Popular culture portrays collection agents as shady characters who are only interested in scamming people out of their money. As ARM professionals, you already know this is untrue. Credit and collection professionals are a vital part of the nation’s economy, as well as the local communities in which you do business.
The ACA International’s Ernst & Young survey published earlier this year brought attention to the economic contributions of the ARM industry. Collection businesses pay millions of dollars in state and federal taxes annually. And the money they recover for companies results in nearly $600 in savings for each household in the country. ARM industry businesses also contribute to lowering the unemployment rate through the many jobs created by their offices and call centers.
In fact, debt collection’s economic impacts aren’t even limited to the United States. Nancy Seiverd, President of CMI Mediators Inc. went into detail on the subject of international debt collection in an article earlier this year.
“According to the World Trade Organization's 2016 review, in 2016 there was approximately $16 trillion in global trade,” says Seiverd. “Conservatively, if assuming that just 2% of this amount became significantly delinquent, one can estimate that about $360 billion of total global trade was placed with third party collection service providers in 2016.”
There is also a direct link between Accounts Receivable businesses and the communities and consumers they serve. These companies give back to the community in countless ways, ranging from donating to food banks to participating in fundraising events. The ACA International Education Foundation and the California Association of Collectors Educational Scholarship Foundation even provide financial aid opportunities to college students.
As a vendor to the accounts receivable industry, PDCflow has been working to improve our own local community by partnering with our sister company for service projects. We’ve provided sponsorships benefiting the elderly, donated clothing and food items to families in need.
In addition to all these benefits, one more stands out. ARM professionals have the power to improve the well-being of each consumer you interact with.
The stress of being overwhelmed by debt can be seriously detrimental to a person’s emotional and physical health. By helping consumers resolve debts, ARM professionals don’t just provide a financial benefit to the country’s bottom line. You change lives by giving individuals a chance to have greater control over themselves, their finances and their futures.
In October, PDCflow celebrates 15 years in business. We proudly provide a flexible payment hub that was created to satisfy the unique payment and compliance needs of debt collection professionals like you. Our software makes it easier than ever to collect authorizations and payments from consumers in one simple, secure workflow. For more information, please see our website at https://www.pdcflow.com/.