They say it’s a numbers game. Make lots of calls, develop rapport quickly with your debtor, learn the reason why payment has not been made, then find a way to get agreement to pay. Sounds like a formula that can be taught.
Collector performance requires an individual that is motivated and can handle rejection. Much like a salesman, the collector must focus on their daily goal and get their 10 or more promises to pay every 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, training, monitoring and coaching, reward system, and providing a process of collecting accounts that is well designed.
The Debt Collection Software can help with the monitoring, motivating and providing some consistency in how the accounts are presented to the collector. Good Debt Collection Software provides the ability to carve up the accounts by any criteria you can imagine. Over time a good manager learns what works best and will divide the accounts in a manner that is equitable while extracting as much revenue as possible.
When using an automated predictive dialer system, the Collection Agency Software can select accounts for a specific client then sort the files so that the accounts are greater than $500 and that the files are presented by the amount owed in ascending order. Although the collector does not preview the account before the call is presented with the appropriate 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 gradually can move on to higher balances.
The Collection Software tools 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 incentives and rewards daily for largest account collected or the greatest percentage of daily goal met is a way to generate excitement and help your collectors strive for performance goals.