- November 16, 2022
- Posted by: Taurus Collections
- Category: Blog
Tax return season is when consumers plan and prioritise their finances, whether to save money or pay their debts. This season brings a win-win situation for both consumers and debt collectors, as the consumers can use their refund amount to pay off their debts. This also becomes a favorable time to negotiate settlements with debtors.
Continue reading to know the right tips to level up your debt collection strategies during tax season.
Develop a Strategy
Some business owners and entrepreneurs take unnecessary stress and anxiety due to the fear of the unknown. However, if you are prepared beforehand and have a thorough understanding of the process, the tax season can feel like a breeze.
Therefore, hiring a well-experienced debt collection agency is recommended to help you develop a foolproof collection strategy to implement the latest trends and economic factors.
Incentivise
Begin preparing for tax season as early as possible to build a robust strategy for your business. Hiring a reputed debt collection agency will also help you greatly as they have the technical know-how to keep in touch with the debtors and incentivise them to pay off the debts by using the refund money.
Negotiate Settlements
Tax refund season is the time of the year when companies should follow this rule: the more settlements you accept, the better it pays off. Most consumers strive to lower or completely pay off their debts during the tax season. Thus, it becomes a suitable time for both parties to negotiate settlements.
Utilise Analytics
Incorporating the perks of predictive analytics and business intelligence will help you make real-time adjustments to large segments or accounts. A qualified debt collector’s assistance will help you determine whether or how much the debtor will pay in the current economic conditions, surveys, and consumer trends.
Expect More Calls
The tax season is also when you can expect your debt collectors to receive several inbound calls. Studies show that the communication between debtors and debt collectors rises by 40% during the tax season than during the entire year itself.
Thus, by leveraging the power of communication skills, you can maximise your collection success rate once these refunds start coming in.
Ask the Right Questions
Only some people consider using their refund to pay off debts. It is wise to utilise this opportunity to contact them and remind them about their dues.
Your debt collector may ask your debtors questions like, “if they are expecting a tax refund this season,” “are they willing to use that money to pay off their due amounts.” Such conversations can often boost your chance to maximise your collection rates. So, what are you waiting for? Contact an experienced debt collection agency today to start planning for tax season!
About Us
Taurus Collections (UK) Ltd. can be your one-stop destination if you want to successfully boost your odds of collecting debts. We help our clients with certain debt collection services that include:
- Business financing
- UK & international credit checking
- No win-No fee debt recovery
For more information, contact us at 0800 069 8777 or 01332 565 350 (Derby). Send your concerns to enquiries@tauruscollections.com. Use our Late Payment Calculator to calculate your outstanding credit amount. Also, connect with us on Facebook, Instagram, and Twitter.