The best collection techniques take into account that each consumer’s situation is different. This is especially true when dealing with early stage delinquencies. Our goal at MJR Capital Inc. is to bring closure to the debt as quickly as possible. By doing so, a valued customer relationship is saved before the delinquency becomes unmanageable. Faster collections for you helps your bottom line too!
Early intervention is a key to success
It used to be that most debt recovery was focused on longer-term debt that was overdue. Collection efforts generally did not start until an account was 30 or 60+ days delinquent. And when credit services were suspended at 90+ days delinquent, consumers would avoid collection efforts. This left a very small window of time to establish contact and work out payment arrangements with the consumer.
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 owed to you, but it will also be more efficient and rapid. It’s also a way to stem the tide of bad debt that you may have to deal with at some point from a specific consumer, establishing a better pattern for your customer-business relationship.
When developing an early collection plan, factors such as tenure, payment history and demographics are important. Early communication is something your customers will generally appreciate more, as the company contacts them first to give reminders and to identify why the account is in arrears. From here, workable options can be provided to the customer before the debt becomes unmanageable for them. It’s also a great opportunity to express appreciation for the customer’s loyalty, and to remind them of their payment obligations and due dates.
As part of our work in 1st party collection services, MJR calls your customers as your organization. Our agents are fully trained in your processes and driving your own data collection to maximize cure and collection rates while minimizing roll rates. They are also trained to align with your hard-earned brand and customer service values.
The focus is to reduce delinquencies in the early stages before services or credit privileges are impacted. We offer various programs including live agent calling, IVR, SMS and email campaigns, and automated messaging.
Our priority is to give you a strong front-end strategy that can be a value to both your business goals and that can strengthen the relationship you have fostered with your customers.
For this service — or others that can help with debt recovery, go to our website for more details.
