meet in person and take away the solutions to propel your business. • Credit and Collection experts present innovative technology solutions to drive collections and compliance

John H. Bedard, Jr. Managing Attorney Bedard Law Group, P.C.

• Take away processes to make your work more efficient and enjoyable • Network with industry leaders over TopGolf • Engage in Roundtable TECH talk discussion

Leslie Bender

Chief Strategy Officer and General Counsel BCA Financial Services

• Stars of Credit and Collection Golf Classic The optimal forum to extract the potential of innovative technology to fully achieve genuine business transformation.

Ron L. Brown

Owner ConSec Investigations, Inc.

CollectTECH19.com or call 888-610-1144

MONDAY, NOVEMBER 18TH 2:30-3:15

Opening Keynote

3:15-3:45

Compliance and Technology Regulatory Update

3:45-4:15

The Legality of Technology for the Next Century

4:15-4:30

Break

4:30-5:00

Compliance Management Systems

5:00-5:30

Can Technology Replace Lawyer Magic

5:30 -7:00

Opening Reception

Debra Ciskey

Chief Compliance Officer Wakefield & Associates. Inc.

Tracy Dudek

Chief Operating Officer State Collection Service, Inc.

TUESDAY, NOVEMBER 19TH 8:30-9:00

9:00-9:30

Text & Email Collections

9:30-10:00

Speech Analytics

10:00-10:30

Morning Break Coffee

10:30-11:00

Gamification Supercharges Collectors

11:00-11:30

Electronic Payments

11:30-12:00

Virtual Collections

12:00-2:00

Lunch, Networking and Golf with Exhibitors

2:00-2:30

Social Media Skip Tracing

2:30-3:00

Client Portals: One-Click Options to Rival Amazon

3:00-3:30

IVR & Dialer Innovations

3:30-4:00

Afternoon Dessert Break

4:00-4:30

Machine Learning, Chatbots & AI

4:30-5:00

Advanced Analytics, Scoring & Trigger Strategy

5:00-6:00

Awards Reception & Golf

6:00-6:50

A wards Ceremony: 2019 Professional of the Year, 2019 Product of the Year, Most Innovative Agency, Most Innovative Product, Top 50 Professionals, Top 50 Products

WEDNESDAY, NOVEMBER 20TH 8:30-9:00

Chris Dunkum

Artificial Intelligence Keynote

Opening Keynote

9:00-10:30

Breakfast during Roundtable TECH TALKS

10:30

Conference Ends

President First Collection Services

David Kaminski, Esq. Owner - Attorney Carlson & Messer LLP

Richard J. Perr, Esq. Partner

Fineman Krekstein & Harris, P.C.

T. Steel Rose Founder

Receivables Advisor magazine

AWARDS RECEPTION HONORING Professional of the Year Product of the Year Most Innovative Agency Most Innovative Product Top 50 Professionals Top 50 Products

2019 Top Receivables Professional RECEIVABLES

ADVISOR

Women Leaders

LESLIE BENDER, CIPP/US, CCCO, CCCA, IFCCE Chief Strategy Officer and General Counsel BCA Financial Services Today the collection technology I find most useful is Peacock’s CastIMS. It is a straightforward database tool for your compliance management system. The software is well supported by the vendor and for a credit/collections company large or small that wants a quick-to-implement database for compliance artifacts and related management activities, it seems well designed and user friendly.

WHAT COLLECTION TECHNOLOGY IS MOST USEFUL AND WHAT DO YOU LIKE MOST ABOUT IT? WENDY BADGER, ESQ., CCEP Chief Compliance Officer Vice President, Corporate Compliance ECMC Group I find technology that provides in-the-moment assistance most useful. A few examples include: • I nstant messaging, so phone agents can send a note to a manager, co-worker or compliance for assistance; • Speech and data analytics with real-time call monitoring, which assists floor management, compliance, call review and auditing functions. Assuming the appropriate disclosures were provided to the consumer, this may also allow a manager to notice a call being escalated, give the manager an opportunity to listen to the call in real-time, provide in-call coaching to the phone agent or take over a call to de-escalate, or provide other real-time assistance • “Screen pops” that provide account-specific updates, warnings or statespecific reminders when an agent accesses a consumer’s account • Technology that helps tailor the consumer’s experience to their contact preferences (e.g., emails versus phone calls, online account access rather than hard copy letters, etc.).

