The accounts receivable management, or ARM, industry must comply with regulations in communications to consumers. As a result, these companies send high volumes of transactional mail. Those who wish to outsource this function will need accounts receivable management compliant print and mail services.
So, what does that mean exactly? And what should organizations seek when comparing providers?
What Are Complaint Accounts Receivable Management Print and Mail Services?
The ARM industry must follow all practices spelled out in the Fair Debt Collection Practices Act (FDCPA), which provides guidance on print and digital communications. Any failure can result in a debtor’s ability to recover actual and statutory damages, attorney’s fees, and other costs.
Thus, the entire process of debt collection printing and mailing must be “by the book.” There’s no room for error in any part of these workflows. That applies to debt collection notifications in any channel. If these documents do not conform to regulatory requirements, it can be detrimental. So, should you trust a provider with these communications?
It depends on what the provider can deliver in terms of compliance, quality, and accuracy.
Compliance with Debt Collection Letters
When outsourcing the print and mailing of debt collection letters, your provider must have a rigid and compliant workflow from start to finish. That must include:
- Letter designs meeting regulatory requirements.
- Fulfillment of letters within the needed timeframes.
- Tracking and documenting the process for audit purposes.
- Accuracy standards to ensure debtors receive the proper documents.
- Proper mailing practices that keep confidential information secure.