All you need to know about data archiving

The digital domain has given a huge boost to the economy by enabling trading through the internet. All the businesses have their online presence to capture the 3.4 billion-plus customer base. The data generated online is also growing exponentially with the increase in online transactions. It is becoming more difficult for companies to protect and manage their data. Thus, there is a need for a cost-effective data archiving service. Having a simplified archiving service that meets the industry standards will help the businesses grow. 

There are certain important aspects that you must keep in mind while selecting a data archival service. The success of your business’s data archiving strategy depends a lot on the archival service that you are choosing. Let’s throw some light on those aspects:

Business requirements

Identify the data types that your business needs to archive. Also, define the retention period of these data types. For example, financial transactions should be archived forever as per regulatory guidelines. Some of the business requirements that must be considered are:

1. How often will you access your data?
2. How long will the data be stored?
3. Who should have access to the archived data both in and outside the business?
4. Archival of which data files fall under legal and compliance regulatory requirements.
5. How is the data created and distributed by your business?

Having answers to these questions will help you in having a healthy discussion with archival services.

Regulatory obligations

Legal and regulatory obligations set specific guidelines related to data retention. Your business will have to follow these rules and regulations to avoid and fines. Check with your archival service if their tool follows the regulatory guidelines. Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) have laid regulations for the financial industry. Thus, your archival service should meet all the data retention policies.

Automated archiving

The archiving process should happen periodically at the backend. Your business shouldn’t have to worry about initiating the archival every time. Moreover, you should also be able to set the archival frequency as per your needs. Stillio is one of the best archiving tools available in the market that automates this job for your business. You can reach out to the team at Stillio to understand more about their tool’s features.

Data accessibility

The archived data must be searchable, and retrievable when needed. If the archival is done properly then you would be able to enjoy features like easy access, automated search, and preventing data deduplication. You can also ask for restricted access to your archived data. So only employees with certain clearances will have access to the archived information.

Document the policy

Once you have finalized all the details of your business’s archival strategy, document the details in the policy. Include specifics about data categories and retention periods also. This policy will act as a legal record about the archival strategy that you are implementing. Make changes to the policy and document them as and when your business requirements change.

Debunking 5 debt collection myths

Whether you are a debtor or a business looking to hire a debt collector, you both are nervous about the same. It is because there are tons of myths about a collection agency which makes them sound like bullies or scammers. But they aren’t true.

Most cedar business services complaints or agency related scams are a master plan of fraudsters. That is why you don’t and should not believe every myth that you hear. It is best to do your research, and believe the evidence, which all suggests that debt collection agencies work ethically to recover the debt.

In this blog, we are debunking seven myths that overshadow the good work that collection agencies are doing.

Myth 1: Collectors are aggressive and bullies

It is beyond the truth. A professional debt collector doesn’t bully debtors or send threats. They have their own ethics which means that they don’t disrespect a person because of a debt or make a circus out of the same.

They aim to collect the money for their creditor, but also to ensure that the debtor doesn’t face any type of disrespect, misery, or problems.

Myth 2: A collector will go away if you keep a low profile

One of the worst myths that keep going around is that keeping a low profile will keep a collector away. If you disappear or ignore the call, the collector will stop calling you or will drop your account and move on to a new one.

It is certainly rubbish because when a collector has your account, they will get paid only after they recover the debt. Also, they don’t give up easily. They will use a lot of methods to track you down and will keep calling you unless you answer.

Also, not answering their call is a waste of an opportunity to settle the debt without going to court or losing a large sum of money.

Myth 3: Judgment proof is true for all

It is more of a misconception than a myth. Most people believe that if their debt is more than their assets or properties, they can become insolvent. It is not true.

It is the definition of insolvency, but only when you declare bankruptcy and have a legal proof for the same. If you don’t, a collector will simply wait till the time you have enough assets to start collecting from you again.

Myth 4: Small debts won’t go to collectors

If you think that a small debt like a medical expense or not paying your mobile bill doesn’t go to the collector then you are wrong. For a business, even a $100 bill matters, and if they don’t have the resources or cannot get a hold of you, they will hire a collector.

