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Your trusted partner in handling: problem receivables.(Headline)
A recent survey of 13 NACM Affiliates across the U.S. revealed that they collected over $25 million in outstanding overdue bills for their members in 2005. Members of NACM's Asset Management Service Committee conducted the survey. Dean Wangsgard, CCE, chairman of the committee and President of the NACM Affiliate, Business Credit Services in Salt Lake City, UT, noted that the 13 NACM-affiliated organizations had a total membership of 7,863. Of that number, 2,208 took advantage of the collections services offered by their respective NACM Affiliate organizations. Collections is just one of several services offered to NACM members by their Affiliates.
There was about $89 million in total claims submitted for collection to the 13 NACM Affiliates. The $25 million collected on that amount resulted in a recovery rate of 28.3 percent on the 30,848 claims submitted to the NACM Affiliates' collections departments. Wangsgard noted that there were 914 claims that were either provided free or for a fee to members. These collections, called Free Demands (because they are collected within a 10-day period), yielded the members $1,638,147 in 2005.
An effective collections program just doesn't happen automatically. It must be strategically planned by management and executed by qualified, well-trained and experienced professionals--such as the 48 collections employees of the 13 Affiliates involved in the survey. The effectiveness of their collections efforts is not only reflected in the dollar amounts collected, but by the high level of satisfaction of the members who utilize their services.
Toni Drake, CCE, TRM Financial Services, Inc., said, "Considering the quality and the age of my placements, my NACM Affiliate has done wonders with their collection work ... I know that I can utilize almost any collection agency for my needs--but I think that NACM's service and professionalism truly sets them apart from the others.
"I can't say enough good things about our NACM Affiliate's collection group," said Judy Snider, Credit Manager, Tektronix, Inc. "We've had wonderful responses from them on all the items we've turned over. Their prices are reasonable, their results are ...
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