The Three C’s of a Successful Collections Strategy

Delayed payments negatively impact the financial stability of a company. Running a business is already a time-consuming endeavour, and chances are you simply lack the time to deal with the collection of unpaid invoices. 

Therefore, hiring a professional debt collection agency in town is recommended as they have the right knowledge and techniques to ensure the successful collection of invoices. 

Read on to learn how incorporating the three C’s can help you elevate your collection strategies.

Cohesive

The older the debt gets, the harder it is to recover. Hence, debt collectors should be consistent in their approach to be effective and successful. Consistency can make or break the consumer’s experience with your agency. 

The key is to make your collection communication processes cohesive. Keeping in mind your sore points will also help ensure that all your collectors use the same communication strategy for every debtor. 

Cognizant

Words and tone matter! How you communicate with your debtors can truly affect the effectiveness of your collection operation. When dealing with debtors, the quality of correspondence (especially the tone of voice) is at the heart of any collection-associated process. So, remember that while what you say is important, how you say it is even more so. 

Ensure that your debt collectors are cognizant of their tone when conversing with your consumers/ debtors. Also, it is advised to maintain consistency in tone, as inconsistency can lead to confusion. 

For instance, collectors using both passive and aggressive styles to communicate with the same debtor can make them feel hesitant to interact with your agency, as they fear what they might encounter when they answer your call.

Pro tip: A practical fix for passive and aggressive tone is to educate the collectors about the importance of a good customer experience. 

Determine what tone your company wants to convey to your consumers and ensure to relay that specific tone to your collection team through training. Once your team masters your expectations, your agency’s successful collection ratio will automatically increase. You can also consider hiring a well-qualified debt collection agency to ensure hassle-free collection of debts

Connected

A successful collection strategy’s final “C” refers to building a “connection.” Debt collectors must try creating a sense of reliable connection with your debtors, as this will enable them to feel more comfortable interacting with your collection agency. They will also be more likely to identify solutions for any outstanding debts together. 

So, as long as each collector makes an effort to CONNECT, an excellent customer experience is well within your reach.

About Us

At Taurus Collections (UK) Ltd. we practice straightforward techniques to help our clients with certain debt collection services. Our services include:

Use our Late Payment Calculator to compute your outstanding credit amount. Speak to us at 01332 565 350 (Derby) or 0800 069 8777 or email us at enquiries@tauruscollections.com. Stay tuned on our Facebook, Instagram, and Twitter.