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Electronic Payments Step Four – Don’t Forget the FDCPA, the Consumer’s Rights, or the Proper Notices

By: Rozanne Andersen | May 10, 2017

Before closing the books on electronic payments, remember your responsibilities to notify the consumer of their rights and changes in terms. Depending on whether you are a third-party debt collector, credit issuer, government entity or healthcare provider, your duties may vary.
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Electronic Payments Step Three – How to Create and Sign an Electronic Payment Authorization

By: Rozanne Andersen | April 27, 2017

Now that we’ve covered terminology and authorization requirements, we will turn our attention to the requirements incidental to various types of electronic payment authorizations.  
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Electronic Payments Step Two – Understand Your Authorization Requirements

By: Rozanne Andersen | April 20, 2017

Sixty minutes into a presentation on electronic payments at a recent industry conference, an audience member’s question stops me in my tracks: They don’t understand the difference between an electronic payment authorization and an electronic signature. That’s an important piece of the puzzle, but one that requires a bit of discussion, at length. Let’s review:
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Electronic Payments Step One - Understand the Terminology

By: Rozanne Andersen | April 13, 2017

An electronic payment is a generic term for any process by which a payment of money is made electronically, without paper. There are many forms of electronic payments and each has its own set of compliance requirements. Credit card payments, payments made using the automated clearing house (ACH), electronic check payments, transfers initiated by telephone, transfers resulting from debit card transactions, prepaid card transactions and electronic check conversions (ECK) are all examples of electronic payments. Understanding the various compliance requirements associated with each is the first step toward effectively processing compliant electronic payment transactions.
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5 Reasons Plaintiffs Can Make Personal TCPA Liability Stick to Executives

By: Rozanne Andersen | March 22, 2017

Consider for a moment this TCPA/FDCPA combo platter of a case, filed just shy of four years ago: Currier vs. PDL Recovery Group LLC. The fact pattern is not unique – Anyone reading this article could write the script:
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Receivables Leaders Are Taking These 7 Steps This Year to Armor Their Cybersecurity Programs

By: Rozanne Andersen | March 1, 2017

In 2016, cybersecurity worldwide increased by nearly $74 billion – A significant shift, to say the least. But it shouldn’t come as much of a surprise: The average consolidated cost of a data breach has risen to $4 million, and the average cost for each stolen record now sits at $158. And that doesn’t even take into account harm to a business’s reputation.
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These 6 Progressions in Telephony and Compliance Could Define Your Receivables This Year

By: Dan Womack | February 17, 2017

So, we’re more than 6 weeks into 2017. We have a new administration developing in the Federal government, new industry challenges to tackle, and new tools to meet them. The time has come to discuss which developments really matter to our industry, and where to place our attention and resources as the year goes on.
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How Close Are You to a Proper Call Center Audit?

By: Chris Miller | January 11, 2017

Like any business, ARM agencies start on a path to improved performance by measuring KPIs that define success. Traditionally, that’s meant a tight focus on the bottom line: Managers and executives tend to look at agents and ask first and foremost how many calls they’re making, and what the result from those calls have been. They use a scorecard that examines productivity, and dollars collected/promised, and they pay their agents on a bonus structure according to that performance. It’s a formula that’s worked for decades.
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Hone Your Upgrade Strategy for Better Compliance, Security and Bottom Line

By: Gary Phillips | December 14, 2016

If you’ve ever been pulled over for an expired sticker on your car’s license plate, you know the frustration of paying the DMV double for an up-to-date registration. Just because you manage to go longer than a year doesn’t mean you don’t have to pay the prior period’s fees – It just means paying for both at the same time, often unexpectedly.
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The 10 Ingredients for a Successful Compliance Audit

By: Dan Potts | December 6, 2016

Savvy receivables leaders know to identify problems and act on them before they become major issues – especially when it comes to compliance. Preventive measures save resources by eliminating the cost of non-compliance and damage to reputation, helping to create new business and maintain advantage over the competition. That’s why many ARM agencies should work diligently to prepare for potential compliance audits from the CFPB or other regulatory authorities who oversee their operations. If not, the risk of fines, penalties and legal actions may mount to an untenable extent if they aren’t avoided through mitigation actions.

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