All of these options help enhance interactions with the consumers. This requires that you understand the demographics and preferences of the portfolios the company is working.

LAUREN M. BURNETTE Partner Messer Strickler, Ltd. As a defense attorney, I love collection solutions that create and maintain records of account activity in realtime and as it occurs. This creates a powerful defense in those “he said-she said” cases where consumers insist they received calls that were never placed or had conversations that never occurred.

DARA CHEVLIN TARKOWSKI Founding Partner Actuate Law LLC A few technologies come to mind. From the compliance side, the ComplyARM interface is a really elegant and easy-to-use software. I also think the Quointec’s data breach advisor is a valuable compliance tool which drastically reduces outside counsel legal spend in the event of a data breach event. And from the operations side, the interactions IVY AI assisted agent is a really impressive innovation in the consumer collections experience. I was blown away by its accuracy. DEBRA J. CISKEY Chief Compliance Officer Wakefield & Associates. Inc. Learning management systems provide ease of creation, distribution and tracking of training. Just-in-time training can be accomplished nearly effortlessly yet effectively. Testing can be scheduled, then scored automatically, allowing the trainer to focus efforts on content development and coaching for performance. Eterna by Learn.Net is currently my favorite system.

JUNE COLEMAN Of Counsel Carlson & Messer LLP I think that voice analytics is a really exciting tool. As I understand it, you can team voice analytics with realtime reporting to collection supervisors or managers to identify problem calls that should be escalated to management as they are occurring. You can also add in real-time communications between supervisors/management and collectors to provide instant feedback about how to handle a call the collector is currently on. I understand that voice analytics can identify and report raised voices, allowing you to immediately instruct the collector to escalate the call to management. Or voice analytics immediately reports that the conversation included a reference to attorneys, and you can review real-time collection notes to determine if the call should be escalated or whether your collector noted contact information for an attorney, for instance. This use of technology provides excellent training, supervision, and risk management opportunities. And when combined with recording calls, used properly with appropriate notice, you create evidence that will allow you to quickly evaluate a claimed violation to determine whether you fight the case or settle the case. KAYE DREIFUERST President Security Credit Services, LLC We have an extremely robust SQL [structured query language] database with a very flexible report engine. We made a sizable capital investment to ensure it was user friendly, nimble and allows for “click-and-drag” report writing. Each department’s end user, or project manager, can easily run reports and data mine so they, in turn, can run their departments with metrics and let the “data make the decisions.” We (the collection industry) have the benefit of having so much meaningful data but not always have had economical data mining tools to best use this information. My team can make efficient decisions to drive the workflow and make strategic changes to increase revenue. This technology has had a big impact on our business. CRYSTAL M. DUPLAY Attorney Law Offices of Timothy Sullivan The collection technology that I find most useful is nothing new, but something that continues to grow with industry demands. Simply put, the case management system is the best piece of collection technology. Over recent years, analytics and robust reporting tools have been incorporated. More importantly, case management systems are integrating more and more compliance tools. I love this continuous evolution. KELLY KNEPPER-STEPHENS VP Legal & Compliance TrueAccord The collection technologies that I find most useful are those that improve the consumer’s experience with the debt collection process. Email allows the customer the opportunity to read the content when it is convenient and direct access (or links) to a variety of content like a payment portal or a dispute flow. Online tools that provide a consumer with a variety of self-service options from the ability to create their own payment plan, negotiate their own settlement offer with immediate resolution or remove their phone number. Tools that assist agents’ ability to resolve an account or concern quickly in one call, like capturing a consumer’s written consent to recurring electronic payments through a link that can be emailed or texted so that a customer can open the link and provide their authorization.