For a collector, no debt is too small, which means that you should expect a collection call every time you falter on even a small bill.

Myth 5: Their tactics are shady

Collectors follow rules and never break them or use shady tactics to recover money from debtors. Not only is that illegal but morally wrong, and all reputable businesses work with a moral code, and a collection firm is no different.

As a business owner, let a collection agency do what they are best in- recover your money. You can use that time to focus on customer services and revenue-making opportunities.

Tips to work with a difficult debtor

Collecting debt is not easy. Sometimes a business has to deal with debtors who are difficult to trace or convince. That is where a debt collection agency can help you with. A collection firm like Cedar business services knows how to work with difficult debtors.

The key factor or tip that all collectors use and suggest is resonating with the delinquent. It is elemental in collecting a debt because when you try to understand the situation of the debtor, they are more open with you.

There are tons of tools and methods that can help you collect a debt and find debtors. But the biggest thing is creating a relationship with the debtor. You need to make sure that the delinquent trusts you, it will help them not keep anything from you, which is crucial when you are trying to collect a debt.
The tips below will help you work with a difficult debtor by establishing a relationship with them.

Be empathetic towards their situation

You must understand and respect the situation the debtor is in. try to envision the circumstances a debtor might be facing to have a debt on their hands. Once you do that, it will be easy for you to have empathy towards them.

Empathy is understanding their situation and respecting them and talking with them politely. It in no way means that you have to be sympathetic towards them and not do your job as a collector.

Don’t talk down to them

Being respectful of the debtor is not only right, but it is also important to create a relationship with them. So, beyond being empathic, you also have to talk to them like equals.

Talk to them at a level that you would talk to your friends or colleagues. Don’t talk down to them, if you do it will feel like you are insulting them which is something you don’t want.

Try to answer their questions

One way to create a relationship with your debtor and ensure that they are comfortable with you is to answer their questions. A debtor will have tons of questions about the situation they are in. It can be nerve-wracking to have so much financial instability, and they will be nervous and anxious.

Answering their questions puts them at ease which can help them open up to you about how they plan to pay back or let you help them with the same. Keep in mind, that you should always be honest with your answers. If you don't know how something works, don’t lie to them. It is all about building trust between you two.

Tell them positive outcomes

If you want the debtor to pay, telling them negative outcomes won’t help them. Tell them how paying the debt off will positively affect them. Assure them that after paying the debt, their credit score will increase and they won’t face problems securing loans in the future.

Encourage them to pay by telling them that if their financial situation is bad, you can help them get a negotiation.

Engage them

When you meet a debtor, coming straight to the point won’t help you build a relationship with them. So, find some common ground that can help you start a conversation and engage them.

These tips are important as it helps you recover the debt, and maintain future relationships. Read cedar business services reviews to know how they help make their debtors comfortable.

5 ways to differentiate between a legal collector and a scammer

If you have a debt or are a little late in payments, you should expect a collection call. If you are late on payments, a creditor will hire a third-party debt collector to recover the amount. It is a legitimate business move.

Scammers are looking for a particular situation like this to take your money. It is because you know you have a debt, and you are already nervous. These scammers pretend to be collectors and make you more anxious and scared, which prompts many debtors to pay upfront.

It is after a while they come to know that they have been part of a scam. It is not only bad for the debtor, but also the collection agency. It ruins their reputation and trust, which is why many delinquents are afraid of even talking to a collector. In such a scenario, how do you figure out if you are talking to a real collector or a scammer?

In this blog, we will look at some ways that can help you differentiate between a collector and a scammer.

A collector is pushing you to pay immediately

A debt collector will encourage you to pay as they won’t get paid unless they recover the debt. But if a collector is pushing you to pay right this moment, and is asking for your bank details, be suspicious.

A legitimate collector will never ask for bank details on the first go. They will even push you to verify the debt as they are performing a legal deal.

