Monthly Archives: January 2014

More Businesses Are Choosing Omega-RMS

Business Growth 1There are several key business practices that companies observe when deciding on which debt collection agency they will hire. Omega-RMS is exceeding those expectations after seeing growth of 30 percent in 2013.

A leader in strategic contact campaigns and third-party receivables, Omega-RMS embarked on a full year of developing new initiatives, bringing in new personnel and expanding into marketing. With more than four decades of experience in accounts receivables, Omega-RMS simply built upon its already stellar image.

Two key ingredients to the success of 2013 came in the form of new employees, including a new managing director, Ashley Bradley. Under her guidance, Omega-RMS opened a new office in Kansas   City and built up more quality staff to serve clients. With a new team in place, the focus zeroed-in on driving results, which included successful branding and sales initiatives.

Bradley came to Omega-RMS with experience as a senior business development consultant. She’s also served as an executive recruiter, which really helped in building a new team in Kansas City. This effort led to more clients signing on with Omega-RMS in 2013. Further growth due to this effort is expected through 2014.

Omega-RMS President and CEO Edward Vasques said the goal of the company is to position their clients for long-term success. To achieve this goal, Omega-RMS has established a new standard in the industry that is focused on seamless transactions and proactive approaches to enhancing clients’ profits while protecting their brand.

Vasques said at the end of 2013 that the company would continue to grow in the area of marketing while building deeper relationships with current clients. Furthermore, he said they would put efforts toward dominating the industry.

At the heart of Omega-RMS’s mission is providing accounts receivable management services, a mission that has a proven track record and 40-plus years of history as a foundation. When companies are having issues with their cash flow, Omega-RMS has stepped up to reverse the bleeding and provide opportunities for business growth. The backbone of the company is its employees – all of whom are trained to industry standards.

With access to the latest, state-of-the-art technology, Omega-RMS employees are attached to the hardware and software that, along with their intense training, allows them to succeed in collecting debt. Companies that have tried to collect on debt with in-house efforts are astonished by the return on investment they see once they’ve partnered with Omega-RMS. As more organizations find out about the quality of service and rate of return, Omega-RMS continues to see its topline revenue increase.

Omega has built a client list that ranges from the businesses in small towns on Main Street to the biggest organizations on Wall Street. The company has focused on serving businesses in the education sector, medical practices, consumer products and the membership industry. These businesses need to work on growing their client list and improving their profits, not toiling with debt recovery. The smart companies leave it the professionals at Omega-RMS.

Choosing a Debt Recovery Company: What Else do You Need to Look For?

The debt recovery company selection process is extremely important. Many times, organizations are afraid that bringing a debt recovery company on board will result in negatively affecting their clients. They think that the clients will have such a negative reaction that it will hurt the brand of the organization. This only happens when an organization doesn’t do their research and find a reputable debt recovery company.

Once you’ve gotten over the hurdle of committing to a debt recovery professional, and you’ve established that all your finalists are licensed to practice in every state and have memberships to exclusive associations that only allow the best agencies in; you need to determine the collection capabilities of the agencies.

Collections 13The agency must be capable of handling all of your accounts, which means they should have some experience in your industry. Some training will still be required, so determine if they have the ability to supply that training to their agents. Is the agency sufficiently staffed to handle all of your delinquent accounts? For instance, if you’ve got more than 1,000 accounts and the agency only has a handful of agents to work these accounts, is this sufficient to cover your debt recovery needs. The collection agency you choose should have the technology, training and staff available to handle your case load.

The technology the agency uses should also include the ability to give you customized reports as often as you need them. In most cases, the reports are accessible through a username and password and will show a compilation of data on each account, include its status and how much has been repaid. The goal of these reports is to provide total visibility into every account. If the agency can’t provide such visibility, move on to the next finalist.

How will the agency get paid? When evaluating each of the agencies, it’s important to know exactly how they are paid and how much. As a rule, most reputable debt recovery companies only get paid when you get paid. The amount often depends on how overdue the account has become, but it’s generally between 15 and 25 percent. Some agencies will give you a better deal if you give them more accounts.