ALYSIA LOHNER Vice President, Operations Priority Credit Management Corp. Over the last year, we have implemented a new system for hiring and recruiting for our collection team. As a part of this new system, we have been using Pro.file assessments through our vendor, Concord Consulting. Pro.file assessments help to understand the “person” behind the resume. It is a great tool that provides insight into each person’s behaviors and how they are “wired.” We started by having our staff profiled, and the results were amazing. When the staff received their reports, they all reflected a similar response – “Wow, it feels like this report knows exactly who I am.” It is through these reports that we can match candidates to specific positions within our business. The most important component when hiring is finding the right person for the right position. The profiles have helped us to understand people on a deeper level than what you get in an interview. They have also helped us to understand one another and assists in continuing to develop a great office culture. Every person is unique, and the profiles have helped me in my management role, adapt job roles and responsibilities to play to each person’s strengths. I have focused on tailoring each staff member’s job to their strengths which has dramatically changed employee engagement. JOANNE MALTESE POSSUMATO Executive Vice President, CFO Certified Credit & Collection We are finding great success with a direct-drop to voicemail product, to get around the TCPA issue of contacting consumers’ cell phones. The fact that we do not actually call the cell phone allows us to leave a voicemail message requesting a call back. We do appreciate the resulting inbound calls. This, along with the savings to postage and mailing costs has become our preferred technology to reach consumers. It also provides a simultaneous cell phone scrub, which is noted on the account of each cell phone found. JOANN NEEDLEMAN Member and Leader of the Consumer Financial Services Regulatory and Compliance Group Clark Hill I think any product which allows a consumer greater control over the way they communicate with debt collectors, provides omni-channel capability and ensures a level of security and trust for the consumer are all core components of any technology. I think dual authentication is critical for communication technology for the collections industry. I think there is a sense it can be too burdensome, but it’s used in almost every communication with a financial services entity. The key will be driving consumers to the technology.

Continued on page 20

Continued from page 19 JAN P. STIEGER, CAE, CMP Executive Director Receivables Management Association International The artificial intelligence used in virtual collections is most intriguing to me. Communication with consumers is key in this industry and adapting communication methods to the new consumer preferences is critical. The challenges will come from the ability for laws and regulations to keep pace with the advancements in technology. CARMEN RAYGOZA Director - HRMG Self Pay (Outsourcing Division) CMRE Financial Services, Inc. Having an elevated phone system such as omni-channel improves the user and patient experience. This allows the patient to communicate in multiple media forms such as phone, email, online web chat, and SMS. This technology is widely used in social media and is vital with Millennials in today’s workforce. What I like the most is this technology enables us to have true transparency as we have on-hand access to monitor what the user is doing and saying to the patient/caller. Although your traditional call monitoring is necessary the ability to allow multiple forms of communication in real-time is important to account resolution and patient engagement. Another technology I find useful is the secure online patient portal. I have taken an active role in working on a web-based real-time online tool that allows patients to self-serve. Besides allowing the patients to pay or set up recurring monthly payments, the patients can provide insurance information, request financial assistance, request a summary bill, update their demographics, or do nothing. If they do nothing we are notified and we then can reach out to that patient and offer assistance. COURTNEY REYNAUD President Creditors Bureau USA and the California Association of Collectors The most useful technology, in use, by our company is an expansive inbound IVR and our consumer web portal. Our inbound IVR applies numerous skills-based routing tools to ensure calls are routed quickly, efficiently and directed to the collection representative best suited to handle the consumer’s needs. Our consumer web portal supplies, on average, 12% of all electronic payments received (i.e. pay by phone, pay with credit card by Mail and web portal payments). The volume of consumers who prefer to pay online using our web portal has steadily increased year over year and we continue to adjust and develop this portal with our vendor partner to ensure that we are able to meet the changing needs and communication preferences of the consumers we service. MARIAN SANGALANG Vice President The Bureaus, Inc. I am currently researching a new product. This specific product isn’t like anything else I have seen in our industry as it relates to our companies specific data. It is all about machine learning and the application of modern algorithms to the historical accounts you’ve already worked. I am excited to learn more about this product and its benefits.

