Friday, 10 February 2012

Debt Collection Software Can Enhance Collector Performance

By Rodney Mackenzie


They are saying it's a numbers game. Make lots of calls, develop accord quickly with your debtor, learn why payment has not been made, then find some way to achieve agreement to pay. Sounds rather like a formula that may be taught.

Collector performance needs an individual that is inspired and can handle rejection. Very like a sales representative, the collector must target their daily goal and get their 10 or more promises to pay each day.

As a manager of the collector group, you can remove some of their barriers to success. The keys to collector success include the following: hiring, coaching, monitoring and training, reward system, and providing a method of collecting accounts that is very well designed.

The debt collection software can help with the monitoring, motivating and providing some consistency in the way the accounts are presented to the collector. Good debt collection software provides the facility to carve up the accounts by any criteria you can imagine. Over a period a good boss learns what is best and will divide the accounts in a manner that is equitable while extracting as much cash as practical.

When using an automatic predictive dialer system, the collection agency software can select accounts for a specific customer then sort the files so the accounts are bigger than $500 and that the files are presented by the total owed in ascending order. Though the collector doesn't preview the account before the call is presented with the right account details, the collector knows that the answered call will be for Memorial Hospital, the account balance will be $500 or more and the date of service will be around September 2011 as an example.

The manager can put new hires on low balance accounts that typically will be paid without much resistance from the debtor. The new collector gains confidence with each payment received and continuously can move on to higher balances.

The collection programs help the collections manager provide the collectors with accounts in a meaningful progression. The collector can also be presented with feedback on their progress in meeting their goals month to date and compared to their peers.

Providing the collectors with motivations and rewards daily for largest account picked up or the best proportion of daily goal met is a technique to generate excitement and help your collectors struggle for performance goals.




About the Author:



No comments:

Post a Comment