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Speedy Response

Speedy Response

To support and complement their collections department, many companies already use the services of collections agencies. Others rely on their attorneys for these matters.

Whether you hire one or the other, it is very common to encounter the need for specific information or questions on their part:

– Outstanding balance review
– Supporting documentation to collect on the amount due
– Authorization of payment plan proposals from the debtor
– Contact information of debtor
– Account history of the assigned collection amount
– Claims resolution

It is critical your company responds in a speedy fashion to both to the collection agency and the attorney for obvious reasons. Your speedy response will help resolve any disputes or objections, so that the debtor can pay faster.

I said it is obvious. But, companies utilizing these services often times respond at their own convenience. Many times, of course, this is due to their current work load. However, many at times, this is due to the fact they do not give the priority it takes, thus resulting in a delayed or lost collection.

It is very important to recognize true facts; the older the debt, its probability for recovery diminishes.

Even when you do not have that which your are asked for, it is better to respond to your collection agency or attorney as soon as posible. This will allow them to take the necessary action and provide a response to the debtor. Of course, if you do have the requested supporting documentation or information, forward or provide it as soon as posible.

Time and time again, I have been made aware of this relationship or effect, whenever a debtor receives a speedy response, one of the following scenarios takes place:

– Reasons or excuses for not paying are finished; payment is received immediately.
– Debtor perceives the collection agency or attorney is “on top” of the case; therefore, they give a sense of urgency or at least they pay more attention to the issue.
– To all involved (client, collection agency or attorney and debtor), it makes for an easier research as all the information is very recent readily located on their desktops or electronic mail.

Every company exists with the hope of having an optimum and healthy cash flow all the time. I invite you to give the necessary priority to respond to your collection agency or attorney whenever they request any information, documentation or reply from you. In this way, you provide them with the necessary elements to obtain better results.

See you next week!

Sal Banuelos

Is internationally known for the debt collection results he has provided to the freight transportation and import/export industries worldwide for the last 15 years. Author of "Credit and Collections in the Freight Industry Handbook" & "Credit & Collections Policy – Practical Guide”

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