Updated July 2023 – In line with our goal to make debt resolution accessible and achievable for consumers, we are proud to have sponsored more articles in the Receivables Info Money Chat series geared toward consumer financial education. Be sure to check out our sponsored articles here.
Collection agencies are limited by circumstance. As agencies attempt to collect upon accounts, a delicate balance must be established between resolving outstanding consumer accounts while providing the best possible customer service, technology, and compliance.
At Orion Capital Solutions, we’ve embedded our mission statement with a company-wide directive to offer consumers accessible and achievable payment options while providing trusted collection services for our creditor clients.
High-Performing Collection Services
As accounts are opened with creditor clients, an agency’s number one priority should be performance. Recovering non-performing accounts is a lot of agencies’ bread and butter, but ensuring clients receive funds in a timely, transparent, and trustworthy manner is what sets best-in-class agencies apart from their competitors.
The ultimate goal for professional agencies like Orion is to become a trusted member of their client’s network. Once trust has been established between the team and the client, creditors are empowered to turn their focus back toward their core business while the agency collects past-due funds. Orion’s history and reputation within the fintech, installment loans, credit card, and retail debt space have given us the ability to expand our client base and offerings to better meet the evolving regulations and needs of our environment.
Enhanced Customer Service
Due to the nature of delinquent account recovery, customer service solutions must become second nature to all collection agencies. Orion Capital Solutions has found success in building client relationships through establishing trust, providing accessible solutions, and understanding the consumer base.
Our website is consumer-facing, meaning the first information our customers receive is dedicated to providing a safe and trustworthy avenue toward account resolution. Helpful consumer resources that offer better insight into consumers’ credit lifecycle and help them to understand their finances are the focal point of Orion’s consumer webpage.
Once trust is established between the consumer and the agency, accessible payment options must be provided. Orion meets our consumers where they are already available either through the mail, via a quick phone call with our customer service team, or through an online self-service portal.
Collection agencies must provide easy-to-understand tools, resources, and information to better serve consumers. As consumers shift toward an all-digital footprint, it is important that agencies approach consumers with smart, integrated technology that offers step-by-step guidance toward account resolution.
Compliant Solutions
As the collections industry evolves through regulatory changes like “Reg F” from the Consumer Financial Protection Bureau, it’s imperative that agencies regularly train and update their employees on the latest compliance standards. Attending industry events from the Receivables Management Association International (RMAI) and other receivables industry organizations can help strengthen an organization’s understanding of not only the industry but also their competitor’s focus.
The Orion Capital Solutions team strives to stay up-to-date regarding legal modifications, client requirements, and other changes that take place in the debt collection industry, and they ensure these changes are implemented with fidelity across every consumer account. While Orion utilizes an advanced technical system for compliance management, all collection agencies should adhere to the compliance requirements set forth by the client.
Striking a balance between successful collection methods and customer satisfaction isn’t easy. Collection agencies must remain compliant, resilient, and trustworthy with both the consumer and the client. Working to ensure the proper procedures, technology, and check-ups are built into your systems could make the difference to become a valued partner for your creditor clients.
Learn More Online
To learn more about how Orion Capital Solutions tackles these issues, visit our website or call our team at 855-399-3250. Our representatives would be happy to discuss how our outsourced collection of delinquent and non-performing accounts improves our client’s bottom line.
About Orion Capital Solutions
Orion Capital Solutions, LLC is a professional, nationally licensed collection agency headquartered in Orchard Park, New York. Founded in 2018, we provide outstanding services to our clients and consumers through the integration of technology and an experienced and compassionate team. We have over 30 years of experience in delivering exceptional results for creditors and realistic solutions for consumers.
