Collector - July 2018 - 23

ThE FOllOWIng Is COMMERCIAl COnTEnT PROvIdEd And PAId FOR BY voApps

Why Now Is the Time
for You to Expand
Your Business
The current favorable regulatory environment
and the advent of new technologies make
this the right time to grow

There is an old Chinese proverb that says,
"The best time to plant a tree is 20 years ago.
The second-best time is now." And we all know
the famous business cliché that says, "If you're
not growing, you're dying."
The moral you find when thinking about those two quotes
together is that companies should always be looking to
expand, and it's never too late to start doing it.
We find ourselves at an interesting juncture for the ARM
industry. The unique combination of the current regulatory
environment, growing medical and financial debts, and
the advent of new technology make this a great time to
aggressively grow revenue in a highly efficient manner.
The shifting compliance landscape opens up a huge opportunity to kick into growth mode. The Bureau of Consumer
Financial Protection under acting director Mick Mulvaney
has altered its priorities and is now emphasizing consumer
education over enforcement and shows all intentions of
relaxing regulation on the good actors in our industry.
A number of legal victories for the ARM industry, including
one spearheaded by ACA International, have also tilted
the playing field back toward being even.
Companies that are waiting for the perfect time to
expand will miss this chance if they don't act on it now.
Continuing issues in healthcare and signs of a growing

debt burden stretching family budgets portend that more
accounts are on the way. The past few years have seen a
great consolidation among collection agencies, as many
have downsized or closed because of rising costs, mainly
in the areas of legal and compliance. Fewer competitors in
the marketplace presents another opportunity for agencies
to earn more business.
Expansion can come in many forms. You must decide
which path is right for your business, whether it is adding
new clients, expanding into collecting new types of debt,
branching out to become a debt buyer, or adding new
products and services.
One common factor for success that all of these paths
share is the need to embrace technology. Emerging
technologies that increase your customer interactions in
a positive way will help you grow the top line quickly. By
limiting some huge expenses in resources, technology can
impact the gains on the most important line - the bottom.
The new business will go to the agencies that are embracing
new technologies that provide efficient methods for
contacting today's consumers. More smart contacts result
in more dollars collected and higher liquidation rates; that
earns more new business, and so on, in a positive cycle.
There is no knock on the door that tells you when it is
time to expand. It is up to you to plant that tree today
so it can grow.

This content is provided for VoApps commercial advertisement purposes. ACA International was not involved in the creation of this content,
does not endorse the content, nor warrant or guarantee its accuracy. The statements and opinions are those of VoApps and not those of ACA
International. References to vendors, products or services do not constitute an ACA International endorsement.



Table of Contents for the Digital Edition of Collector - July 2018

Upfront
Industry News
Best Practices
FYI
Collection Tips
Navigating Uncharted Territory
Making Sense Out of Collection Notice Requirements
Do You Need to Contact Creditors to Verify a Debt?
Calendar
Honor Roll
Getting on the Right Path
A Better Framework
ACA Members Contribute to Successful Collectors Challenge Month
The ACA Int’l v. FCC Decision: What Does It Mean For Your Business?
Connecting with Legislators at ACA’s Washington Insights Conference
Second Circuit Rules for Accounts Receivable Management Industry in Case Supported by ACA’s Industry Advancement Program
Compliance
ACA SearchPoint
Ad Index
Last Word
Collector - July 2018 - Cover1
Collector - July 2018 - Cover2
Collector - July 2018 - 1
Collector - July 2018 - 2
Collector - July 2018 - 3
Collector - July 2018 - Upfront
Collector - July 2018 - 5
Collector - July 2018 - Industry News
Collector - July 2018 - 7
Collector - July 2018 - 8
Collector - July 2018 - 9
Collector - July 2018 - Best Practices
Collector - July 2018 - 11
Collector - July 2018 - FYI
Collector - July 2018 - 13
Collector - July 2018 - Collection Tips
Collector - July 2018 - 15
Collector - July 2018 - Navigating Uncharted Territory
Collector - July 2018 - 17
Collector - July 2018 - 18
Collector - July 2018 - 19
Collector - July 2018 - 20
Collector - July 2018 - 21
Collector - July 2018 - 22
Collector - July 2018 - 23
Collector - July 2018 - Making Sense Out of Collection Notice Requirements
Collector - July 2018 - 25
Collector - July 2018 - 26
Collector - July 2018 - 27
Collector - July 2018 - 28
Collector - July 2018 - 29
Collector - July 2018 - Do You Need to Contact Creditors to Verify a Debt?
Collector - July 2018 - 31
Collector - July 2018 - 32
Collector - July 2018 - 33
Collector - July 2018 - 34
Collector - July 2018 - 35
Collector - July 2018 - Calendar
Collector - July 2018 - Honor Roll
Collector - July 2018 - Getting on the Right Path
Collector - July 2018 - 39
Collector - July 2018 - A Better Framework
Collector - July 2018 - 41
Collector - July 2018 - ACA Members Contribute to Successful Collectors Challenge Month
Collector - July 2018 - 43
Collector - July 2018 - 44
Collector - July 2018 - 45
Collector - July 2018 - The ACA Int’l v. FCC Decision: What Does It Mean For Your Business?
Collector - July 2018 - 47
Collector - July 2018 - Connecting with Legislators at ACA’s Washington Insights Conference
Collector - July 2018 - 49
Collector - July 2018 - Second Circuit Rules for Accounts Receivable Management Industry in Case Supported by ACA’s Industry Advancement Program
Collector - July 2018 - 51
Collector - July 2018 - Compliance
Collector - July 2018 - 53
Collector - July 2018 - ACA SearchPoint
Collector - July 2018 - Ad Index
Collector - July 2018 - Last Word
Collector - July 2018 - Cover3
Collector - July 2018 - Cover4
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