Customer Needs

Did you know that being an in-house debt collector makes you part of a superhero team? Think about it. You’ve probably seen this played out at some point, even if you weren’t aware of it. There’s an uneventful character that suddenly gets called into action. They experience various trials and have to avoid mysterious obstacles, while getting help from an encouraging outside party.

Sound familiar? It should!
There’s a concept in the field of creativity known as The Hero’s Journey, and it guides almost every story ever told. There’s a hero, there’s a mentor and there’s a lot of action in between. Your hero will have a departure, an initiation and a return. When it comes to in-house collection efforts, your debtor begins their journey when they start the payment process. They are assisted by you – their mentor – helping them navigate the world of finance. And finally, they return to their previous life after paying whatever they owe.

It’s not your job to be the hero, it’s your job to be the guide.
Which means that you need to constantly be improving your skills when working with in-house collections.

Tip 1: Contact overdue accounts more frequently
The old saying, “the squeaky wheel gets the grease” has a lot of merit in the world of debt collection. There is no formal law that restricts you from calling your customer only once or twice a month. Instead, try reaching out once every 10-12 days. Sometimes your hero may need a constant reminder that they have a task to complete. Make sure that you are regularly telling them everything they need to know!

Tip 2: Have a defined collection policy
Heroes may not always know exactly what is going on. As adventurous as it is for them, it can be incredibly frustrating for the mentor. This is why you need to layout information in a detailed format. Make sure everyone that needs to know understands which accounts are paying and when their payment is due. Verify that each customer you work with has – in writing – your company’s terms of payment.

Tip 3: Keep accurate and timely payment records
Once a customer has been accepted based on their credit, it is crucial to maintain detailed and timely records. If the customer takes longer than normal to pay one month, immediately follow up with them. This lets you get ahead of potential problems and gives you insight into any outside influences. If your hero doesn’t return from an adventure, you’ll want to know about it. That way you can begin the proper preparation for a rescue mission.

Being a mentor to a daring hero is not an easy task. It requires perseverance, vigilance and a solid sense of self. Customers are a lot like these heroes and sometimes they need a little guidance to accomplish their mission.

You want the best mentors possible from Finance System Inc.
The collectors at Finance System Inc. speak to hundreds of consumers each day with the goal to motivate those who can pay their balance in full while providing an empathetic customer-focused approach. They are extensively trained in effective negotiation, counseling, full-regulatory compliance and collection software. We will recover what you are owed with persistence and proven collection techniques, but you will never worry that your reputation is at stake. If you want to learn more, feel free to contact us here or by phone at 888-883-PAID.