Consistent planning and proven techniques are often what can make the difference between success and challenges. Business processes and specific solutions need to be honed to bring the most impactful results.
This approach speaks volumes in the world of debt collection. Over the years, we have found a few proven methods that have worked successfully. These are all techniques that we utilize when we partner with other businesses to collect.
Planning and timing with communications
Having a system in place to speak with consumers is crucial to success. Regular contact is the way to go, and a set communication timeline will help set the tone for any negotiations to clear the debt.
It’s also important to be clear with any paperwork, including invoices, to ease any type of customized solution into working. Using great invoicing and client-based technology is key to making this work.
Tailoring an answer to fit a consumer’s need
You may have to extend payments or work within a payment plan for some clients. And, that is a great approach. It’s important, though, to have a system in place that takes into account each consumer’s situation.
This is where great software solutions come into play. Having ones that can track multiple clients, with different reporting options as needed, is crucial to make this aspect of collections the most successful it can be.
Compliance is appreciated by everyone
There are many different rules concerning when and how you can contact someone to recover the money owed to you. This is especially true in Canada, which has some of the most thorough laws in place for debt collection. This is where knowing the rules will not only guide the work you do but it will be understood and even valued by consumers. Since most of the rules you follow are geared to what you tell people and when you contact them, it shows that you have integrity in your approach to collecting debt.
Being able to track compliance through the software you use is also a valuable tool to have, and it can bring efficiency to this important step.
Working with consumers to collect the right way
MJR Capital Services can help with all of this planning, providing a level of service to you that extends to the way we speak with the consumers with whom you serve. We balance recovery with understanding, offering your customers workable options that cater to their financial situation.
This all takes place while we still recover your debt and adapt to your needs. We use the latest technology available to ensure that debts are recovered promptly, and we are used to working with high customer volumes.
Let us show you how we can help your business with debt recovery. To find out about everything we offer, go to our website and contact us.
