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There was a time when the economics of a collection agency were pretty simple. Measure how many accounts one collector could effectively handle: Accounts per Collector, or ACR. The higher the number, the lower the cost to collect. Collections was primarily a telephone business. Agents dialed phones and talked. Wrap-up time—writing notes, setting arrangements—was time away from the…
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You really want to drive me crazy? Let’s talk about industry conferences. Splashy stages. Vendor superlatives. Cutting-edge AI software revolutionizing collections. Replacing humans. Interpreting consumer preferences. Finding frictionless opportunities to pay debts people only wish would go away. All fascinating. Much of it important. I once recommended forming an interest group within one of the…
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Remember when someone first told you that even-numbered highways generally run east-west and odd-numbered highways north-south? A clever convention. Without a compass, you instantly have a sense of direction. Now think about the first chart of accounts you built in an ERP system—or even in QuickBooks. 1xxxx Assets. 2xxxx Liabilities. 3xxxx Equity. Then some variation…
