This is a guest blog post from Applied Innovation, Inc. (formerly ClientAccessWeb.com).
At first, collecting debt for clients appears easy: Receive placements, collect payments, and then remit monies collected to the client.
If only it really were that easy!
Instead, your client relationships and collections process probably look more like this:
Before you know it, a simple relationship with clients becomes a clerical nightmare. The cost to collect each account rises because your staff has to spend time maintaining those relationships, rather than just collecting. If you are printing and mailing inventory, acknowledgement, and statistical reports, costs just continue to rise.
Technology is the key to improving efficiency in our personal lives and in business. From hand-held devices for keeping track of your calendar and contacts, emailing and making phone calls; to virtual collectors and integrated client portals—you can leverage technologies to help keep costs down.
Use ‘self serve’ tools like client access portals to mainstream client relationships and keep costs down. With an integrated client access portal, your clients can securely assign accounts, track progress, check balances, report direct payments and account updates, pull uploaded statements, and even run their own dynamic reports.
With this technology, you don’t have to constantly be updating your clients on their accounts’ status—they can check for themselves! Additionally, the promise of 24/7 access to collection progress can help your collection agency win more business. To add this feature to your collection process, contact your collection software provider about available add-on products, or speak with a vendor specializing in technology for improving client relationships.
Don’t ignore the available technology. You might just find the perfect solution to keep your productivity up and your expenses down.
This article was written by Lacey Jensen