(Article) Steps for Successful Collections
Steps for Successful Collections
Collections is part of the towing business whether we like it or not. Following are steps to collect more of the money you’ve already earned.
- Post Warning Sign In Shop– Posting a simple warning sign in the shop could let customers know you’re serious about collections. A simple sign saying: If You Have Been Contacted by our Collections Agency We Can No Longer Help You.
- Fill in the Gaps for Your Collection Partner- Sure the collections process is the responsibility of the agency but in my experience they are going to work the percentages. They want to submit large amounts of claims and bet that 10-15% will pay out. You can increase your odds by providing them owner information, pay stubs and other identifiable information you find in the car before salvage/sale. Every little bit helps and increases your chances of getting paid.
- Submit Information To Collections Partner Weekly or Monthly– Having a routine for submitting contacts to your agency can assist them in increased collections success. People move, change jobs and otherwise make themselves difficult to locate. The sooner your collections agency can begin the process the greater the likelihood will see some money.
- Keep Your Cool- Maintaining a professional presence for your company can result in increased income. Many customers are already feeling uncomfortable and want to resolve the situation but may not have the means. If you want to manage it, offer a payment plan option before involving the collections agency. Show you’re willing to achieve a creative but effective solution to the situation and customers may be more willing to work with you. Remember, its just business. Never make it personal for you or the customer.