Last Month, we listed the first three qualities and capabilities that describe the best first-party collections outsourcing providers. As a reminder, they were:
1. A/R specialists
2. Compatible with your corporate culture
3. Capable of meeting your requirements
Below are the next three things the Right A/R Outsourcing provider should do as they manage your accounts:
4. Commit to best in class processes and systems
If they can’t do it better and faster than you can, why bother? Don’t look at costs alone when selecting a provider. Dozens of studies have shown that cost savings, by itself, isn’t enough to justify outsourcing your accounts receivable. However, the time saved, detailed reporting, effectiveness and consistency you can get from a professional provider working in a state-of-the-art system can be huge. Outsourcing isn’t just about throwing more bodies at the problem. It’s about giving you a cost-effective means of staying on the cutting edge.
5. Customize their program to meet your requirements
A good provider will work with you to help define your needs and develop reasonable expectations. Based on this information, they will then develop a customer treatment plan to achieve your goals.
6. Develop a program based on sound business rules
Following proven techniques for account management, a qualified provider’s service should always be rooted in knowledge of your customers. Moreover, a clear plan of action for how claims will be handled is key to a program’s success.
We’ll continue with numbers 7, 8, and 9 in next month’s Credit-to-Cash Advisor.