When you go through a revolving door, let the other guy push.
— Robert Black.
As a business owner, you’ll face many revolving doors in your path to success. As new customers make purchases or require service, there will be times they fail to pay in a timely manner and now begin revolving through your A/R process. Let TekCollect be the other guy pushing the door for you. We specialize in recovering slow paying and delinquent accounts without alienating your valuable customers.
This blog is the home of TekCollect’s Tek-Connect. A resource
for business owners to review relevant articles about the demands of A/R, the
issues faced by many on an industry by industry basis, and an opportunity for
TekCollect to showcase its softer side.
TekCollect’s team of customer service professionals field anywhere from 300 to 500 calls a day, each. This pattern of work can become monotonous when repeated daily and it’s important to stay focused. Here are a few suggestions we’ve provided our team and are worth trying for any team!
We encourage our employees to get a good night’s rest.
There have been studies that have
shown people getting five or fewer hours
of sleep a night for a few nights in a row have an equivalent of a 0.1 blood
alcohol level. In order to make sure you get good rest at night, try not to eat
right before you go to bed; also, studies have shown that watching something on
a lit screen like a cell phone, iPad or television can make falling asleep more
difficult. Also, do not work out close to when you’re trying to relax to go to
sleep because it typically boosts your energy level.
Design your day around your habits.
If you’re someone who has a lot of
energy and high concentration in the mornings, then plan your challenging calls
for then. Leave the repetitive tasks for lower energy times like in the
afternoons, especially right after lunch.
Take regular breaks.
In an eight hour shift, companies
allot for a 10-minute break in the
morning and one in the afternoon. Also, you’ll have anywhere from 30-60 minutes
for lunch. Make sure you use these breaks wisely; try not looking at your
computer or your cell phone so your eyes can get a break. Get up from your desk
and stretch your legs. Walk outside and stretch your body or if it’s your lunchtime, go for a 20-30 minute walk outside.
Meditate. These are all suggestions for clearing your head. Eat a healthy snack
and don’t overeat at lunch or you’ll be falling asleep in the afternoon!
Strategize your tasks at hand.
If you have a plethora of tasks, it
is easy to feel overwhelmed. Make a list of the day’s tasks and prioritize
according to importance and difficulty. That way, as you complete the tasks you
can cross them off your list and feel a sense of accomplishment and peace
rather than feeling a sense of total chaos.
Create a peaceful workspace.
Having things in your workspace
organized will create a conducive atmosphere for productivity. Putting up a few
pictures of family or friends is lovely but not 100 pictures! Some people enjoy
posting a quote or two that is motivational in their workspace.
Remove all distractions.
Put your cell phone away and mute it.
Close all social media screens on your computer. Listen to music on your
headset when you’re not on the phone.
Hopefully, just as our employees have, you’ll find these
TekCollect will have a booth at this year’s annual AVMA Convention held in Washington, DC August 2nd through the 6th.
This convention offers Continuing Education opportunities,
workshops, lectures given by experts in veterinary medicine, as well as
networking with colleagues and the opportunity to discover products and
services that will enhance veterinary practices and career all over the
Veterinary medicine is an industry where TekCollect’s services have proven to be very helpful in accounts receivables. Representatives will be manning the booth with two pop-up displays and some handouts, ready and willing to talk about the veterinarian’s receivables and how to make them healthy once again!
Stop by the AVMA Convention 2019 held at the Walter E. Washington Convention Center, 801 Mt. Vernon Place NW in Washington DC, Booth #2017 and introduce yourself to our representatives…it’ll be a step in the right direction for getting your practice financially stable.
from “Tips for Successful Debt Collections” by Dean Kaplan of The Kaplan Group)
Here are some suggestions made by Dean Kaplan of The Kaplan
Group that will help encourage success in the business of collecting debts for
Before contacting a debtor, be prepared!
The more you know about a delinquent
customer, the more knowledgeable, professional and personal you’ll be when you speak
Take really good notes as you’re
talking to the customer…good to have in case there are any future debt
disputes. Input everything into the system, PCS reporting at TekCollect, while
the conversation is fresh in your mind.
Be kind and practice self-control.
You have the ability to set the tone
for your first contact with the debtor. When you start your conversation with a
non-confrontational tone of voice, the customer who owes the debt may not get
defensive. Once you’ve confirmed you’re speaking to the right person about the
unpaid bill, you can ask if there’s anything you can do…if they need any
additional information. Be caring and compassionate, yet detached as your job
as a debt collector is to collect the debt in full as soon as possible.
