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All of us who own or manage any type of business will have our favorite customers or clients. Each one of us can reflect on what makes a client or customer more appreciated than others. The same is true in the collection business. I thought some of you may be interested in what my idea of a valued client is.
In the collection industry there are many variables from one type of business to another. For example, we collect for doctors, accountants, convenience stores, construction businesses, lending institutions and so on. The common denominator with each business that uses a collection agency is the fact they are owed money. What makes each business unique is what they do to prepare an account for collections and what they do after the account has been placed.
My favorite client is the one who lets me do what they have hired me to do, collect their money. Regardless of what collection service you utilize, let them do their job. If the debtor shows up at your business whining, (and oh how they can whine) refer them back to your collection agency. It’s only normal after you have sent an account to collections that the debtor becomes concerned about their credit report and or the possibility of legal action. Not to mention if they have written bad checks they do not want to pay the collection fees associated with their action.
I like the clients that don’t expect miracles. I had a client place an account that didn’t have much consumer information with it. I called my client and after she updated some of the information she said “oh by the way, just to give you a heads up this guy is homeless.” Now why would you turn an account over on a homeless person? No assets, no money! Will the homeless guy be concerned with his credit report or garnishments?
My favorite clients are the ones that provide me with an account based on facts and not just emotions. It’s perfectly normal to have some emotions involved when you haven’t been paid, but facts are the quality necessary in helping an account become collectable. I like the client that doesn’t wait till the statute of limitation is nearly up and understands that recovering part of the money is better than recovering none of the money. I like the client that expects me to collect their money and gives me the tools to do it.
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