April 18, 2022 (Sacramento, CA) – RMAI is pleased to announce the release of a new educational resource, Understanding the Receivables Management Industry: A Guide to Key Concepts, Terms and Acronyms. This downloadable guide is designed for industry employees, as well as any others who want to learn about the receivables management industry. April is Financial Literacy Month, and this guide provides another resource to contribute to a better understanding of the financial landscape.
The guide contains an extensive glossary of common receivables management terms and acronyms, an exploration of the life cycle of a debt in collection, and answers to key questions, including:
- What are the different business models that operate within the industry?
- How do the different business models differ and how do they interact?
- What type of debt does the receivables management industry collect?
- What are the major Federal and State laws regulating the industry?
- Which businesses need to be licensed and what does it mean to be licensed?
With the increase in employee turnover brought on by the pandemic, RMAI Executive Director Jan Stieger identified the need for a user-friendly reference for member companies and policymakers. She noted, “RMAI is pleased to provide Understanding the Receivables Management Industry: A Guide to Key Concepts, Terms and Acronyms as another benefit of membership, as well as for purchase by others. The receivables management industry is highly regulated and complex, and we anticipate this guide will aid people in understanding its role in the credit ecosystem.”
Find out more and download Understanding the Receivables Management Industry: A Guide to Key Concepts, Terms and Acronyms at https://rmaintl.org/IndustryGuide.
About Receivables Management Association International
Receivables Management Association International (RMAI) is a nonprofit trade association representing more than 590 businesses that support the purchase, sale, and collection of performing and nonperforming receivables on the secondary market. The RMAI Receivables Management Certification Program and Code of Ethics set the global standard within the receivables industry due to the rigorous uniform standards of best practice which focus on protecting consumers.
More information about RMAI is available at www.rmaintl.org.