The current economic situation has increased the rates of debt. We would like to share with you 5 tips to recover the collection of your business.

The financial sustainability of companies is highly related to the proper management of the company’s resource and collection management. Collection management is one of the biggest challenges for every business, even more if it is a small or medium company because dept represents a great risk of survival and it must be one of the main agents of financial planning. Here we will share some advice to recover your business debt so you can guarantee the correct cash flow for your organization.

Segment your customers

In the past, segments were defined based on client’s debt and the number of overdue payments. However, by redefining these segments you will have better results on your debt collection process. Now, the cost of the account managing, and payment probability is what it’s most considered.

Identifying the best communication channels

Channels such as: web site, voice messages, text messages, traditional mail and email are of great importance in the relationship between client and company when it comes down to collect due to the facility and comfort that these channels give. It is also essential to integrate them with each other joined by a correct user profiling to strengthen the strategy.

The technological evolution allows us to position ourselves in the client’s need, offering personalized modalities and benefiting of the advantages that these features give us. Additionally, we can use these as prevention strategies by sending automated communication for those clients whose payments are about to expire.

Suitable products for your customers

Clients and their behavior regarding their accounts can get influenced by different factors such as job’s loss, disease, etcetera. For this, we must search and understand these situations so we can offer payment options that fit their condition to help clients pay off their debts.

Stablish standardized collection processes

Through the standardization of processes, we can define initiatives that better improve execution and results. To stablish clear objectives, we must propose a basic standardization of the collection documentation manuals that support the operation.

To be certain that these processes are working, it is necessary to implement basic performance indicators that have the function of determining the level of collection productivity, the indicators can be:

  • Penetration percentage = account contacted / account assigned
  • Intensity percentage = attempts / account attempted
  • RPC (Right Party Contacts) percentage = successful contacts / total contacts
  • PTP (Promises to Pay) percentage = promises to pay / RPC
  • KP (Kept Promises) = kept promises / PTP

Use technology in processes

The system of integral debt collection, the predictive dialer and the segment processes are some examples of the tools used to improve the collection processes and collection recovery. Counting with technological tools as a model that shows which is the best strategy for each one of the users can make a difference.

Different tools have been developed to automate and improve processes

As a result of implementing all these processes and using a consistent group of indicators, you can increase the percentages of overdue recovery collection and improve efficiency of processes, protect your company´s income and reduce loss by managing the debt collection area correctly by focusing on the client.

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