Field Investigations- The Best Tool to Improve Bad Debt Recovery Rates

 Develop a more focused debt collection strategy to reduce costs, save time, and maximize resources. See how field investigation can help you improve your debt management and recovery options:

1. Locate hard to find Debtors

Get the latest contact information for your most difficult debtor. The field visits often refresh its extensive database of customer and business information, allowing you to find, contact and collect unpaid debts.

2. Collection priority and strategy

Improve collection efforts and make your accounts accessible by identifying accounts with the highest payout capacity, analyzing industry trends, and testing new strategies. The experiment’s advanced scoring and segmentation tools connect you to overall portfolio intelligence, while our ongoing portfolio monitoring helps to accelerate debt collection.

3. Monitor unpaid debts

Find out which customers are outstanding with dilligence checks. We inspect your debtor accounts and let you know that when the customer’s ability to pay has improved, you can return to work immediately and deposit the unpaid balance.

4. Storage management system

A comprehensive storage system is important to keep your company’s solvent. Storage is an integrated debt management system that includes data connectivity, decisions, workflow and self-service capabilities that can be managed by business users. The result is a more efficient, customer-centric collection process that makes it more difficult for valued customers and recipients of difficult debts while retrieval increases and costs decreases.

5. Follow-up tracking

Lenders often quarrel with customers over ways to pay off debts before resorting to extreme measures such as legal intervention. Using a scheduled payment reminder, such as SMS text and email, is an easy way to follow up with the recipient. When a debt collector contacts an offending customer, they need to keep additional contacts on a strict schedule. Systematic follow-up of the accounts of the borrowers strengthens the customer’s sense of seriousness and urgency. Thus, follow-up tracking is a less aggressive approach to recover debt quickly and consistently from borrowers.

6. Debt Recovery Use analytics and accountable scores

The way lenders feel about unpaid accounts needs to change. Instead of recovering from them and referring to them as ‘bad debts‘, they need to focus on the right cycle of recovery. Good results can be achieved by following a holistic approach using debit recovery analytics and account receivable scores. In order to prioritize criminal accounts, the lender must apply analyses that return both the probability of recovery and the financial amount to be recovered.

15 Ways to Improve Debt Collection Recovery Rate

Many bad debt collection situations reach a stage where the creditor begins to consider taking a partial payment or arranging a payment plan. While this is not an ideal situation, sometimes it is a better option than not paying in any way.

If your savings attempt has reached a point where you are entertaining the idea of ​​negotiating a partial payment or payment plan with your debtor, then you can be sure that you will get the best AR outsourcing possible with the company. For this reason, you need to pay a good understanding of the negotiation process. Here are 15 tips to improve the outcome of your bad debt collection recovery negotiations:

1. View each conversation as a negotiation
The first way to improve your negotiation technique is to view each AR outsourcing as a conversation with the debtor. This way, the debtor knows that negotiations are taking place, you already have a hand.

2. Start with a reminder
One of the best ways to start negotiations is to remind the borrower of the loan details. Every once in a while, you can catch someone who honestly forgot about the loan. It is also possible that the debtor has cleared his work and a simple reminder is all AR outsourcing that needs to be paid. Even if these are not fortunate circumstances, you will start negotiations with the right foot reminding the debtor that they are indebted to you for the products or services already delivered.

3. Get accurate information
An easy way to look strong in a conversation is to have a strong grip on the facts of the situation. Take a moment to talk to the debtor to refresh yourself on the details of the case.

4. Do your research
In addition to knowing the facts about this case, doing some research online will give you some kind of benefit that can be used in a conversation. For example, it would be hard for a debtor to say that if you see your new car on Facebook, it breaks down.

5. Be polite and professional
The best way to get the most support out of debt recovery negotiations is to always be as polite and professional as possible. Remember that the goal of the negotiation is to pay the debtor as much as they can, so being polite and professional is your best bet.

6. Be quiet
Bad debt collection is a frustrating part of having a business. There is a good chance that your debtor will try to make an excuse not to pay you. When this happens, you don’t let yourself get excited or upset. Stay calm and look for solutions.

7. Approach as equal
Regardless of how you actually feel about the person you are interacting with, it will force them to provoke by assuming they are secondary. This does not force you to pay. Treating someone the same way will make them more likely to work with you.

8. Be realistic
There is a good chance that your debtor does not have the ability to pay. You have to be realistic about what you expect. You can’t squeeze blood from a turnip!

