If there is something that we’ve learned over the years, it’s to have consistent planning in working through a business process. Proven techniques and specific solutions are key to bringing success to a variety of different business clients.
This is definitely true in the world of debt collection. Having a solid approach to speaking with consumers means that collecting on debt can work with many different customer types.
We’ve collected a few of the methods we have found to best work with collections over the years. All are techniques we utilize when we partner with other businesses to collect.
Customizing solutions
It’s entirely possible that 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 individual consumer’s situation.
This is where great software solutions come into play. Having software 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.
Planning for when communications can happen
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 debt. It’s also important to be clear with any paperwork, including invoices, in order to ease any type of customized solution into working. Using great invoicing and client-based technology will be key to making this work.
Follow the rules
There are many different rules concerning when and how you can contact someone in order to recover the money owed to you. This is especially true here in Canada, where we have 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 will also be appreciated by customers.
Since most of the rules are geared toward what you tell customers and when to contact them, following the rules 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. Using software in this way can bring efficiency to this important step.
Working with customers to collect the right way
MJR can help with all of these aspects of your collection plan, providing a level of service to you that extends to the way we speak with the consumers whom you serve. In these programs, we balance recovery with empathy and 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 in a timely manner, 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 mjrcapital.com.
