Important things to know before hiring a Debt Collection Agency21 Nov,2020 Read More
Posted by maxbpoblog Aug 17,2020
Debt Collection agencies provide the debt collection services to recover the bad debts owed to DCA’s clients (creditors) by consumers (debtors).
These services are used when the creditors have tried to recover defaults on their own but were unsuccessful. In such scenarios, debt collection agencies act as a middleman by collecting the customer’s debt and convey them to the original creditor.
Debt collection agencies collect all types of debts like- personal loans, business loans, medical, credit card, automobile loans and even cell phone bills.
What Debt Collectors Do?
For collecting the debt, Debt collectors try to contact the delinquent borrowers and try to convince them so that they can repay what they owe. A debt collector has to depend on the debtor to pay and cannot seize a paycheck unless they take the debtor to court and win a judgement against them. Debt collection is a time-consuming process, and the recovery agencies help to resolve the issue and give solutions for the recovery of debt and increasing cash flow business.
Impact of Covid-19 on Debt collection companies
The Covid-19 crisis is having a severe impact on the economy, which includes the payment options of debtors and bill-paying customers as well.
New economic changes are also significant for the process of the sector, but their impact is different in the short and medium-term.
Unfortunately, the Covid-19 crisis will increase the number of overdue loans and utility bills in the medium term.
The outcome of Covid-19 on any part of the business of the customers can cause-
Due to Covid-19, legal systems have to shut down in some countries and in others opened in a limited manner.
Here is a list of states where debt collection activities are partially or entirely ban from the state regulators-
Massachusetts– According to a notice from Massachusetts Comptroller of the Commonwealth, State-own debt and other collection activities are temporary on hold until April 7.
New York– The state will cease the collection of medical and student debt which was announced on March 17 by the Attorney General and Governor of New York.
North Carolina– The collection of State-owned debts is suspended until further notice has come.
Chicago– The announcement has been made by the Mayor of Chicago that the city will be temporarily suspending debts collection as well as penalties for late payments.
South Carolina– To help people in financial distress caused by Covid-19 pandemic, the state Governor enacted a 60-day ban on medical debts collection.
Due to Coronavirus, many court cases have been postponed, and only urgent proceedings continue.
There might be delays in collecting the debts by the agencies because due to lockdown, it is harder to reach the debtors. And the debtors are unable to pay because of the business shutdown.
There might be a negative impact of Covid-19 on debt collection, but it depends on industries of debtors, countries and regions, and these factors affect the chance of collection.
As Max BPO being one of the best debt collector agencies, we represented in many parts of the world. Our professional team has decades of experience in helping companies in providing debt collector services.
If you like to discuss further with us about our services, feel free to join hands with our experts today.
Important things to know before hiring a Debt Collection Agency21 Nov,2020 Read More
How to Choose the Right Freight Audit and Payment Services?19 Nov,2020 Read More
Importance of Offline data entry services for your organization14 Oct,2020 Read More
Find the Hidden Cash by Outsourcing Freight Audit and Payment Services10 Oct,2020 Read More
5 Reasons Why Successful Businesses Hire Outsourcing Accounting & Bookkeeping Services?16 Sep,2020 Read More
Maxdata has been supporting Bisnode in data processing for many years & represents a reliable & important partner for us. We therefore are looking forward to a continuing good business relationship.
I know that now we can rely on Max BPO to provide helpful advice that makes a meaningful difference to our business. Our operating model used to be stressful & was something we avoided. Max BPO provide Medical Coding, Billing, Collection, Records Indexing, Pre-Authorization & Charge Entry Services which enrich resource allocation, boost financial performance & increase the effectiveness of our business. Max BPO is part of our business now & a great asset.
Working with Max BPO is an outstanding experience. Since launching our claim management services with their suggestions, services & recommendations, we have experienced 55% savings in operating cost. They were dedicated to offer Reconciliation, Subrogation, Claims Verification, Claims Validation, File Closure, Claim Processing, Claim Adjudication & Portfolio Management. Handing over Business Process Outsourcing to Max BPO was our strategic option to achieve cost reductions while improving service quality, increasing bottom-line & focusing on core specialties of your business.
Our inbound & outbound leads have grown so dramatically. We proud to hire a dedicated sales team that is making sales calls & sending emails to potential customers (leads) for the purpose of generating interest & selling our App. That was never the case before using the customer acquisition & retention services rendered by Max BPO.
We developed a great partnership with Max BPO & their dedication to our data processing of online directories & account receivables. We appreciate their attention to detail, creative approach & experience to deal with our diversified requirements.
A great company to work with, for debt collections services! I worked with Amanda, she was very profession and the teams delivered the result in quick time with higher successful recovery rate. I really appreciated the professionalism and care she puts into her job. Great job!
MAXLLC BPO data entry services are quick and efficient. The project manager was very kind and had good business understanding. The team helped in managing large volume of data as per our customized requirement. Their data entry services are competitive.
Had a great experience in working with the data entry team.
Ever since we availed MAX BPO Call center services, our inbound calls value was increased we required best call center who can give our clients support and feedback. Their customer service is amazing. The 24X7 inbound and outbound call center services were beneficial to our company growth.
We are very much satisfied with their call center services for past 2 years. This is a great partnership with amazing results!
We are very pleased with MAX BPO medical debt collection agency as choosing our outsourcing partner. True HIPPA Compliance Company. They provided us with full service medical billing and collection services that helped us in improving revenue cycle management. They know how to make good professional relationship with the insurance company and patient.
The debt collection team has good work ethics and local and nation law knowledge. Will recommend the company.
The data mining services availed by MAX BPO was amazing. The team delivered the project in quick turnaround time with 99.95?curacy as per industry standards. The data provided exact insight for business decision making.
They were able to meet up our requirement with great flexibility and professionalism. Would recommend the company and in future will surely use the cost effective services.
Perfect logistic data entry and audit services by MAX BPO for our Logistics business. Expert and experienced logistic clerks team in document processing for logistic business. The services were very highly accurate, cost effective and with minimum turnaround time. The team was very supportive.
Outsourcing Account and Bookkeeping services to MAX BPO was the right decision by the management as they provided efficient financial data management. The professional services provided were cost effective, accurate and timely services. The team was dedicated and accurate and knows they job well.
The company has been providing bookkeeping job for past 5 years. Looking forward to work with them in coming years too.
MAX BPO is a true professional company when it comes to taking care of business bookkeeping services. They are experienced in the finance and accounting services and have been providing the services to our company for last 3 years. Must say the services are exceptional.
They have fantastic accounts team that are quick and efficient.
I would recommend and have recommended them to my business partners too.
We availed ecommerce product data entry services from MAX BPO, must say are thoroughly professional and expert in what they do. If you are looking to make a mark in online business and need help, you can 100% rely on MAX BPO.
There domain expertise is very good as they have super expert team in eCommerce shopping carts and platforms. The working experience with the MAX BPO team was amazing as they provided the project with deadline and at within our budget without compromising the quality.
We outsource Medical Bill Services to MAX BPO. We have switched our in-house billing to 5 years ago. Must say working with them was the best experience. Their services are consistent, reliable and cost effective. The expert billing team helped in increase reimbursements and quickly recovers outstanding claims. The services were transparent and used latest modern technologies that helped our company.
Medical Billing Experts that you can trust :)