Running a successful debt collection agency can reap mammoth rewards. But the path to success can be very challenging. Here we outline the characteristics and methods of a great debt collection agency:

COMMUNICATION SKILLS

Fundamentally the pursuit of debt collection is about a conversation between debt collector and debtor. The best debt collection agencies employ great communicators; staff who possess interpersonal skills which can drive effective communication on previously delinquent accounts.

PATIENCE

Patience is another great trait of successful debt collection agencies. Pursuing quick fixes by rushing communication often leads to not getting any money recouped at all. The key is gathering all useful information before contacting the debtor, and developing a variety of possible strategies and protocol implementations first.

INVEST IN THE RIGHT SOFTWARE

Successful debt collection is built upon great organisation. LATERAL provides next generation CRM and Case Management Software focused on serving Legal, Government, Finance, Contact Centre and Collections Departments. Efficiency is improved and streamlined throughout workflows, and ultimately more debt is recovered.

GET THE BALANCE RIGHT

Debt collection agencies must provide a fair and ethical approach to their business practices, whilst also ensuring results for creditors. If they develop a reputation for both reliability and professionalism, they’re likely to develop and expand their client base.

AUTOMATION IS THE FUTURE

A company’s biggest expense is labour, so the more business owners can automate repetitive tasks, the more they will save. Our system boasts over 700 plugins, which integrate with various diallers, SMS and letter sending companies so that everything is tracked.

CONTACT LATERAL today to learn how our software can contribute to your progress.