STACY D. STEIN, ESQ. Managing Partner Mountain West Law Group, PC My firm had benefited greatly from our partnership with our collection software vendor, JST CollectMax, and our payment vendor, Stratus Payment Solutions. What we like most about these two technologies is that they are customizable and their teams are responsive to the changing needs of our firm. NICOLE M. STRICKLER Shareholder Messer Strickler, Ltd. Case management software, which allows for organization, deadline management and a central repository for relevant documents. It’s useful, intuitive and increases efficient time management. BRIT J. SUTTELL Attorney Barron & Newburger, P.C. That’s a difficult question, but I really appreciate the third party vendors who have compliance software. The ability, even for smaller companies, to do compliance on an efficient scale is a huge leap for our industry. The majority of the industry wants to do “the right thing” and help improve the industry’s image so the ability to have compliance software that assist with that goal is awesome.

LAUREN VALENZUELA, ESQ. Compliance Counsel Performant Recovery, Inc. Call analytics because it allows an agency to monitor calls efficiently, as well as serves as an effective tool for coaching and developing a collector’s skills. It’s a win-win for both the compliance and the collections departments – and I like win-wins! ALISON VERGES WALTERS, ESQ. Partner Kelley Kronenberg. P.A. The most useful technology in my practice currently is a system we use by Provana to manage all of our policies, procedures and testing. The amount of oversight and auditing has multiplied in the last few years and this technology has been vital in helping us manage it.

ANNETTE M. WAGGONER Executive Director Commercial Collection Agencies of America I believe one of the most useful tools a commercial collection agency can integrate is call recording software. Call recording is vital when an agency is faced with allegations of misconduct. It allows managerial staff and ownership, along with legal counsel, the resource of verifying the conversation between parties. Tangentially, call recording can also be useful in the development of a collector. Recalling how a situation is handled, in detail, can serve as a practical lesson to improve the skill set needed for effective negotiation and collection. May/June 2019

RECEIVABLES ADVISOR .com

DATA SECURITY ESSENTIAL FOR ELECTRONIC PAYMENTS BY JOSHUA FLUEGEL

ith all the facets involved in the collection process, it’s essential for a consumer’s first contact with the electronic payment system to be inviting. Marc Chibnik, CEO of Harvard Collection Services, revealed the keys to having a system that is conducive to accepting electronic payments. “Three items are top of mind: integration with system of record, data protection and consumer communication,” said Chibnik. “Integration with system of record covers how the agency Marc Chibnik will manage payment detail and requires the agency to plan if payments will be brought in to the system of record individually or by batch. Data protection is the process the agency will use to insure that cardholder or bank account information will be protected at the agency to meet security guidelines. Consumer communication is the method that will be employed to notify consumers that electronic payments are accepted and that the communications are done in a compliant manner.” Proper security to accept payment information relies on the Payment Card Industry Data Security Standard. “Here are some easy steps to follow to improve the security posture of your organization,” said Erica St. John, CPA, chief financial officer for CBE Companies.

Protect Data

“Keep the storage of sensitive data to a minimum and add additional controls, especially encryption, to prevent data access. Implement technologies Erica St. John to encrypt data at rest and data in transit. When encrypting, use strong and validated cryptographic keys and algorithms and ensure that the keys used for unencrypting the data are tightly controlled and protected.

Regularly Test Security Systems

“Data protection must be managed on an ongoing basis and built into your organization’s daily business operations. New vulnerabilities appear constantly which means you must always be attentive and routinely assess and remediate security threats to processes and systems. Use a risk-based approach to continuously identify and remediate threats in a timely and cost-effective manner. “Auditors require evidence of how organizations are meeting the requirements of multiple regulatory mandates, industry standards and compliance frameworks. Maintaining a vigilant policy compliance program enables companies to reduce risk and continuously provide proof of compliance. Additionally, a policy compliance program helps identify and assess key security settings in your systems, which expose new security

related issues and promote discussion for new or revised policies and procedures.

