When selling or assigning your receivables for collections, look for these best practices with a business partner to minimize reputational risks.
When it comes to collecting your receivables it is important to remember that people who have fallen behind on their payments are still your customers. Regardless of whether you outsource collections or sell the account to a debt buyer, how it is collected reflects on your company's reputation.
Building relationships
Ensuring a good customer experience is a key part of your partner's priority list. From the first contact, it is important that agents create a connection with the customer and learn their story. Having them always connect with the same collection agent can help build a relationship in which they are comfortable asking questions or discussing their challenges.
Life happens
It is important all parties understand that most people are unprepared for when things go wrong. Learning about the debtors’ situation and working with them to structure an affordable payment plan that takes into consideration each circumstance, background and financial capability can help build a successful debt repayment strategy. Make sure your business partner understands it is not just about collecting the debt but also helping customers out of a tough situation.
Offer a human touch
Humanity is key. Every contact with your customers should be kind, compassionate, and focused on finding a solution to their specific situation.
It is also important that a business partner not only contacts debtors to collect, but also to congratulate them when they have paid off their debt, for example.
This makes customers feel like human beings and not just client files.
People pay those they like
Once a good relationship is built, your customers do not want to let you down. When you outsource or sell your receivables, you want a business partner that treats your clientele as you would and make it a priority to preserve your customer's satisfaction and your reputation intact.
The Wrap
Managing your receivables is an important part of business, just like any other assets. Receivables should be managed properly, and it can sometimes be a challenging task to do so internally. Outsourcing your debt recovery can offer some smart and timely alternatives. Canaccede Financial Group is the largest multi-asset acquirer in Canada. We provide both debt servicing and purchasing solutions. Our expert valuation team can work with you to size the debt recovery potential for your organization. If you, or someone on your team, would like to find out more, please contact us at partnerships@canaccede.com
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