groups said today that the psychology of 95% and 5% in the muscles. This article is a period of testing a set of tips, techniques and ideas that can help you and your organization to collect more money, faster and less. Much of what is contained in this article may be known and the types of things that you and your organization are already on a daily basis. But, there must be several ideas and practical advice-oriented, if you implement them, will help you do a better job in accounts of your city.
I: Warning Signs of potential credit and range problems:
1. many questions about one of your accounts. Keys
2. Customer banks often.
3. The client asks for clarification or evidence of more frequent service.
4. changes in customer payment patterns.
5. Partial payments rather than the full amount.
6. Problems in the client's geographic area.
7. problems in the client's industry.
Second: Warning signs your May sales force See First:
8. Order recession levels.
9. empty shelves in a warehouse or retail floor.
10. plant operating at less than capacity.
11. big customer is your customer trouble.
12. loss of key personnel.
13. large layoffs or reduced hours.
14. restricted tours in the areas of facility.
Third: Warning Signs of bad check potential problems:
15. Checks with printed numbers under 300.
16. No name or preprinted address on the checks.
17. Starter checks with no printed information.
18. The address on the check and ID do not match.
19. No photo ID or photo ID expired.
Fourth: Why collect problems occur:
20. Fear of losing work in the future (do not pursue delinquencies actively for fear of losing business in the future).
21. lack of credit and collection policy or unclear policy.
22. lack of training of the group's staff.
23. reluctance to use outside sources to collect early in the delinquency cycle.
V: Seven reasons to have the official authorship credit and approaches to assemble:
24. clarify who does what.
25. facilitate training.
26. Supports actions.
27. prevents unauthorized changes.
28. promotes consistency.
29. reduces the time lost.
30. The answers: 95% of routine questions.
Sixth: your credit and collection development " skills:"
31. The two basic concepts: (1) Time is the greatest deteriorating factor on the collection account, and ( 2) you will not have enough resources to collect all your delinquencies.
32. Implementation of referral or treatment program early to maximize internal and external refunds your own.
33. Early referral programs, in addition to the collection and help you select one of the drives of any slow pays and treat each accordingly.
34. accounts 60 days or less of age, more than 80% recovery.
35. More than 0 days old accounts are usually less than 50% collection (internally).
36. labor accounts under 60 days delinquent usually will expand the internal rate of return and recovery. Use a third party to those of more than 60-0 days delinquent while focusing internal efforts to slow the easiest accounts in wages.
37. development and use of "a 60-day pursuit of the program."
• focus all internal efforts at a time where they are most profitable frame.
• Start on delinquents early - contact them often in a period of 60 days time.
• get stronger gradually with the 60-day pass.
38. elements to be used in the pursuit of the program for 60 days - copies of statements / invoices and sales letters and visits, phone calls, suspend credit.
39. After 60-0 days are your options: continue to pursue internally with low results, write off the account, use the small claims court, attorney or outside full-service collection agency.
Seventh: Group: messages
40. easily the most automated way to collect money.
41. can not resolve the problems or to determine whether the presence of payment problem.
42. In one communication direction.
43. mind misunderstanding.
44. maintain a dialogue with the debtor group messages.
45. They are inexpensive.
46. pave the way for private work your next.
47. allows the debtor know you have not forgotten about them.
Eighth: Other considerations in the way of collection of letters :
48. E-bill is not only the debtor.
49. telephone and compete against professional mailing.
50. change the shape of each mailing.
51. The debtor must discourage throw the envelope.
52. The debtor should be encouraged to open the envelope.
53. increase the likelihood of positive results of your letter.
54. Hand title is empty - it will open the envelope!
55. In addition, "corrected the desired title" and "re-directing mail guaranteed" to the envelope.
56. Mark envelope to encourage opening: "Urgent," "personal," "confidential," "do not fold," "personal and confidential."
57. stimulate the debtor want to pay with appeals in your letters:
• "Remember finance charges."
• "keep your credit record is good."
• "Dear client remains."
• "avoid bad debt history."
• "Avoid placement outside collection agency."
58. collecting letters made stronger gradually.
Ninth: collect phone calls
59. The telephone call is more expensive, but much more effective.
60. calls should complement the messages and follow what was said in the messages.
61. Being in a two-way communications, and calls can identify and solve problems.
62. sale and keep control of the group invitation.
X: Make group calling:
63. coordinating group invitation:
• identify the debtor.
• Identify yourself.
• Payment in full demand.
• psychological pause.
• identify the problem or objection.
• search for a solution.
• Close the call and get a commitment.
64. calls her collection in three stages:
1. opening stage.
2. negotiating stage.
3. Final stage.
tactics opening stage:
65. verify the identity of the debtor. (Call for [name] ... Is this he / she?)
66. verification of the debtor's address.
67. Identify yourself.
68. State debt owed (You owe us $ 567.35 ...).
69. State the type of work you want. ( "I need a boost in the whole day.")
70. pause and let the debtor respond.
negotiating tactic -4 stage steps (in this order):
71. One step: "I must be full payment today,"
72. the second step: "when you can send the full amount,"
73. the third step: "how much can you send today,"
74. the fourth step: "how long can I expect to pay."
tactics stage Closing:
75. collector recaps what will happen and when.
are expressed76. Payments are always the dollar amounts.
77 points at a time is always expressed as dates.
78. debtors must confirm that they understand the future work of their own.
atheist ten: Choose an outside agency:
79. Always use the agency full service in exchange for writing messaging services etc.
80 and look for agencies to submit It accounts for all three credit bureaus major reports.
81. Select the agency that operates on a national basis and not on the basis of "local" or "region" so that follow-up debtors even if they move out of your area.
82. benefit from the agency has optional litigation services available if a lawsuit has become necessary.
XII: Twenty more tips - especially for medical practices:
83. Conduct new patient before registration (credit analysis) by phone or by e-mail at earlier, for the first visit to the office. This reduces bottlenecks in the office and gives time to achieve credit.
84. Secure credit reports on new patients with a poor credit history - identify and solve payment problems before services are provided.
85. Potential "danger signals" on new patient registration forms:
• Address - transient or a PO Box only.
• Phone - none or unlisted.
• work address / telephone - none or the same house.
• Position - nothing.
• Referral - nothing, "friend", "medical society," or "yellow pages."
• marital status - divorced or separated, young people and single.
• Age - the very young or very old.
• Do not insurance coverage.
86. Mobility doctor (if known).
87. "What do you have bills that are more important than your health?"
88. Cocktail proportion - 92% to 95% recovery in average to good for most types of group practices.
XIII: Collect appeal the debtor's own medical appeal :
89. "I've made several thousand dollars over the past few months, I think, but we have received only a small boost one. "
0. "We helped you in time of need, and in good faith, and we expect to pay in a reasonable period of time."
91. "I know you want to protect your credit you can feel comfortable even should you or your family need to go back."
92. "In addition to current loan (to push us out) ... or let some other laws go have us in the past few months."
knowledge of the law ... to collect debts, collection agencies and credit reports a high degree of organization offices. Full copies of the Code of Practice Fair Debt Collection (FDCPA), and the law of the credit report (FCRA) and sample approved HIPAA agreement for health care providers are available at the following address: [http://www.ncsplus.com/regulations]
This is a 101 credit and collection tips and techniques that when implemented effectively, you can dramatically improve your cash flow and your translated into improved profitability for your business.
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