We will stop short of calling it a formula, but it’s a repeatable process — acting as a third-party collector for debt. Here’s how it adds up for us: a responsive collections staff and integrated technology combine with direct work with our clients to lead to fast debt collection that is also industry-compliant.
There is another part of this method that is key to its success: what you say to the consumer. Our third-party collections work aims to work with consumers to identify the best solutions for themselves and the businesses with which they’ve incurred debt.
Below, we go into more detail on the process of third-party collections and how each of these components can be advantageous for your business, depending on your current business strategy. Depending on your needs, any of these techniques can be an effective and quick way to clear debt from your books.
Early-out recovery programs
If your business is coping with growing volumes of receivables, then an early-out recovery program might be best for you. Through this type of program, we can collect pre-charge off accounts. This reduces churn and bad debt, which are both negatives when it comes to overall business success.
Primary assigns
If you are looking for one of the most efficient ways to recover debt, you should consider this method, which is a great way to collect from consumers quickly. This is especially strong if you have a high volume of consumers who owe you money for your goods or services. Once accounts charge off, our team takes over to recover with excellent results as soon as possible after the assignment.
Assigns for all your customers
If you have already worked with the highest priority customers, you will still need to work on those who haven’t been approached about clearing their debt. We take the extra effort through secondary, tertiary, and quad assigns to find consumers from your base willing to make credible plans for debt recovery. All of this takes place considering business and consumer priorities and capabilities.
Leading the way in debt recovery
A big key to making third-party collections effective is for MJR to assess needs directly with our clients, learning what is most important to them. We can find those solutions by using innovative programs that we know inside and out.
We can analyze your KPIs to understand them better and put strategies for collection in place that meet and exceed your business goals. We then work together to reach those goals through targeted programs with clear measurements. To learn more about what we can provide businesses, visit our website.
