The Receivables Management Association International (RMAI) Certification program stands as a beacon of excellence within the collection industry. The designation of Certified Receivables Business (CRB) is more than just a formal recognition; it serves as a testament to the agency’s commitment to maintaining the highest standards of professionalism, security, and compliance. For agencies in the collections industry, the ROI of obtaining RMAI Certification can be substantial, impacting almost all facets of their operations and business growth.
A Badge of Honor: Adherence to Advanced Standards
“P&B Capital Group’s RMAI certification is really a badge of honor within our industry,” Ryan Kazmark, COO of P&B Capital Group, said. “Agencies that attain this certification demonstrate their adherence to advanced standards, which reassures clients of their credibility and reliability.”
The CRB designation is crucial in an industry where trust and compliance are paramount. By adhering to RMAI’s rigorous standards, certified agencies distinguish themselves from competitors, often becoming preferred partners for clients seeking dependable and ethical collection practices. This becomes especially important in collections sales cycles, which can sometimes last up to 12 months. In lengthy sales cycles, having the RMAI certification serve as a reminder of why your organization excels over unregistered competition can help close deals.
Enhanced Cyber Security Measures
Cyber security is, or should be, a top priority for any organization handling sensitive data. The RMAI Certification program places significant emphasis on cyber security, pushing agencies to adopt robust security measures to protect client and debtor information.
This aspect of the certification provides agencies with a certain level of protection against data breaches and cyber threats, which can be costly and damaging to a company’s reputation. By implementing these enhanced security protocols, certified agencies not only safeguard their operations but also instill confidence in their clients, knowing that their data is in safe hands.
Third-Party Audit: Assurance of Best Practices
Perhaps the most robust ROI value prop from RMAI’s certification program stems from its third-party auditing. This audit serves as an objective assessment of an agency’s practices, ensuring they comply with the industry’s best standards and regulations. Simple in practice but instrumental in ensuring each practice mentioned above is beyond reproach, something that is hard to do in the collections circle.
The audit process is thorough and comprehensive, covering various aspects of operations, from data security to ethical collection practices. For agencies, this third-party validation is invaluable as it provides an external seal of approval, confirming that they are doing everything possible to operate at the highest level of integrity and efficiency.
Legislative Advocacy and Monitoring
RMAI Certification also provides agencies with a valuable entry point into legislative advocacy and monitoring. As more complex legislative packages get proposed year-over-year, it’s important for organizations to monitor all activity in their region. With the RMAI CRB designation, P&B Capital Group is able to join discussion programs, listening sessions, and act as an industry stakeholder when meeting with legislators.
This proactive stance is critical in an industry that is heavily regulated and subject to frequent legislative updates. By being involved in advocacy and monitoring, certified agencies can influence and adapt to regulatory changes more effectively, ensuring ongoing compliance and strategic advantage.
Learn More Online
For more on this topic, watch the Receivables Roundtable podcast with Ryan Kazmark from P&B Capital Group:
The RMAI Certification program offers collection agencies a multitude of benefits that collectively contribute to a strong ROI. From establishing credibility and enhancing cyber security to fast-tracking sales cycles and engaging in legislative advocacy, the certification is a comprehensive framework that supports agencies in achieving operational excellence and business growth.
To learn more about the RMAI certification process, or to learn how the RMAI CRB designation has helped other organizations, please visit their website.
About P&B Capital Group
P&B Capital Group, LLC is a nationally licensed, third-party collection agency that services non-performing accounts receivable and loan portfolios with compliance, transparency, and respect. We help consumers understand and resolve their financial obligations while providing improved cash flow for our creditor clients.