9. Send a clear message
Make sure you clearly state your expectations for the debtor. Do not coat the sugar. Look specifically at the terms of your debt collection.

10. Have solid idea of deal
As part of your preparation for negotiations, you should have a solid idea of ​​what kind of deal you are willing to accept.

11. Find the cause
What is the reason this invoice is out of control? Sometimes, if you ask the debtor if something went wrong, you know it’s just a temporary problem or help along the way.

12. Ask for comments
After clearly stating your intentions, just asking for comments is a great way to determine how acceptable a commenter is to a potential deal. Ask them to comment on what they think would be an acceptable compromise.

13. Counter-offer is required
After hearing their comments about the situation, ask them to make an offer or fight an offer you already made.

14. Do not counter immediately
Whatever fur or counter-offer fur the debtor makes, you should not immediately accept or claim it. Take some time to process the proposal and analyze all the parts that work.

15. Ask for a gesture of goodwill
Whether you reach an agreement or not, ask the debtor to make some kind of compromise. This could be a partial payment, or offer some form of collateral on the AR outsourcing outstanding.

10 Tips to Maintain Accuracy in Debt Collection Services

Debt collection occurs in almost every operational business. They are just one part of the commercial landscape. In today’s tough economy, consumers may have more trouble paying off debts. When invoices are not paid, it may be time to hire a professional debt collection agency to help pay off these debts. Professional collection agencies specialize in business-to-business debt collection. Like every industry, there are good ways and bad ways to collect debt. Here are some ways to increase your success with the efficient debt collection services.

1. Be prepared

Before you make initial contact with a delicate customer, make sure you know everything about the customer. Make copies of all invoices, agreements, and any other information that will help you communicate with the customer, both professionally and personally.

2. Document everything

When talking to a customer about arrears, pay attention to everything, including the customer’s comments, including future public disputes. If your company has tracking software, input everything into the system while the conversation is fresh in your mind over time, keep adding any extra details of a debt collection agency to keep your file up to date.

3. Don’t believe anything

When calling your initial debt collection agency, quickly make sure the loan is not actually repaid. Do not isolate the customer. Remember that the future with the customer can be potential business. The debt in question may be a defect and not a storage problem. Be careful with your tone and your words at this time. Wait and listen to what the customer has to say, and be sure to document the conversation carefully and accurately.

4. Be pleasant and control yourself

The tone taken with your voice can influence how successful the conversation will be. If you start a conversation with a friendly, non-confrontational tone, the customer may respond more positively. Once you’ve confirmed that you’re talking to the right person about unpaid invoices, ask if anything can be done to help you. Ask if they need any additional information. If you take care of yourself or understand the other side of the story, you can prevent the person from becoming defensive. However, stay away from the situation. Your job at Debt Collection is to finally complete the loan as soon as possible.

5. Avoid confrontation and humanism

Try to find out if the debtor’s excuse for not paying is valid. For example, if that person accuses someone else of not paying, confirm by contacting the other person whether it is true or false. Listen carefully to what that person says to you and understand that person is honest with you. Often, your gut feeling will be right.

6. Stop being angry or harassing

Always try to remain calm even if the debtor becomes abusive during the contact. If this happens, you can suggest calling later. No matter what the customer says, always listen carefully and try to keep the dialogue as creative as possible. It is important that the debtor feels that he is making progress.

7. Provide an option

If a customer has difficulty paying, then it is possible for him to make the payment on time. Try to create a plan that works for both the customer and the customer. The goal is to pay off the customer’s entire debt as soon as possible. Listen carefully and present the option until some workforce is defined.

8. Rewrite the terms

Once the payment plan is agreed upon, then a literal summary of the plan for the debtor. This summary should specify when the debtor will send each payment, and what type of payment will be used. Then document it in writing by email, fax or letter. Once the payment has been sent, ask the debtor to call or email.

9. Keep Communicating

Even if the debtor cannot pay immediately, it is always important to keep in touch. He will be able to pay the money in the future and by talking to the debtor and really listening to what he has to say, you can help figure out how to start paying early. When old debt becomes difficult to collect, sometimes circumstances change and repayment is possible.

10. Understanding debt collecting agent

The role of the storage agent works file after file, but understand the big picture. What are bankruptcy procedures? How will this affect the debtor’s credit rating? If this was the case, what is the legal action? If you’re not one of the best collectors of office fees, watch and listen to what they do. Often key phrases are needed for a particular tone or approach to stimulate the deacons to succeed. Also, understand what your customer wants. Do they want a full payment or will they be happy with a low knot? Do they want to accept instalments? Make sure you know what the customer wants from the deal.

