Improve Debt Collection Processes Using Voice & SMS

“In this new wave of technology, you can’t do it all yourself, you just have to form wise alliances” –   CS Helu  

‘Collecting debts in the current financial environment can be an expensive and time consuming process. Thanks to innovative communications technologies developed here in Australia, there are tools available to automate most facets of the collections process.  Using automated telephone and SMS based channels helps to lessen the hard labor cost needed to get in touch with all the outstanding debtors you might have whilst fulfilling your obligations under the Australian Consumer Credit Code.

Consider how much time and money you may have spent trying to reach your debtors—costs that take away from your overall profit. Continue reading

Debt Collections – How To Get Customers To Pay up (Part 2)

“Customer service is not a department, it’s an attitude!” – Unknown

This is the 2nd part of the article, read our first blog post as an introduction…

A good debt collector knows that the “Carrot and Stick” approach also works with customers.  So, how does this technique work in debt collecting?

The previous post was about the “Carrot”.

Now, the “Stick”: Continue reading

Debt Collection – How to Get Customers to Pay Up (Part 1)

“Being on par in terms of price and quality only gets you into the game.  Service wins the game.’ – Tony  Alessandra 

If you want to make things happen the ability to motivate yourself and others is a crucial skill. Smart businesses use motivation to get results in their debt collecting. Motivation requires a delicate balance of communication, policy and incentives.

At the same time, if you want your customers to pay up consistently and on time, you have to have the ability and techniques to make them want to avoid the negative consequences if they do not pay debt on time. Continue reading

Q & A: How to Organise an Effective Debt Repayment Plan?

At some point, most businesses will come to the stage in debt collecting that a debt could be collected only by accepting installment payments.

If you are serious about collecting your debt, you need to re-negotiate the payment agreement and set up a valid debt repayment plan.

Many people asked me about the essentials of a good debt repayment plan. Continue reading

Collecting Overdue Debt: A Course of Action

Collecting Overdue Debt: a Course oF Action

“If you are a business owner, you will likely encounter overdue debt on a very routine basis. A huge number of customers – both individuals and other businesses – will inevitably forget, not bother, or refuse to pay their bills.

It’s easy enough to deal with the forgetful procrastinators with a couple of firmly worded overdue notices, but for those who still don’t pay, there is a time to turn things over to a debt collection agency.

When it becomes clear that a customer doesn’t intend to pay you out of their own free will, turning things over to another party probably isn’t a bad idea. For example, customers that flatly deny owing you money despite your records are very difficult to deal with without help. Continue reading