Running a collection agency is never easy. In addition to the myriad of normal business issues you must deal with you also have the problem of accounts not making timely payments. Collecting back payments does not need to be the headache it appears to be, though. Here are three easy things you can do that will make it easier for them to pay what they owe.
- Make it easy. According to a report by Deloitte.com, consumers have become very comfortable with making payments online through a web portal. Making payments with a mobile device is becoming more accepted as well. So make it easy for them to pay by setting up a web portal and then promoting it to them. Let them learn how easy it is to make their payments. Show them that they can track their payment history and their balances and even schedule reminders so they can include payments in their budget.
- Make it automatic. Show the consumer how you can set up automatic payments with them to automatically deduct a payment from their bank account. This ensures the amount owed gets paid on time without them worrying about it. Plus, they can access the records at any time to see their payment history and balance.
- Make it non-threatening. Many people feel bad about talking to a collection agency and do not want to talk to an agent. There is an easy way around this: set up an online virtual negotiator that the consumer can interact with to determine a payment plan. Through a series of offers and counter-offers the consumer can do their negotiating online with a computer and set up a repayment plan that fits their needs and situation. Doing it online removes the stigma of talking with an agent and can make the consumer feel more comfortable about dealing with their debt.
So remember those three ideas: Make it easy, automatic and non-threatening. That should get you a few more back payments.
BillingTree has a complete scalable payment processing system. In addition we have technical experts who can help you integrate it with your current system. To learn more contact BillingTree today or call us at 877-424-5587.