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Capturing Receivables Intelligence

Imagine a future where the credit and collections department can become an overall profit center for your business. With the creation of “Receivable Intelligence” this becomes a reality and contributes to your company’s top line.

At Global Hawk Resources (GHR) we utilize both collections and customer service techniques to uncover trends on sales that went unpaid.

This process consists of a two pronged approach to secure payment on delinquent receivables and retrieve “lost sales” data analytics. GHR can assist in your overall portfolio risk management. Utilizing predictive analytics we can help you focus on the actual “dollars-at-risk” to insure your company is optimizing the receivable management workflow.

We take a collaborative approach to the order-to-cash process and will work alongside your sales and finance operations team(s) to proactively assess risk and identify opportunities within the portfolio. Let Global Hawk Resources unlock your receivables potential. We are looking to foster a long-lasting relationship that assists in the recovery of bad debt and assist with winning back business for your company!

Contact us today to learn more to learn about Global Hawk Resources services and to request a free demo.

Closing the Gap Between Failure and Success

How Secure is the Customer Data Housed by Your 3rd Party Collection Agency?

 

Cybersecurity has been a priority for business leaders for many years. Yet, despite investments in security controls, cyber-attacks keep coming. Each organization’s credit and collection department that implements outside help on collections needs to be aware of the risks and safeguards that must be followed to avoid data breaches and hacks. Your third party collection agency is an extension of your own organizations policies and procedures, which includes security postures and controls.

Here are some great questions to keep in mind when choosing a secure third party collection agency:

  1. Does your third party collection agency conduct security audits?
  2. Does your collection agency transmit credit card payments and other highly sensitive customer financial documentation thru a secured environments? If so, what is the encryption level?
  3. Does your third party have an IMP in place?
  4. What safeguards are in place to protect data processing system outages?
  5. Where is the documentation housed at your third party site? Is it in 1980’s style physical file cabinets that sit at their office open to risk?
  6. What is the patch management for your collection agencies infrastructure?
  7.  Are OWASP scans done regularly and can your third party collection agency provide these results? Do the scans track vulnerability and security hot spots?

Here at Global Hawk Resources, we have taken the steps necessary to properly secure all data being housed and transmitted to the outside world.

Contact us today to learn more to learn about Global Hawk Resources services and to request a free demo.

Closing the Gap Between Failure and Success

 

 

 

Dunning Letters are Telling a Story

Dunning letters have always been a standard approach to collect outstanding receivables. Sending a formal written request for payment by mail is a touch point with your customer.  But, as the famous line goes,  “Past performance does not always dictate future results.”

In the Spring of 2020, during the beginning of the global lockdown, most businesses forced their workforce to WFH.  Opening the daily mail became an arduous task in this new environment.  All dunning letters are directed to a company’s physical bill to address on an outstanding invoice. Most dunning letters, during this time period, ended up in a giant heap of unread mail collecting dust.

As a global third party collection agency, Global Hawk Resources, also sends out dunning letters.  In the past 30 days, we have seen an uptick in communication from dunning letters we sent out 120 to 180 days ago. The regular feedback is, the debtor has reopened their business and is going through unopened mail and stumbled upon our letter(s).

We are also seeing a follow up comment that business is starting to pick up and these debtors want to pay down or off the balance. This is a unique and radically different response to most dunning letters Global Hawk Resources has sent in the past. It is also a narrative to the impact of COVID-19 on cash flow and day to day operations of most businesses. A sign of the times and an anecdote we thought worth sharing.

 

Contact us for a free Demo today to begin your journey with the GHR team.

Closing the Gap Between Failure and Success

The Story of our Virtual Collection Offering

In 2016 we started a virtual collection agency.  At the time, not having brick and mortar space and working in a virtual environment wasn’t the typical path for establishing a debt recovery firm. Most collection agencies you encounter were created in the late 80’s, 90’s and early 2000’s during the time of fax machines, cubicles, and water coolers.  A large percentage of these firms have not evolved and continue to operate in this capacity. When COVID-19 hit, the world was turned upside down.  All companies were forced to create some form of remote office space including collection agencies.

Global Hawk Resources did not have to pivot to a new business model when most of our competitors were forced to do so. From collection software, phone systems and internal invoicing systems, most businesses had to adjust to fit the new remote work space.  Global Hawk Resources did not face the multiple challenges other agencies faced and continued operating in our business model that relies heavily on cloud based systems, VOIP phone systems and remote field collection agents. Having a trusted outside collection partner that updates systems automatically through the cloud and has real time activity is vital in this new remote business world.

 

Technology and infrastructure are some of the biggest barriers to connectivity and workforce productivity. 

54% of HR leaders indicated that poor technology and/or infrastructure for remote working is the biggest barrier to effective remote working in their organization.

 

Gone are the days of time card machines. There has been a massive shift to work from home. 

88% of organizations have encouraged or required their employees to work from home and 91% of teams in Asia Pacific have implemented ‘work from home’ arrangements since the outbreak.

 

Contact us for a free Demo today to begin your journey with the GHR team.

 

Closing the Gap Between Failure and Success

 

 

 

 

GHR Collects Commercial Debt Globally & Provides Powerful Analytics to Help Drive Sales & Revenue.

Global Hawk Resources

We have all heard the saying, “Accounts receivable is one of the top two most important accounts on your balance sheet”, yet those of us tasked with managing the AR for our organizations are relegated to merely cost center status.

The truth is, collections can be a thankless task. However, consider the fact that it is probably more closely related to sales function than any other in your organization.

Those responsible for turning receivables quickly and efficiently are essentially “payment” sales reps constantly selling customers and clients on why they need to pay.  Those exceptional receivables managers know how to foster relationships to insure payment is delivered on time and even occasionally before the due date!

Those of us who have been fortunate enough to make a career of receivables management know it is as much of an art as it is a science.  Additionally, we seek out those difficult trial balances because that is a task we truly enjoy.

At Global Hawk Resources we combine our love of receivables and customer relationship management.  We have reinvented and reinvigorated the receivable function.

We partner with our clients to help them, not only recover those once thought to be uncollectible receivables, but to also utilize our expertise, insights and information to help win back otherwise lost customers.

Contact us for a free Demo today to begin your journey with the GHR team.

 

Closing the Gap Between Failure and Success

Meet Our Team!

Nick has an extensive background in the order to cash flow of a business, development and creating programs to assist companies in meeting their cash collection goals. A 2003 graduate of Isenberg School of Mgmt @ UMassAmherst where he received a B.S. in Business.