Final thoughts

Debt collection is common, especially in difficult financial times. Using these storage techniques should increase the barriers to your success. But, if all these efforts do not result in payment, you can use the debt collection services of a reputable debt collection agency.

8 Factors to Keep in Mind for Your Next Business Report

An efficient business information report is important for any successful project. You can work hard and achieve wonderful things. It is not enough just to provide important ideas and research data. Of course, relevant and reliable data is important. Nevertheless, there are several factors to consider in the process of preparing an inspiring presentation of your accomplishments:

If fully designed, recipients will no longer focus on you and your report. If it is structured and looks nice, the information is accepted and processed quickly. You have to organize the data properly, think about the appropriate chart type for this data. In addition, the choice of layout and fonts also plays an important role in the creation of the report.

So, there are some useful tips that one should be aware of in order to produce an excellent business information report. Let’s take a look at their, as well as our samples. We’re sure you’ll know how to best prepare your report.

1. Use easy to understand visualization

You usually prepare a business information report to look at and summarize some of the data you get in the work process. We all know that nothing supports the different statements presented in any document compared to the objective evidence presented by the numbers. Therefore, it is worthwhile to visualize the data in an attractive way to add credibility to your report. In addition, it should be easy to compare, analyse and synthesize.

2. Choose Business Infographic Presentation Template

This template has over 185 unique, multipurpose, creative slides. The content of the slides varies, starting with the opportunity to include portfolios and ending with timelines and tables. However, the main point is a beautiful handmade 3D infographic that is all reusable and editable. You can create data charts in various formats and colors. Thus, you will display your data and at the same time give the viewer the most valuable information.

3. Pay attention to the color palette

In most cases colors are used to highlight information presented in table rows or charts. If colors are used in the header and footer as the background, the credit report will look more impressive. What’s more, it is possible to draw additional attention to some specific information in the report. All you have to do is put a little text in the box with the colored background. Also, it is worth noting that your company logo is made in certain color combinations. You can use the same colors for different charts, graphs and lines in your report to strengthen the brand.

4. Create the right background

A strong slide background is an important element in your presentation that can enhance it or distract you. When we consider creating a perfect backdrop, there are three options to choose from. It can be a picture, some pattern or just a color. The good news is that each section of the slide can be fully customized. So, it lets you create clean and stylish slides for your credit report.

5. There is a clear structure

The structure of your business information report is one of the most important steps that will contribute to its success. It doesn’t matter how terrible your thoughts are. If they are not logically designed, but are presented randomly, they will not create the effect you expect.

So, you might be surprised to find a top-down approach or a bottom-up strategy to organize your credit report. If you prefer to look at the main point at once and then submit it with details, use an up-down approach. If you include some data first and mention the main point at the end, the following approach is your choice.

6. Do not keep tables to the side

Although the tables do not look as exciting as other visual elements, they are excellent for displaying data. The use of tables is essential if you want your recipients to view individual data points. It is advisable to adjust the parameters of the cell, row and column and the data configuration in both row and column columns.
To generate more interest in your tables, you can play with colors. You can add a background color or use different colors to represent the numbers in the best possible way. Or you can save your time and just use the template for your business information report.

7. Make the layout as attractive as possible

It is difficult to underestimate the role of layout in business information report. Carefully considered layout facilitates a better understanding of the information presented. First of all, it is important to determine the appropriate margin, the way your report is presented or displayed.

What’s more, pay attention to the individual elements and keep them together. For example, do not allow a row of tables to be placed on the next page. The various elements must be at a certain distance and aligned with each other. Aligned elements are recommended to use more white space and intentionally increase page balance.

8. Choose the right fonts for your report

It’s no secret that fonts display the mood and tone of any document. Typically, this encourages people to use as complex fonts as possible to impress the audience. However, business reporting is not the case. It is worth considering the constructive but simple typography that makes the text easy to read.

Also, the font style is better during the report. The credit report may contain the company logo. In this case, it is not necessary to use the same font that has been applied to the logo. Nevertheless, it is recommended to choose one that suits the logo and other elements. And don’t abuse capitalization! If you want to make an issue, it is worthwhile to get rid of something.

Still wondering for the right way to do the business information report? Debt Nirvana is the solution you are looking for!