If you place a large amount of work on the agency and have them practically doing your billing, some of these commissions will be as low as two percent. It’s in these situations that the debt recovery company is acting like a department of your own company, often billing with your masthead instead of their own.

An agency’s ability to communicate what they’re doing is very important to most organizations. If you’re looking for the ultimate in visibility and communication, choose Omega-RMS, llc.
With more than four decades of experience and membership in an exclusive debt recovery association, clients of Omega-RMS can attest to excellent representation that boosts brand value.

What You Need to Know in Choosing a Debt Recovery Company

Many new businesses try to cut costs by establishing their own in-house debt recoveryCollections 12 departments, but find out quickly that their efforts are in vain. Sometimes, those efforts lead to costly lawsuits that they could have avoided if they’d only partnered with a professional debt recovery agency from the beginning.

The decision leading up to partnering with a debt recovery agency often comes with some trepidation, but once all the obstacles are overcome, organizations need to do their research and find the best debt recovery firm for their industry.

A good place to start is by looking at the record of the agency. You need to know that they are legal, licensed and legitimate. Ask for a copy of their licenses, certificates and proof of insurance. Furthermore, inquire about their history of lawsuits or any fines they’ve been court-ordered to pay due to their collection practices.

One of the easiest ways to determine if you’re on the right track is to determine if the agency is a member of the Association of Credit and Collection Professionals or the Commercial Law League of America. No disreputable company is allowed into either of these groups.

Talk to other organizations in your industry and ask their opinion. When you’re building a list of potential debt recovery partners, bounce the names off of your colleagues and keep notes on the pros and cons on each. When you’ve narrowed down the list, talk to the clients of each of the agencies and get their take on the agency.

When it comes time to do business with an agency, be prepared to tell them about your current debt collection practices. Are you accustomed to waiting 90 days before you send an account to a third-party collection agency? A reputable firm will help you decide when it makes sense financially to turn over your delinquent accounts to them. Obviously, the more delinquent the debt, the less chance you have on recovering it.

Professional debt collectors have strategies that can determine which accounts need more attention which will prevent them from falling into delinquency. They also have the expertise to go after those long-lost accounts that appear to be going into a write-off situation.

Another aspect that needs to be considered is that some companies have very technical business processes, which is why you need to choose a debt recovery agency that has experience in your specific industry. Some debt collection accounts require the expertise of a professional who can look deeply into the issue and reasonably dispute any claims against the debt.

Meeting all the criteria above is Omega-RMS, llc. Omega is licensed and bonded to do business in every state, which means none of your debtors will be out of reach for collection efforts. As a member of the ACA, Omega-RMS meets all the criteria of a debt recovery company in good standing, capable of delivering quality solutions that leave your company satisfied and your clients feeling respected.

Business Debt Collection to Assist Small Businesses Struggling With Late Payment Excuses

Collections 11Small businesses struggle to grow for many reasons. One of those reasons is having too many clients who refuse to pay on time. Business debt collection is often attempted and many times is not successfully carried out with in-house attempts.

A survey commissioned by a debt recovery firm showed that 75 percent of all small businesses experience problems with late-paying clients. They all seem to have excuses why their money goes to other entities rather than toward their debt with the small business.

The small business owners are often the most affected by these late-paying clients. Most of the time, they accept the excuses and offer extensions. About 10 percent of the business owners said they don’t want to risk getting a bad reputation, so they don’t chase after the bad debt. The smallest of businesses seem most affected – companies with fewer than 10 employees said they only receive payments on time from about 45 percent of their clients.

Less than 20 percent of the businesses in the survey said they chase debt, but not to the point of bringing legal action against the client. Again, they fear that a heavy hand will hurt business in the long run. This ultimately stifles business growth because the business owners don’t have the cash flow to invest back into the company. Sometimes, it’s so bad that they will fail to make utility payments or payroll. In extreme cases, it completely shuts the business down.