You are not able to recognize the creditor or the business

As a business, you may have done business with lots of other businesses on credit. Sometimes, it is difficult to keep a check on all the payments, and you might forget about one. So, when a collector says they work for a particular creditor, and it doesn’t click with you. It can be someone you forget, or it can be a collector.

In such a scenario, being safe is the best thing you can do. So, verify the creditor using the internet or look at your credit report. Also, if the debt is beyond 7 years old, you might not see it on the credit report. So, ask the collector for debt verification.

If they are a legit collector, they will provide you with the evidence that the debt belongs to you.

Their payment method is suspicious

A collector accepts a check and cash mostly. Nowadays, online payments and debit and credit cards are also acceptable. But no collector will ask you to pay online through a method which doesn’t seem legitimate or is untraceable.

If you feel even a little suspicious, don’t pay unless you verify all the details.

Threatening to put you in jail

A collector will never threaten you to put in jail. It is illegal and can get them in legal trouble. They know that and will never do this as it breaks the trust the creditor has on them and ruins their reputation.

Reluctant to identify themselves

If the collector calling you is reluctant to tell you about their company’s name, contact details, mail id, address, they are scammers. It is because a collector is legally obliged to tell you all these details.

Many cedar business service complaints are not authentic and are proposed by fraudulent.s. Thus, you must check the legality of a collector before entrusting them with your payment.

How to maintain good relationships with your best client?

The one thing that makes your job lovable is the clients. When your clients and customers are great and of quality, working with them is a delight. On the contrary, if you are dealing with clients who pick on everything you do, don’t pay on time for the services they render for you, it’s a headache.

There are tons of businesses out there who are dealing with clients who are not paying for the services they took. This outstanding amount affects their businesses as well as the relationship with the clients too. When facing a debtor, hire the best collection agency like Cedar financial at the earliest. They can help you recover the debt and keep your relationship intact. Visit here to know more cedar financial.

But you cannot stop making efforts on your part to have a good relationship with your clients. It is because debt is not the only problem. Your competitors are waiting for you to make one mistake so that they can steal your clients. So, make sure you follow these tips to keep your client always happy. When a client is happy, you would deal with fewer debt issues too.

Have a social media presence

It is important to be present on social media. There are tons of platforms, find the one that suits your brand the most. When you are active on social media, you get tons of opportunities to have a conversation going on with your clients.

It helps create a relationship with your existing clients, and get more customers too.

Join your community in public events

It is important to interact with your customers face to face too. So, go to community events or have a business event where you can meet new clients, while also meeting your old clients.

Keep reminding about the debt

If your loyal or best client is yet to pay for the services that he rendered, it is okay to remind them. They might have genuinely forgotten about your invoice. So, a phone call or mail reminding them about the same is good. Keep it short and professional, and remain calm.

Holiday cards are a good idea

Maintaining relationships with clients is important as it tells them that you value working with them. One of the best ways to do it is by sending out holiday cards. It doesn’t take much effort, but certainly strengthens your relationship with the client.

Tickets to an event

One way to put an impression on the minds of your client is by giving them tickets to an event. It can be a sporting event or a concert or so on. Something that they like or has their favorite performer. It can build quite a rapport between you two. If you go with them, don’t bring up business.  Keep it a casual outing just to strengthen your relationship.

When you have a good relationship with your clients, you are at a lower risk of losing them to the competition. Also, a healthy business relationship decreases the chances of bad debts too. What are your thoughts on the same?

6 critical questions related to debt collection answered

Whether you are a debtor who is getting calls from a collector or a creditor looking to hire one. It is important to know the laws and rules that a collector is supposed to follow. Collection agencies like Cedar Financial follow ethics and guidelines laid by respective countries to serve their customers better.

When you get a call from a collector it can frighten you. Thus, knowing your rights are important. If you are a creditor looking to recover your money, you need to hire a collector who follows laws and knows them. Otherwise, you can get into legal troubles as well. Click here to know how Cedar Financial can help you recover your debt.

In this blog, we will explore eight critical questions that everyone has about debt collections & collectors.

Q1. What is the policy on calling a debtor? Can a collector call them anytime?

