BOTTOM LINE: The collections operation is more productive with a centralized list management technology keeping all call strategies on track in a single or multiple centers. Mounting consumer debt around the world is a challenge for every company. In today’s complex and increasingly risky business world, it is necessary to make every step of the collections process as effective and efficient as possible. Often this requires updating long-held beliefs with the addition of new solutions that solve today’s biggest collection problems. Today these five outdated practices are being overcome by companies who’ve found that intelligent predictive technologies can measurably elevate their collections efforts to a new, significantly higher level of productivity.
3. Placing a Business Debt with an Agency
Placing a business debt with an agency escalates debt collection activities somewhat, but it's no guarantee that a debtor will pay up. When learning how to collect a debt, know that the biggest single advantage is that the matter is out of your hands (the business owner's) so the owner is now free to work on more important things.
4. Common Excuses Debtors Make
The more questions you ask, the quicker you will get to the truth of the matter. When debtors lie about why they are not paying, they are hoping that you will accept what they are saying and drop the subject. The more questions you ask, the more uncomfortable debtors become. Eventually, sending the creditor a check becomes much more appealing than answering all of your questions and having to come up with one excuse after another. The advantage you have is that most people in debt collecting will accept excuses at face value and will call back at anther time. Here are some of the most common excuses you are apt to hear. Think about how you will respond to these excuses before making those necessary phone calls with your consumers.