Train your People

“At the recent 2019 RSA Conference, a common theme was that security depends on people. More so than technology or policy, it’s the people in your organization who have the greatest influence on the success of maintaining an organization’s strong security posture. The threat is not always disgruntled workers and corporate spies. Often, it is the unwary, careless employee who can do harm to your network by visiting websites infected with malware, responding to phishing emails, storing their login information in an unsecured location, or even giving out sensitive information over the phone. One of the best ways to make sure employees will not make costly errors regarding information security is to institute company-wide security awareness training initiatives.” While such a process is as ironclad as one can hope for, it is not one-size-fits-all. Collection professionals must determine what is applicable to them. “The law does not treat all electronic payments the same way,” said John H. Bedard, Jr., managing attorney for Bedard Law Group, P.C. “Collectors accepting preauthorized electronic John H. Bedard, Jr. funds transfers should pay special attention to the consent requirements imposed by law on those transactions.”

Hear more from John H. Bedard, Jr. at

COLLECT TECH19

WASTING MONEY ON BOTH SIDES OF THE EQUATION (ON THE IVR AND WITH AGENT’S TIME) Continued from page 10 your overall design strategy should be. The second measure is call containment. This gives you an indication of how much work your IVR is really doing for you. This measure shows what percent of the calls that went to the IVR were handled entirely by the IVR from beginning to end without human assistance. Once you know this number, you need to take steps to improve it. The bottom line with these

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May/June 2019

numbers is that you might be wasting money on both sides of the equation (on the IVR and with agent’s time) and not even realizing it. This is why it is so essential to holistically and completely flow out the entire call process into and out of the IVR and not just look at the IVR as its own square box. When you do flow this call process out and look at the reports of what is happening in your current IVR, you will learn a lot and probably be surprised about what

your customers are or more likely aren’t experiencing every day. Melding and molding IVR technology with humans isn’t the easiest of things to get right. Most of us take many tries to make it work with lots of mistakes along the way. This is one of those things that is easy to say but hard to do right. So, take it one step at a time, play with it, make it fun and in the end your customers, employees and bank account will be glad you did!

Business Directory Collection Agencies IC System, Inc. 3rd Party Collections icsystem.com 651-481-6531 ejohannes@icsystem.com IC System provides secure and compliant third-party bad debt collection services to a wide array of markets. Over 80 years of family ownership and consistent, trusted results. United Collection Bureau, Inc. 1st and 3rd Party Collections ucbinc.com ssharma@ucbinc.com 954-236-6027 UCB, Inc. provides national debt programs for creditors in all markets from fully-secure high performance collection centers located in the U.S. and Latin America.

Collection Solutions Software, Inc. CSS IMPACT! HD™ 2.0 cssimpact.com arielb@cssimpact.com 818-593-4830 CSS IMPACT! HD™ 2.0 (Enterprise), the industry’s leading ARM | Collections & Compliance Platform delivering decades of deep rooted industry acumen for the ARM, Collections & Compliance sectors. IXP (Lite) also available. The Computer Manager, Inc. Debt$Net Collection Software debtnet5.com | sales@debtnet5.com 800-552-8397 Since 1987, Debt$Net collection software has provided collection agencies, law firms and in-house collection departments with one of the most comprehensive collection systems in the industry.

Debtmaster® Debtmaster® 360 debtmaster.com 800-414-2814 Debtmaster®360 gives you cloud hosted, costeffective, flexible, secure, collection solutions that helps you manage compliance and provide quality service for Clients and Debtors. Quantrax Corporation Inc. RMEx quantrax.com marketing@quantrax.com 301-657-2084 Quantrax is a high-end collection technology company that has marketed and supported an intelligent collection software platform for over 25 years.

