Collections 101

May 26, 2018 | By admin4u | Filed in: Uncategorized.

The collection today is 95% psychology and 5% muscle. This article is a collection of tips, techniques, and thoughts that help you and your organization get more money, faster, less. Much of the items in this article may be common knowledge and the types of things that you and your organization are doing on a daily basis. But there are ideas and action-oriented tips that help you fulfill your demands even more.

I: Warning Signs of Possible Credit and Collection Issues:

1. There is a lot of interest in one of your accounts.

2nd Customers often switch banks.

3rd Customers are more likely to request clarification or service verification.

4th Changes in Customers' Payment Policies

5. Partial payments instead of full payment.

6th Problems in Customer's Geographic Area

7. Problems in Customer Industry

II: Warning Signs Sales Force See for the First Time:

8. Order levels shrink.

ninth Empty shelves in the warehouse or in retail.

10th Capacity with a capacity lower than capacity

11. Your client's big client has trouble.

12th Loss of Key Employees.

13th Big Reductions or Hourly Reductions

14. Restricted tours on site

III: Warning Signs of Possible Faulty Check Issues:

15. Checks with print numbers of less than 300.

16th There is no scheduled name or address on the checks.

17th Starter Control with Little Information

18. Checks and IDs are not the same.

19th No Image Id or Expired Image ID

IV: Why Collect Problems occur:

20. The fear of losing the future business activity (do not keep delinquents in the fear of losing the future business)

21. Lack of credit and collection policy or unclear policy

22. Lack of training in collecting stock

23. Use of Early Criminal Sources of Crime

A: Seven Reasons to Run Formal Written Credit and Collection Policies:

24. It clarifies who is doing it.

25th It facilitates training.

26th It supports actions

27. Prevents unauthorized changes.

28th Promotes Consistency

29. Reduces wasted time.

30th Answers 95% of Routine Questions

VI: Develop Credits and Collections "Skills:"

31. There are two basic concepts: (1) Time is the biggest deteriorating factor in collecting the account and (2) there will never be enough resources to collect the crime. Make early retrieval or drill programs to maximize internal and external recovery

33. Early referral programs, beyond collection, help to identify and demonstrate that they do not pay for slow payments and handle them properly.

34th Age 60 days or more can be collected more than 80%.

35th Typically, less than 50% of the 90-day age group can be collected (internally).

36th Unpaid bills during the 60 day offense usually maximize internal yield and recovery. Use a third person for 60-90 day criminals while focusing on inner effort on lighter, slower payment accounts

37. Develop and use a "60-day persecution program".

• Focus all your inner efforts on the deadline where you are most profitable.

• Begin at an early stage of offenders – often contact them over the 60-day period.

• Go step by step more than 60 days.

38th Elements used in the 60-day Utility – Declarations / Accounts, Letters, Sales Visits, Telephone Calls, Suspended Loans

39. After 60 to 90 days, your options: continue with internal results, with reduced results, clearing accounts, small claims court, attorney or full service agency

VII: Collection Letters:

40. The simplest way to automate money collection

41. Can not resolve the issue and not determine whether there is a payment problem.

42nd One way communication

43. Depending on the misunderstanding

44. The brochure maintains the dialogue with the taxpayer.

45th Cheap.

46th Sets the stage for the next operation.

47th Allow the debtor not to forget about them.

VIII: Other aspects in the archives:

48. Your account is not a single letter from the debtor.

49th His letter competes against professional correspondents.

50th Change the appearance of each letter.

51st You must prevent the debtor from dropping the envelope.

52nd It must encourage the debtor to open the envelope.

53rd Increase the chance of positive results from the letter.

54th Handwrite an empty envelope – open it!

55th Add the "Address Correction Interviewed" and "Forward Shipping Costs Guaranteed" for the envelope.

56th Select the envelope to prompt you to open "Urgent", "Personal", "Confidential", "Do not foldd", "Personal and Confidential".

57th Allow the debtor to pay an appeal in his letters:

• "Save Funding Costs".

• "Keep good credit information."

• "Keeping a Valuable Customer". "Avoid Bad Debt Record".

• "Avoid placement of a collecting agency".

58th The collection letters will be gradually increased

IX: Telephone Call

59. Phone connection is more costly, but much more efficient.

60th Calls have to supplement your mail and keep track of what was said in the letter.

61st Two-way communication calls identify and solve problems.

62nd Transfer and hold control over the collection call.

X: Creating a Collection:

63. The call format of the collection is:

• Identifier is the debtor

• Identifies itself

• Full payment request

• Psychological break

• Determines the problem or objection

• Find a solution.

• Close the call and commit to your commitment. Collection calls have three phases:

1. The opening phase

2. Negotiation phase.

3rd Closing Phase

Opening Phase Tactic:

65. Check the debtor's identity. (Please [name] … is he?)

66. Check Debtor's Address

67. Determine yourself.

68th Set the debt (owe us $ 567.35 …).

69th Set the type of activity you want. ("I Have to Pay Today")

70. Pause and let the debtor react

Negotiation phase tactics – 4 steps (in this order):

71. Step One: "I have to pay today."

72nd Step Two: "When can you send full pay?"

73rd Step Three: "How much can you send today?"

74th Step 4: "When can I expect to pay?"

Closing Phase Tactic:

75. The collector will know what will happen and when.

76th Payments are always expressed as a dollar amount.

77th Time points are always expressed as dates.

78th Debtors need to confirm their understanding of the action they take on them.

XI: Selection of an external agency:

79. Always use a full service agency, as opposed to letter writing, etc.

80th Look for agencies that report accounts to all three major credit rating agencies.

81st Choose an agency that operates on a national basis rather than "local" or "regional" basis so that debtors can continue their residency if they move from their place of residence

82. Use an agency for which special disputes are available if you need to file a lawsuit. [XII:Twenty-KülönösenazorvosigyakorlatraMoreIdea:

83rd Make money pre-registration (and credit analysis) by phone or mail before your first office visit. This reduces bottlenecks in the office and gives time to credit demand.

84th Provide credit reporting for new patients with bad credit records – Identify and resolve payment problems before serving services

85. Potential "danger signs" in new patient registration forms:

• Title – transient or P.O.

• Phone – None or Not Listed

• Business Address / Telephone – None or the Home Like

• Occupation – None

• Referral – None, "Friend," "Medical Society, yellow pages ".

• Marital status – divorced or separated, young, single

• Age – very young or very old

• No insurance cover. . Doctor Jumping (if known)

87. "What accounts do you have that are more important to your health?"

88th Collect rate – from 92% to 95%, regeneration is good for most group experiences on average.

XIII: Special Medical Collection Call Debtor Appeals:

89. "I think you've spent thousands of dollars in the past few months, but we've only got a small payout. "

90." We have helped you in a time of need, and we expect good faith in good faith. "

91." I know we want to defend your faith to feel comfortable when you or your family have to return "

92." Add to the current credit (pay us) … or leave some other bill than in the past few months. "

Know the law … Debt collection, collection agencies and credit rating agencies are very The Fair Ad Debt Collection Practices Act, the Fair Credit Reporting Act (FCRA) and the HIPAA Healthcare Provider approved copy of the Convention, are available at [19659004] This 101 credit and collections peak and technique, if implemented effectively, can dramatically improve your cash flow and improve your profitability. [19659133]

Source by Bob Blackburn

Leave a Reply

Your email address will not be published. Required fields are marked *