Though the comparison isn’t quite apples-to-apples, the concept of data being more valuable than oil has gained traction in recent years. The titans of the digital world, including Amazon, Google, Facebook, and the like, are among the most valuable companies in the world, and it’s because of their data.
Businesses are increasingly aware of the value of the customer data they collect and store, and of the tremendous importance of protecting that data from being leaked or stolen. One scenario that prompts businesses to dig into their data is debt collection. Businesses must recoup what they’re owed, and at the same time, they must ensure the integrity and protection of customer data at all times.
Is Protecting Customer Data More Challenging with In-House Debt Collection?
In-house debt collection may seem like an easier and less expensive proposition than outsourcing debt collection, but businesses must consider the risks and challenges involved. Not only must in-house debt collection adhere to the many laws and regulations surrounding the collection of debt, but they must also ensure that while handling customer data, they protect it.
The cost of leaving customer data unprotected or of not adhering to the laws that govern the collection of debt can be crippling to any business, and this is why many of them choose to outsource debt collection.
Secure Data Warehousing and Debt Collection Services Are the Answer
When selecting the right partner, companies that partner with debt collection services can be more confident that collection will be carried out in accordance with laws and using practices that protect customer data at every step.
TSI, for example, processes over a million consumer payments per year, and handling this volume of transactions requires stringent measures to ensure the highest levels of data security. Their SUPERNAP data center is designed with state-of-the-art technology and data protection mechanisms so that TSI clients can rest assured that valuable customer data is always protected.
Features to Expect from Secure Data Warehousing for Debt Collection
You should insist on stringent protections with whichever debt collection service you choose. Make sure that their operations are set up in accordance with policies and procedures for complying with all applicable laws and regulations at the federal, state, and local levels as well as having top-notch data security. Some of these key protections are as follows:
- PCI DSS 3.2 Service Provider Level 1 Attestation– an important certification for service providers that handle card payment information
- SSAE 16 SOC 1– a certification that requires reporting on all internal controls. It requires an annual examination, audit, and approval by independent auditors
- HIPAA and HITECH– which are the standards that ensure the protection of patient healthcare information, whether in digital or analog form
Every business of every size must protect customer data wherever it resides, or risk financial and reputational disaster. That’s why more businesses choose to outsource debt collection services to providers that stay apprised of and adhere to all regulations concerning data protection and collection of debt. This type of outsourcing saves time and money in the long term, while offering higher levels of collection success and removing many of the concerns businesses have about protecting customer data.
If you are committed to ensuring debt collection for your business is effective and strictly adheres to all data protection and debt collection laws contact TSI. We are dedicated to protecting client data and staying compliant. Let’s talk about the TSI difference today.