Four factors are key to debt collection:
1. |
The ability to contact the customer. |
2. |
The ability of the customer to pay. |
3. |
The willingness of the customer to pay. |
4. |
The skill of the person communicating with the customer. |
One feature impacts these four facts equally: time.
- The sooner collection can be attempted,
- The more quickly the account will be contacted,
- The faster it can be worked,
- Will yield the highest probability of collection.
Time, or more specifically delay, in placing accounts for collection, degrades the possibility of resolution no matter how effective the collection. For this reason, the first milestone in a good collection strategy is rapid referral of delinquent debt. You can help yourself and your profits by taking deliberate action quickly.
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