Simplicity Collection Software SimplicityCollect Comtech Systems simplicitycollectionsoftware.com Collect! sales@simplicitycollect.com Credit and Debt Collection Software 866-791-0224 Collection Software As an industry leader, Simplicity is the only software procollect.org | info@collect.org CDS Software vider to offer a web solution with unlimited users, clients, 800-661-6722 CollectOne accounts, and custom fields at an affordable price! Collect! combines ease of use with total integration collectone.com of functions. Accounts are efficiently tracked from info@collectone.com Sentinel the time you receive them until activity is concluded 888-816-3333 Development and they are closed. Collect! keeps track of critical CollectOne is an award winning suite of debt colSolutions, Inc. information automatically. Total integration provides lection solutions that provides a feature-rich set of eCollections for seamless and accurate month end invoices and automated business processes designed to minimize ecollections.com | sales@ecollections.com statements with full account histories. costs and maximize results. 515-564-0585 DAKCS Software The result of 20 years of industry-leading collections/recovCODIX ery platform development, eCollections is a comprehensive Systems iMX Collection, enterprise collection system with flexible configuration, Beyond ARM Legal and Recovery Solution ease-of-use, powerful payment features, workflow automadakcs.com | sales@dakcs.com codix.us/debt_collection tion, and unparalleled reporting and tracking. 800-873-2527 bquinn@codix.us DAKCS Software Systems is an industry leader in simpli404-790-0998 fying the process of collections and accounts receivable iMX is a complete centralized debt collection and Collection Support Services management. By creating highly configurable, innovarecovery software solution. Based on the latest tive cloud and on-premise software solutions, DAKCS of- Cornerstone technologies, iMX Debt Collection includes all the fers a way to run your business faster and more efficient. Support most advanced business functionalities supported by DAKCS is committed to providing the tools necessary for State Licensing native tools. success in the ever evolving ARM industry. and E&O Insurance cornerstonesupport.com info@cornerstonesupport.com 888-445-8660 Cornerstone Support is the premier licensing and insurance provider to the collection industry; professionally trained to assist you with all of your state licensing needs.

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1 issue - $500 | 2-6 Issues - $300 each

May/June 2019

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VoApps DirectDrop Voicemail voapps.com sales@voapps.com 855-639-4907 VoApp’s patented DirectDrop Voicemail service delivers a voice message directly to a consumer’s voicemail server – without calling the phone in question.

Compliance LexisNexis® Risk Solutions LexisNexis ® Accurint ® for Collections lexisnexis.com/risk/receivables-management 800-869-0751 LexisNexis Risk Solutions assist debt recovery professionals with increasing workflow efficiencies, gaining greater insight into debt portfolios, collecting more in less time and achieving greater profitability.

Electronic Payments

LexisNexis® Risk Solutions LexisNexis® Accurint ® for Collections risk.lexisnexis.com 800-869-0751 LexisNexis® Risk Solutions assist debt recovery professionals with increasing workflow efficiencies, gaining greater insight into debt portfolios, collecting more in less time and achieving greater profitability. U.S. Tracers Proprietary Place of Employment VeriFacts Payroll Promise verifactsinc.com sclark@verifactsinc.com 800-542-7434 Payroll Promise is designed to support a legal strategy by locating verified full time places of employment. The information returned is 100% guaranteed to be accurate.

Speech Analytics

Innovative E-Pay speechIQ Solutions, Inc. speechIQ Electronic speechiq.com Payments sales@speechiq.com innoepay.com 888-683-1011 sales@innoepay.com SpeechIQ is an AI-driven speech analytics and quality 855-888-3729 management platform helping companies automate Specializes in providing Credit Card and Electronic and streamline quality assurance, improve agency Check processing accounts to the Collections Industry performance, and mitigate compliance risks. for over 15 years. FDCPA Certified Agents, longtime members of ACA.

Mail Services CompuMail Inc. Print & Mail Services, Communications compumailinc.com info@compumailinc.com 360-260-1888 In addition to providing print and mail services, CompuMail's solutions include email, online archiving, and real-time review & approve capabilities - coupled with superior service.

Skip Tracing IDI idiCORE ididata.com sales@ididata.com 855-842-1410 Trusted for over a decade by collection agencies and collection attorneys. IDI provides fast, accurate and cost-effective consumer verification and skip-tracing solutions via online, API, and batch processing. Reduce Cost, Not Quality.

