Global debt collection trends are shifting toward more automation and greater use of mobile phones. There is also a general trend to more softly softly approaches to debt collection methodologies. Low risk customers are given less resources and more time to self cure, whilst high risk customers are targeted with early intervention practices. In debt management and collection companies, better customer relationship building is being highlighted within the industry as a whole.
Many global alliances between debt collection companies have contributed to strong growth in the industry, as a whole, and in its effectiveness in recovering payments for clients. Chasing bad debts internationally used to be a difficult and often unsuccessful process, but, now, with local agents in place on the ground many of those problems are a thing of the past. This is seeing more and more outsourcing of debt collection by businesses around the world.
TCM Group is a global alliance of more than one hundred and sixty certified debt collection agencies with more than twenty five years experience and is just one of a number of these new debt collection companies. The UK firm First Collect International is another to spread its wings and move into the global debt recovery market. Atradius Collections has over three hundred collection agents worldwide and offers that local knowledge to effectively recover owed moneys. GSC Credit claim that the biggest threat to business cash flow comes from outstanding debts and sees that improved debt collection efficacy can produce more corporate profit growth.
With debt management, acquisition and collection businesses currently in an upward growth cycle, as more companies profit from their effective services, the industry is seeing new paradigms in debt management practices. Companies like the Australian debt acquisition company ACM are leading the way with new methodologies for effective but sensitive debt collecting. Intrum Justitia is another taking new approaches in debt collection into the global market. Direct Recovery in the US and internationally specialises in commercial and consumer debt collection. Companies like Priority Credit Recovery in Canada, ABC Amega in the US, Euler Hermes Collections, and the European Collectors Association are all involved in the global debt management sector.
The future looks bright for the debt management sector and economically further growth is anticipated globally. International trade agreements in the US, Asia and Europe are seeing exponential growth in the trade between countries, so the need for more debt collection infrastructure is only going to increase.