Collector - January 2021 - 19

Your Strategic Plan
5Review Vendor Contracts 6Keep
Top of Mind Year-Round

Fee-Free Payment
4 Offer
Options
Convenience fees can help defray the
administrative cost of debt collection, but
they also expose debt collectors, and perhaps
even payment processors, to potential
liability. As a best practice, if your agency
charges consumers a convenience fee, you
should clearly disclose that a fee will be
charged and the amount of the fee. The fee
itself should be limited to the actual cost
of processing the payment and not shared
or split with the debt collector. David N.
Anthony, partner, and Jonathan P. Floyd,
associate attorney, at Troutman Pepper,
encouraged companies to offer the consumer
at least one payment option that does
not impose a fee (e.g., sending a payment
by mail). When the consumer chooses a
payment method with a fee option, you
should retain evidence of the consumer's
authorization and agreement to pay the
fee, as well as any fee-free alternatives that
existed. Read the original Collector magazine
article here: https://bit.ly/3lsTdgB.

COLLECTOR 01.21

Regularly audit and review your vendors
to ensure you're getting the most bang
for your buck. Joe Adams, executive vice
president, Hampton Pryor Group, says
you should conduct vendor risk audits
annually. " I follow the FFIEC [Federal
Financial Institutions Examination Council]
rule about risk assessments: For high-risk
vendors like letter vendors, definitely do
an on-site audit yearly; for medium-risk
vendors like dialer companies, do an on-site
every two years (if feasible); and for lowrisk vendors like landscapers or occasional
plumbers, you don't need to do an on-site at
all. " Service audits, during which you review
the vendor's pricing, should be done every
six months to a year. When Nationwide
Credit Corp. conducted vendor reviews, the
company wound up saving close to $8,000
dollars a month. Phil Rosenthal, IFCCE,
MCE, president of Nationwide, said the
trick is not to sign multi-year agreements
with vendors if you want the option to shop
around. Read the original Collector magazine
article here: https://bit.ly/2VAvEYF.

Effective strategic planning requires
participation from the entire company,
consistent reinforcement and ongoing
reevaluation. It should be a constant
presence that permeates the company
culture. " There are a lot of aids that can
be created to assist with communication,
like corporate strategy maps, " Terry
Glidden, associate partner with The
Intelitech Group, said. " That sort of tool can
reinforce where each area fits and how the
activities that are performed every single
day contribute. Strategy maps also help
convey how an agency is working toward
their overall mission and vision. Posting
those throughout the building along with
reminders about why the agency is in
business and why employees are such a
valuable part of it reinforces the plan in a
very positive way. " Read the original Collector
magazine article here: https://bit.ly/3jqKp9f.

19


https://www.bit.ly/3jqKp9f https://www.bit.ly/2VAvEYF https://www.bit.ly/3lsTdgB

Collector - January 2021

Table of Contents for the Digital Edition of Collector - January 2021

Collector - January 2021 - Cover1
Collector - January 2021 - Cover2
Collector - January 2021 - 1
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http://online.collector.com/collectormagazine/202101
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