Every consumer who uses your products has a different approach to that relationship with you. Each of these unique situations almost ensures that the way you approach all types of business transactions has to be customized. However, you can still have specifics that can be used as a benchmark or baseline for every piece of communication.
This approach is definitely a part of closing early-stage delinquency on debt. No matter the process, bringing closure to the debt as quickly as possible should always be the goal. This saves a potentially long-running customer relationship, and at the same time, it boosts your revenue numbers with a fast collection process.
Changing the parameters for better collections
It used to be that debt recovery was focused on longer-term overdue debt. Techniques favored debt that was delinquent by 30 to 60 days instead of working at a higher priority with someone who missed a deadline by a single day or week.
It’s clear, though, that focusing on early intervention is more effective in the long run. You’ll not only recover more of the money that is owed to you, but it will also be more efficient. It’s also a way to stem the tide of bad debt you may have to deal with at some point from your entire base, establishing a better pattern for all customer-business relationships.
When developing an early collection plan, it’s important first to see what the customer’s credit history was like right at the beginning of their relationship with your business. Early communication is something that your customers will appreciate even at the early stage, and it includes techniques such as online reminders or a menu of solutions to debt recovery before it becomes an issue.
You also need to extend this communication to after the debt is settled to ensure that you understand their situation and can remedy things in favor of everyone involved.
What we do for early delinquency
As part of our work in first-party collection services, MJR acts as your business in dealing with consumers. Our agents are fully trained in your processes and driving your data collection to maximize collection rates while minimizing roll rates.
The focus is to reduce delinquencies in the early stages before services or credit privileges are impacted. We offer a wide variety of programs, including live agent calling, IVR, SMS, email campaigns, and automated messaging.
Our priority is to give you a strong front-end strategy that can help you reach your business goals and strengthen the relationship you have fostered with consumers.
For this service — or others that can help with debt recovery — go to our website for more details.
