Create an ARM Collection Plan That Keeps Your Business On Track

Don’t let debtors get you down or slow your productivity. Instead, focus on creating a plan that keeps you on top of debt collection and shortens the time a customer is in arrears. To collect a debt without ruining the relationship, follow the helpful tips below.

 Create a plan

A failure to plan is a plan to fail, and only twenty percent of all credit departments have a formalized plan that details the defined goals of their department. Your plan should include role delineation and responsibility assignments, as well as a clear dispute resolution procedure.

 

Use great software

Great accounts receivable collections software will make collecting the debt you’re owed much simpler. By managing your entire debt collection processes, ARM software will make you more efficient and effective, and allow you to accept payment quickly online and via mobile. You’ll also be able to perform credit and risk scoring.

 

Online payment options

Allowing debtors to pay online will not only speed up the debt collection process but may prevent it entirely. When individuals have an easy, hassle-free way to pay, they tend to actually do it.

 

Consistent messaging

Whether you send your messages electronically or through the mail, keep outbound messages consistent. Each message you send should include a reference to your policies and procedures, as well as your expectations. Ensure that you keep a paper trail of all communications between you and your debtor in the event that things take a more serious turn.

 

Be firm and flexible

Just because a client isn’t currently on good terms with you doesn’t mean that empathy goes out the window. Work with your customers even if they’re delinquent—it takes much more effort to acquire a new customer than it does to keep an old one, just because they may be going through a difficult time does not mean you should ostracize them against future purchases.

 

Always be a professional

When addressing collections and debt, you are still representing the face of your business. How you handle yourself as you collect the debt will give individuals an opinion of your company that they may share with the outside world, and friends and family. Don’t give them an opportunity to speak badly about you or your conduct.

 

Make it Easy for Debtors to Pay with Payscout’s Accounts Receivable Collections Software

Young couple paying bill online

Increase efficiency without impacting your live agents with Condor, the new payment portal that facilitates payment processing transactions between you and your debtors. This evolved, frictionless payment solution from Payscout will free your focus so you can dedicate where it’s needed.

Payscout is committed to providing clients with systems that keep them ahead of emerging trends. A thought leader in the payments industry, Payscout wants to help you thrive with payment processing that works for you. Their mission is to support the entrepreneurial dream one transaction at a time; they do this by connecting merchants and consumers via credit, debit, ATM, and accounts receivable collections software.

Condor is built upon Payscout’s payment processing platform and offers self-serve bill payment options that can be accessed anytime, anywhere. Debtors can view their current account information while setting up payment arrangements in real-time via a secure, verified login.

Featuring customizable parameters to meet individual business needs, the Condor portal is available as a mobile-enabled website, IVR, or a combination of the two, allowing you to choose an option best suited to your business. Bring order and efficiency to the incredibly cumbersome collections process with Payscout.

Condor helps streamline Accounts Receivable Management through an efficient, mobile-enabled web portal for self-service payments. Debtors have access to:

  • Consumer identification
  • Minimum payments
  • Acceptable payment plan
  • Settlement terms

Condor connects directly to Payscout’s gateway for immediate approvals and customized API connection for real-time data transfer.

Payscout is a global payment processing provider and a thought leader in the payments industry. Their “Go Global Now” technology platform gives merchants instant access to 100+ countries, billions of consumers, and trillions of dollars. Payscout offers payment processing solutions for brick-and-mortar and e-commerce transactions, and it is one of the few providers to deliver a truly global international payment processing solution that encompasses all merchant risk verticals.

With Payscout, you’ll experience no set-up or activation fees, no annual fee, and no cancellation fees.

Increase efficiency and revenue by providing a frictionless payment option from Payscout at www.payscout.com.