This strategic integration of technology not only enhances operational workflows but also positions organizations to adapt to evolving compliance requirements effectively. From a compliance perspective, the EQ Suite aligns with regulatory requirements, ensuring that financial institutions can navigate the complexities of debt collection effectively. The online bookkeeping integration of advanced analytics supports strategic decision-making and informs automated collections process optimization strategies for financial institutions, enabling lenders to adapt their workflows to minimize risk exposure. This positions the EQ Suite as a vital tool for enterprises aiming to enhance their debt recovery operations while maintaining compliance.

Equabli’s EQ Suite: Intelligent Solutions for Automated Collections Optimization

Using an account updater service, you can prevent the headache and hassle of failed payments due to card expiration altogether. With an account updater, the service payment recovery process automatically scans for invalid, expired, and lost credit card numbers, then updates them where possible before the scheduled payment. Unsupported payment methods can lead to failed payments and a whole host of issues. This can be due to a variety of reasons, including outdated payment gateways, unsupported currencies/banks, or simply not having the payment method set up within your system.

• Their ability to send thousands of customised, personalised messages via their customers’ favourite communication channel—whether that’s text, email and/or phone—can make a huge difference to a company’s Days Sales Outstanding.
• This guarantees that everything we publish is objective, accurate, and trustworthy.
• In fact, billions of dollars are owed to governments, healthcare providers, utility companies, credit cards companies, and businesses of all sizes each year.
• There is also no guarantee that we will be able to successfully recover the full amount.
• The Fair Debt Collection Practices Act (FDCPA) is government legislation that offers consumers protection from illegal and unethical tactics by the debt collection services.

BCRC issues a recovery demand letter:

The goal of payment recovery is to ensure that outstanding debts are paid, and businesses can maintain healthy cash flow and profitability. Equabli provides innovative solutions aimed at reducing the average retrieval period for monetary organizations. Verisk offers several different Medicare recovery services  that can help you address CMS conditional payment claims, including our standard Medicare conditional payment service and our Treasury service. We also offer our popular CP Link® program which provides a proactive approach to Medicare recovery claims that leverages your Section 111 data to initiate the conditional payment process. Through our experienced team, we consistently deliver extraordinary savings for our customers.

Debt FAQs Menu

• Offering tailored repayment plans, such as extended timelines or reduced interest rates, demonstrates a willingness to collaborate on mutually beneficial terms.
• After all, the last thing you want is a customer that outright churns rather than attempt to correct the failed payment.
• These metrics measure involuntary churn and compare churn rates before and after recovery efforts.
• “And Doane isn’t the only debt collector hoping to change the relationships between debtors and debt collectors.

If the MSP occurrence is related to an NGHP, the BCRC uses that information as well as information from CMS’ systems to identify and recover Medicare payments that should have been paid by another entity as primary payer. When an accident/illness/injury occurs, you must notify the Benefits Coordination & Recovery Center (BCRC). Bank error recoveries are only to be used in the event that Griffin has made an error when processing a payment rather than Griffin’s customer.We will refund you or your customer on the same day, and begin our internal CPR process. Your, or your customer, will keep the refund regardless of the outcome of the CPR process. Bulk payments to the same beneficiary where the total is more than £25 but the bulk payment includes payments under £25 are in scope. It’s tempting to assume that transactions fail because the customer doesn’t have enough money to cover the transaction amount.

Backup Payment Options

However, if it’s already a recurrent issue, the debtor should be additionally contacted by other channels, such as the phone. “One sound strategy is to reach customers as early as possible after their account becomes delinquent, as you will likely have a wider range of available options for handling the problem before late fees and interest charges escalate. Enhance retail customer experiences and drive sales with CallMiner’s AI-driven analytics and optimization solutions. Boost customer loyalty with CallMiner’s brand experience analytics solutions. Strengthen compliance and reduce risks with CallMiner’s AI-driven risk mitigation and compliance analytics solutions.

Coordination of Benefits

The platform features a no-code file-mapping tool and data-driven strategies, which significantly reduce vendor onboarding timelines and bolster operational efficiency. By providing real-time reporting and industry-leading compliance oversight, DebtMaster empowers client engagement and facilitates product adoption. These capabilities are crucial for organizations aiming to navigate the complexities of debt recovery in a regulatory landscape. The data-driven approach of the EQ Suite not only reduces operational costs but also enhances compliance and borrower satisfaction. By facilitating communication through preferred Bookkeeping vs. Accounting channels, it addresses the critical need for effective engagement in debt recovery.