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May/June 2019

Virtual Collections

Applied Innovation Inc. ClientAccessWeb, PayStream, GreenLight, and Papyrus appliedinnovationinc.com 800-589-5651 mjeffers@appliedinnovationinc.com Applied Innovation provides a suite of compliant solutions for the ARM industry. Our solutions have proven to increase your bottom line with improved efficiencies, increased client sales and retention, and increased web services. Designed for your continued growth and success. InterProse ACE - Virtual Agent Collector interprose.com/collection-advisor aaron.reiter@interprose.com 844-244-1135 Add InterProse’s consumer-friendly, patented Virtual Agent Collector to your existing software or ask about ACE for a full conversion to a true, web-based collection platform, open to third-party integrations and packed with process automations.

RECEIVABLES

ADVISOR May/June 2019 Volume 19, No. 3

Editor-in-Chief Joshua Fluegel josh@receivablesadvisor.com Editor T. Steel Rose, CPA, ACG editor@receivablesadvisor.com Copy Editor Myrna Nelson Advisory Board/Columnists Gordon Beck Ron Brown Debra Ciskey Michael Meyer Michael L. Starzec Harry A. Strausser III Publisher Angie Rose angie@receivablesadvisor.com Production Andrea Bergeron Paul andrea@receivablesadvisor.com Subscription Changes Joshua Fluegel josh@receivablesadvisor.com The opinions given by contributing authors are their own and not necessarily the opinion of our staff and ownership. All trademarks used are the property of their respective owner.

Receivables Advisor (ISSN# 1556-0813) is produced six times a year by Abide Media, P.O. Box 92342, Southlake, TX 76092, 888-610-1144. Standard Mail postage paid at Sussex, WI 53089. ©2019 All Rights Reserved Magazine Publishing Group, Inc. Printed in the U.S.A.

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RECEIVABLES

ADVISOR May/June 2019

RECEIVABLES ADVISOR .com

If you are a premium provider of accounts receivable services, your choices for collection software have dwindled. Many companies are not investing in new technology while others have been sold or acquired, leaving you with only two viable options.

AND THEN THERE WERE TWO If you want the best, you will soon be evaluating these two products. One of them is powered by proven artificial intelligence, has been redesigned for today’s demanding environment and leverages automation, analytics and emerging mobile technologies. The other? Let's just say it's getting old. Fighting today’s problems with modern technology improves your results and your bottom line. Isn’t it time to modernize? Proven in over 35 states and Canada, confident and ready for a fight. We are Quantrax.

(301) 657-2084 | www.quantrax.com marketing@quantrax.com

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TECHNOLOGY SHOWCASE

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Built for start-ups. Scalable for growth. Automate • Customize • Import • Cloud • Premise • Integrations

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C lo u d C o m p l e t e

Debtmaster 360 ®

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May/June 2019

Your First ChoiCe in Cloud-Based ColleCtion soFtware You need software you can trust every step of the way. Debtmaster®360, partnered with the Microsoft Azure® Cloud integrates compliance tools, debtor info, advanced agent dialing and messaging, payment processing, and client reporting, all in one secure, scalable platform.

800.414.2814 debtmaster.com

RECEIVABLES will host the 2019 Reader’s Choice Awards Reception at CollectTECH19 - November 19, 2019 in Fort Worth, Texas

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EAR Y OF THE Y C N E G A E TIV ot?” by ST INNOVA asks “why n

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2019 TOP Top Professional Professional

r.com. collectionadviso @ sh jo g lin ai why inations by em information and ct ta Submit your nom n co s’ ee in e nom Please include th roduct should be considered. this person/p

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ADVISOR

ALSO AWARDING Top 50 Professionals Top 25 Innovative Agencies Top 50 Products

Submit your nominations by emailing josh@collectionadvisor.com Entries must be submitted no later than October 1st.

