Follow up activities for a collections process:
Did you download the free AP report on automation?
Delinquency: Our last post on this covered setting up critical follow up levels for a collections process.
Like I said, this is an activity that the client will do, what we as outsourcers / back office folks end up doing is the actual follow up activities:
- Follow up through email / snail mail
- Follow up through calls
At the pre-defined levels, we need to start the follow up activities needed to ensure collections. As listed above, the first set of activities comprise of a mail follow up followed by calling. We have experienced that over 70-80% delinquencies are not really deliberate and get resolved by these. Let us look at them individually.
Follow up through email / snail mail
This is resorted to in the initial stages of delinquency or even earlier. The moment a due date approaches, based on the follow up levels defined by your client, you may be expected to send a reminder email that the payment falls due on mm-dd-yyyy date. Quite often, this activity helps a customer of your client to immediately release the payment. Even with me, especially with utility bills like my mobile, quite often I forget to make a payment in the rush of work, and an email / SMS / call from the utility company, I release the payment through a web portal, or credit card to ensure there is no default.
To be continued…….
You may subscribe to the blog from the subscription box on the opening page of the blog. We have enabled a button on the top of the first page, which will enable you share your posts. If you wish to write about any of the current streams, you can do it at http://faoblog.com/guest-post/. We will review your post and release it within 48 hours of your posting.