Extending credit to clients is an excellent way to bring in more business, but it also comes with a degree of risk. However, when partnering with a third-party receivables and debt collection company, the risk is reduced. For example, if a company sells its receivables to a third party, they get their money up front, which improves cash flow and stimulates growth. On top of that, the company that sells receivables has also rid itself of the time-consuming billing and debt collection efforts. These employees can now focus on more important items that will bring in more profits for the company.

Business debt collection is a slippery slope when attempted by novices within the company. The most common reason for businesses to be taken to court is because of their debt collection practices. It’s clear that when chasing down debt, not only are in-house efforts landing the company in court, they often fail to get clients to pay up.

Partnering with a third party that has the knowledge, training, expertise and technology to bring these clients to payment terms that work is the solution that counts. Some companies have clients spread throughout the nation, which means the debt collection attempts need to be carried out by a company that is licensed and bonded to collect in every state.

Omega-RMS, llc., has the credentials and the expertise to assist small business in gaining ground on their receivables. Everybody has an excuse and Omega-RMS employees are trained to listen to those excuses while offering a professional approach to a solution. You want you clients treated with respect, which is what Omega offers.

Omega-RMS: Respectable Debt Collection For Your Clients

Partnering with a debt collection company is an exceedingly useful tool in any business’s arsenal. However, the decision often comes with too much trepidation and un-needed stress. Omega-RMS, llc., has for years won over skeptics through its debt collection solutions that provide more than just a better bottom line for its clients.

Questions abound regarding when it’s appropriate for a company to seek the help of a third party to chase down their uncollected receivables. Many companies are so confused by the process that they simply write off their debts as a complete loss and never go after them. These are companies that will eventually stifle their cash flow and stunt business growth.

Collections 10The debt collection industry is highly regulated, which means businesses that make money by chasing down bad debt must have highly trained and skilled workers on staff to effectively and ethically do business. It’s the few bad seeds out there that have caused businesses to delay jumping on board with a debt collection agency because they fear their customer base will react negatively to the methods used to gain back that debt and sully the brand image.

One way to ensure you have a reputable agency is to seek one out that has gained membership into ACA International – The Association of Credit and Collection Professionals. Omega-RMS is one such company that has fulfilled all the qualifications to become a member. How has Omega-RMS achieved this? It’s simple – they consistently provide their clients with ethical and responsible collection efforts that not only gain them their money, but boost their customer loyalty.

Nobody wants to be in debt and almost everybody has a good reason for being there. Omega professionals listen to what your clients say about what got them to the point they’re at now, and then they offer a solution that will get them out of the hole and back to better standing.

With more than four decades of experience in offering loan servicing, third-party receivables purchasing and collection solutions, Omega-RMS has the expertise necessary to carry out quality customer services that never mistreat the client’s customer base.

Consumers are finally willing to spend money again, but not with traditional credit agencies. Organizations in the medical, consumer products, memberships and education industries are partnering with third-party finance companies to extend credit to people who need it. Omega-RMS is there to ensure that organizations in these industries are covered with debt recovery solutions should payment agreements fail to be honored.

Part of what has earned Omega-RMS such high marks in the debt recovery industry is its client reporting gateways, performance analytics and other tools and resources that provide clients complete visibility into their accounts. Omega-RMS even uses a third party auditing firm to ensure that all of their processes are above board. Omega trains employees to follow every word of the Fair Debt Collection Practices Acts and then goes a step beyond.

Mobile Technology is Changing the Way Debt Collection Services Work

The last recession changed the way consumers think. Most of them are reluctant to get into credit card debt like they were prior to 2008. However, they’ve got more resources available to them, including non-traditional financing.

Another issue that comes up when discussing the recession is the way collection agencies communicate with a new generation of debtor. Because the impact of the recession was so hard hitting, many people who had always paid their debts on time were suddenly finding themselves without work and without a way to pay down the debt that they’ve always managed without issue. Collectors were contacting a wider range of consumers, which meant they had to augment their payment terms.