No! a debt collector cannot call a delinquent anytime. Every state or region has specified a period in which a collector can make the calls. For instance, as per FDCPA, a debt collector can call the debtor between 8:00 am to 9:00 pm only. If a debtor asks to call at another time, only then you should do so.

Q2. Who else beside the debtor can a collector contact?

Yes, a collector can contact the spouse or other family members, and even friends of a delinquent. But only to know about the whereabouts of the debtor. In no circumstances, can they disclose about the debt to anyone except the spouse or lawyer.

Q3. Is there a way a debtor can stop a collector from calling/contacting them?

Yes, there is a way. A debtor can send a written request asking the debt collector to stop contacting you. A debtor needs to keep in mind to send the mail using a certified mail and keeping a receipt as proof. It is important to have proof of the future.

Also, keep in mind that asking a debtor to stop calling won’t make the debt disappear. Thus, it is best to talk to the debt collector once to make sure whether the debt belongs to the delinquent or not. If it does not, they can take a further step.

Q4. What to do in case the debtor believes the debt isn’t his/her?

If a debtor believes that the debt doesn’t belong to them, they can ask for validation of the debt. A debtor has 30 days from the day of initial contact with the debtor to verify the debt. A debtor needs to send a written letter asking the creditor or collector to send proof that the debt belongs to him/her.

Until the debtor provides you with proof, they cannot resume the collection process.

Q5. What to do when a debt collector sues the debtor?

A debtor needs to hire an attorney and they can guide them further. But it is imperative that your reply to the lawsuit within the specified time.

Q6. Is it possible for a collector to take money from debtor’s paycheck?

Yes, but only if they sue them and win the lawsuit. If the debt collector wins the argument, they can ask the court to garnish the debtor’s wage. It means that every month, the collector will deduct a certain amount from your salary.

Do you have any more questions? Ask us in the comments below.

Want to hire an international collection agency? Read this guide

If you have foreign clients, you must be worried about foreign receivables accounts. If you export products or services, you run a high risk of non-payment from your customers or clients. It can have disastrous effects on your business. Thus, taking proper action and precautions are necessary.

What can you do about non-paying foreign clients? You don’t know the laws or regulations of that country, so recovering the debt yourself is out of the question. Your one option is to hire an international debt collection agency. Click here to know more.

Why international debt collector?

They know all about the legal procedures, debt collection procedures, laws, and so on of the country your client resides in.

The laws keep evolving with time, it will be difficult for you to remember all legal details about every foreign client’s company you are dealing with.

You don’t possess the tools that can help you recover the debt. For instance, finding the debtor may require some tool that you won’t have. But an international debt collector will have access to necessary tools.

How to hire the best international debt collection agency?

Search for international agencies

First, run a Google search and look for a collection agency that collects international debt. Then find out whether they have offices in the country your client is. Or you can find a collection firm native to that country.

Once you do that, set up a meeting in person or through a video call. You can also send them a mail regarding the quote, and wait for their reply.

Have a list of questions ready

You need to ensure that you work with the best international collection agency, thus ask them questions. It will help you clear your doubts. They have to reply because they are just like any other business. You can ask questions like:

1. Have they ever recovered debt in that country?
2. Do they have experience working in your industry?
3. What is their policy on reporting about the debt collection process?
4. What is their fee and recovery rate?

Compare agencies

You need to look at two three debt collection agencies. After knowing all the details, compare their prices, and look at their success rate. Also, talk to their previous clients, all this well help you in finding a perfect collection agency for you.

Negotiate terms

Once you finalize a debt collection agency for you, it is time to negotiate the deal. Every term and conditions should be on paper, and both parties should agree to it.

Precautions
When dealing with foreign clients, you should take these precautions:

1. Do a KYC-know your customer. Ask them to fill out a form with all their details and referrals for cross-checking.
2. Ask your customer for his company’s legal and registration details.
3. Run a background check on their finances
4. Talk to their previous clients
5. Whatever you agree on, get it in writing signed by both parties.

Working with a collector from the start can also help your business. They can do this research for you, and also point out clients who seem shady.