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TECH19 Register by May 31st to SAVE $600

NOW ONLY $695

NOVEMBER 18-20 | FORT WORTH, TEXAS

1. TYPE OF COMPANY: [ ] Collection Agency (Consumer) [ ] Collection Agency (Commercial) [ ] Collection Attorney [ ] Credit Bureau [ ] Credit Grantor [ ] Debt Buyer [ ] Credit Card [ ] Government [ ] Other _______________________________

Company Name Person Attending

Title

Address City/State/Zip/Country Phone

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Full conference registration includes: Full session attendance, breakfast, lunch, special events, conference program. [Team Discounts Available*] *Team Discounts: Each additional person from the same company receives 50% off the full price conference price of $1,295.00. ($647.50)

PAYMENT METHOD [ ] Check Enclosed

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ONLINE CollectTECH19.com FAX this form to 817.756.7252 CALL 888.610.1144 MAIL this registration form to “CollectTECH19 - PO Box 92342 Southlake, TX 76092” Make checks payable to Receivables Advisor CollectTECH19

Cancellation Policy: All cancellations must be received in writing. Cancellations received prior to May 30th, 2019 will receive a 100% refund. Cancellations received prior to June 30th, 2019 will receive a 75% refund. Cancellations received by August 31st, 2019 will receive a 50% refund. Cancellations after September 1st, 2019 will be non-refundable. Hotel Accommodations: Receivables Advisor CollectTECH19 is to be held at the Worthington Renaissance Fort Worth Hotel, A Marriott Hotel. Located in the heart of downtown within walking distance to Sundance Square. Receivables Advisor CollectTECH19 has a block of rooms with amazing rates. Rooms are available on a first-come, first-served basis. Please make your reservations by calling 817.870.1000. Rooms are limited for this event. Sign up now to insure the rate of $199.00. Rates can more than double when this block sells out. Hotel confirmation number

2. INDUSTRY [ ] Auto Finance [ ] Bank/Credit Union [ ] 1st Party [ ] 3rd Party [ ] Medical [ ] Manufacturer [ ] Mortgage Lender [ ] Student Loan [ ] Finance Company [ ] Data Security [ ] Telecom [ ] Utility [ ] General Collections [ ] Other _______________________________ 3. JOB DESCRIPTION (CHECK ONE) [ ] President/CEO/Owner [ ] CTO [ ] Vice President [ ] CIO/CFO/COO [ ] Collection Mgr. [ ] Attorney [ ] Dir./Mgr. Operations [ ] Dir./Mgr. MIS [ ] Sales/Marketing [ ] Technical/MIS Staff [ ] Other _______________________________ 4. PRODUCTS OF INTEREST (CHECK ALL THAT APPLY) [ ] Banking [ ] Collection Software [ ] Collection Support [ ] Insurance [ ] Electronic Payments [ ] Doc Management [ ] Estate Recoveries [ ] CMS [ ] In-house Collections [ ] IVR [ ] Mail Services [ ] AI [ ] Litigation/Legal [ ] Predictive Dialers [ ] Medical [ ] Analytics [ ] Skip Tracing [ ] Texting [ ] Other _____________________ 5. HOW DID YOU HEAR ABOUT TECH19? [ ] Advertising [ ] Email [ ] Website [ ] Direct Mail [ ] Phone [ ] Receivables Advisor [ ] Contacted Magazine by Exhibitor [ ] Other _______________________________

Youâ&#x20AC;&#x2122;re Invited to The Technology Event of the Year INVITED: Owners, C-Level Executives and Managers in credit and collections WHEN: November 18-20, 2019 WHERE: The Worthington Renaissance Hotel & TopGolf in Fort Worth, Texas. Credit and Collection experts will present innovative technology solutions to drive collections and compliance for credit and collection professionals in an unrivaled setting for networking andÂ education. Topics range from the latest in real-time speech analytics to mastering gamification to unlocking the power of artificial intelligence. During breaks attendees will enjoy TopGolf, the most technologically advanced entertainment experience in the world. Whether networking with peers or participating in roundtable discussions, attendees will take away technology solutions. The Receivables Advisor Awards ceremony will take place Tuesday evening with a celebration under the stars, honoring The Top Professional of the Year, Top Product of the Year, Most Innovative Agency, as well as our Top 50 in each category. See details on page 28. Be sure to cast your vote. Sincerely,

T. Steel Rose, Founder, Receivables Advisor magazine Joshua Fluegel, Editor-In-Chief, Receivables Advisor magazine P.S. Save $600 Register by May 31st CollectTECH19.com 888-610-1144

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