Avoid confrontation and don’t allow harassment.
Listen very carefully and try to find
out if the debtor’s excuse for non-payment is legitimate. Often, your gut
instinct will tell you if they are being honest with you. If the debtor becomes
abusive, it’s up to you to stay calm. You may even suggest calling back later
when his emotions are more calm and collected.
Give options and keep lines of communication open.
Once it’s established that the
customer owes the debt, then try to collect it in full. If the customer is
having trouble paying off the debt, it may be possible for him to make payments
over time. Again, listen carefully and try to come up with an arrangement that
will suit the debtor as well as your client. If you keep the lines of
communication open and they are aware that you’re trying to work with them,
their situation may change financially and they may be able to take care of
their debt sooner rather than later.
Debt collections are common especially during
difficult economic times. Using these techniques may make these negotiations go
a bit smoother!
Having trouble with your business’s cash flow? Using TekCollect’s third party collection
services will help to get your receivables back in good order without
alienating your customers.
What can TekCollect do
to help your business? We can make an attempt to collect past-due accounts
through phone calls, notices in the mail, and depending on the severity of the
delinquency and creditor type associated with your past due accounts, they could
be credit reported or turned over to litigation. We can negotiate what is
outstanding and set up payment arrangements. Our collectors will identify
themselves as being from TekCollect and
say, “This is an attempt to collect a debt. Any information obtained will be
used for that purpose.”
There are also things TekCollect
cannot do in attempting to turn around your current state of receivables. The FDCPA
(Fair Debt Collections Practices Act) has laws that collection agencies
must abide by; collectors cannot make repeated calls to a debtor in hopes of
intimidating them. We cannot threaten violence or their arrest. We cannot
publish information about them or use abusive or obscene language. We also
cannot ask you to pay a debt you don’t owe and we cannot call you whenever we’d
like to! Hours of calling are 8 am to 9 pm.
The #1 goal of our company is to improve the accounts
receivables for our clients while protecting their reputation and relationship
with their customers. We help businesses recover consumer debt while
maintaining strong customer relationships.
To learn more about TekCollect,
visit us on our website at tekcollect.com or call at 866-652-6500.
On Saturday, August 3rd, TekCollect’s employees will join together to Pick It Up! We will pick up litter on and around our adopted area of Columbus which is Park Street from 1st to Goodale Avenue. We hope to have a large number of volunteers from our company and will all be wearing TekCollect t-shirts to show our collective dedication in Keeping Columbus Beautiful!
According to Forbes, 80% of new businesses fail within the
first few years. One of the preventative measures a new business can do to
ensure its success, is make sure their receivables are in good shape. The one
thing a new business cannot afford to do is to extend credit to their customers.
This is where TekCollect’s services can come in handy!
Here are some signs a new company can look for that may
indicate they need a third party agency’s assistance:
A customer’s check bounced!
Not a promising sign that they will
be a solid, paying customer. Collection agencies, such as TekCollect, have the
ability to look at the credit history of potential customers in hopes of saving
the company money, in the long run.
You have unpaid bills longer than 90 days.
It’s important to be able to identify
slow-paying accounts. A Third Party agency can do that and begin collection
activity before the accounts get to be as old as 90 days past due. According to
statistics, you lose about 10% per month on unpaid balances over 90 days.
Are unfamiliar with collection laws and regulations?
There are lots of laws in the debt
collection industry, some differing from state to state. A debtor that owes
your company money will not hesitate to sue you if you have broken any of these
laws. TekCollect’s job is to know these laws, not just on a state level but
federally as well. Using our services to collect the debt will avoid any legal
risks you might ensue in collecting them on your own.
In the case your non-paying customers go MIA!
If your non-paying or slow paying
customers fail to communicate with you and seem to have fallen off the face of
the earth, that’s probably a good time to call TekCollect. We have trained skip
tracers in our collection department that are able to track down those people
who are trying very hard not to be reachable.
Lastly, you most likely do not have the staff to handle collections.
Your staff consists of people who have their own
set of skills and expertise. Allow them to do what they are qualified to do and
call TekCollect to do what we’re qualified to do…manage your receivables and cash flow so your business can be a