(PRWEB) June 21, 2010 -- Summit Account Resolution announced today that it has earned a perfect A+ rating with the Better Business Bureau. The agency’s “firm but professional approach” has proven to be effective and is appreciated by both clients and consumers who owe money. Tim Turner, President, is proud to uphold these ethical standards and stated, “In a time when media stories abound about aggressive and unscrupulous tactics by collection agencies, it seems rare to find a positive story about an agency focused on doing the right thing. It’s extremely satisfying to have and retain such a positive review.”
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As economic conditions continue to worsen and consumers tighten their belts, accounts receivable companies seem likely to adjust their collection strategies. The advisers at leading ARM (Accounts Receivable Management) consultancy Kaulkin Ginsburg have reported that over 90% of respondents to their quarterly Industry Confidence Survey have said that they are either "somewhat likely" or "very likely" to adjust their collection strategies to adapt to the economic slowdown.
InsideARM is reporting that the economic mood of consumers remains gloomy. The Conference Board's Consumer Confidence Index was down to 50.4 in June, down over 50% from the lofty 105.3 points reported in June of 2004.
The Wells Fargo/Gallup Small Business Index Survey has revealed some troubling numbers for small business owners. A quarterly phone survey of 600 owners nationwide has revealed that more than one-third believe their personal financial situation is deteriorating, and as many as half have postponed a major purchase in the past three months.
Industry experts InsideARM ran an interesting article this week entitled "The 5 E's: A Creditor's Guide to Managing Outside Collection Agencies", which offered some great advice on hiring, retaining, and getting the most out of a collection agency. It covers some vital elements of a successful relationship, including compliance with federal and state laws, establishing security protocols to protect your customers' personal data, and keeping your collection agency "honest" with both you and your customers.