These debtors unaccustomed to being late on payments were offering challenges to the debt collection services industry. Prior to the recession, consumers that fell into bad debt required up to six years to get back on track. The new cohort can do it in nine months, generally. These are consumers that have more motivation to get back on track. They do not accept their fate as being terminally in debt.

Some of these indebted people are going back to school to become more hirable, possibly in a new industry. They don’t plan on being out of work long and they want to get rid of debt and restore their credit rating. However, within this cohort is a demographic that doesn’t know how to process this newfound indebtedness. They are quite simply embarrassed by it and avoid collection attempts at all costs. This is obviously another challenge for the debt collection services industry and requires a fresh look at technology in finding a way to come to terms with it.

Many debtors prefer a less intrusive means of communication with debt collection services. Mobile communications and online options have proven successful. These consumers need a soft touch to respond positively to requests for repayment. Across the board, debt collection attempts have changed across many industries, from utilities to auto loan to medical.

Taking the mobile interaction route is a way to get to these consumers before other organizations do. Consumers in trouble often have little to share when it comes to paying off their debt, so being included in the small group that does get some money back is important to attempt. The companies that attempt more channels are generally more successful. Since most adults carry their mobile phone with them everywhere they go, they’re likely to get the message from the collector as soon as it’s sent. Studies show that these consumers are more likely to respond via this method than any other.

Omega-RMS,llc., is a company that counts on its ability to communicate with debtors. The professionals at Omega know the channels debtors prefer, and they’ve got the expertise to find a solution that meets the needs of the debtor and repays the client. Collecting debt is a sensitive subject for most people, and Omega is the company with the type of gentle but professional touch on which their clients can count.

Should Someone Else be Managing my Third Party Receivables?

Economy 2Most successful businesses got that way by looking for efficiencies that save them money while providing better service for clients. Something that works across just about every industry is partnering with a third party receivables company.

When competition heats up, organizations have a rough time with growth. Look at the healthcare industry – small family practices and specialty services compete with other practices to stay on top of the latest technology. They also battle insurance companies that decide how reimbursements are applied.

Many practices struggle with their accounts receivable management because of the late payments that come in from insurance companies. It’s practices like these that benefit the most by partnering with a third party receivables expert. It’s a cost-effective option that is becoming increasingly popular.

What makes partnering with a company that handles third party receivables a good choice is that there are no up front costs. Outsourcing the collection of receivables allows companies in any industry to sell their receivables, even if they’re overdue, to a professional third party. These third parties are experts at what they do and have a much easier time collecting than most in-house collection attempts because they have the right training, technology and experience.

Instead of struggling with accounts that are delinquent, and instead of writing them off as a loss, companies have an alternative and that’s to sell their receivables for a fee. This not only gets the company paid immediately, it also takes away the responsibility employees have in regards to billing and collecting. Now, those employees can focus on business growth rather than chasing down debt

Companies that partner with a third party receivable professional now have an influx of cash they can use to grow the business. For many small businesses, cash flow is the biggest obstacle. Most accounts take more than 50 days to settle, which is too long for many small businesses to pay their rent, utilities and payroll on time. With the immediate influx of money through receivables professionals, the cash flow issue becomes a non-issue.

Another aspect to consider is the amount of complex rules and regulations involved with billing and collecting debt. The laws and statutes can be quite tricky and errors are easy to make. Failing to comply with the rules, especially when dealing with debt can set a company way back as the fines can become fairly hefty. When outsourcing to a professional organization, often times stacked with people with knowledge of the statutes in each of the 50 states, there is little to no risk.

When considering third party receivables organizations, it’s wise to consider a firm that is licensed and bonded in every state. This way, no debtor will be out of reach.

Omega RMS, llc., is a company with more than 40 years of experience as a third party receivables purchasing and collections. The team at Omega knows that communicating with the clients of their clients in an ethical and professional manner is one of the most important aspects of their jobs and they are committed to keeping those high standards.