When managing past-due consumer collection accounts, it‘s important to understand the reason for non-payment. Knowing why a customer cannot or will not pay can help you determine the next most effective action and increase your odds of collecting the past due amount. The first step to stepping on the path of receiving payment is identifying what type of customer you are working with.
We break these consumers down into four types:
Willing and Able – This person is your ideal customer. They have the resources to pay their outstanding invoices and are willing to pay. This person usually finds him or herself in debt because of some error. For instance, maybe the invoice was lost in the mail.
Unwilling but Able – This customer has the ability and the resources to pay, but refuses to do so. Maybe he or she has some dispute regarding the balance owed or was unhappy with the product or service. In this case, finding a solution to the dispute is often possible and will most likely lead to payment.
Willing but Unable – This person wants to pay, but cannot due to financial reasons. They acknowledge the bill and may have even made some effort to pay, but cannot take care of the whole balance. Working out a payment plan is usually the most helpful option for this customer.
Unwilling and Unable – This customer is often the most difficult to work with. He or she refuses to pay and can’t afford to do so anyway. Diffusing the dispute and attempting to set up a payment plan are the best courses of action with this customer.
Identifying the type of customer you’re working with is a valuable first step in the collection process. Once you know your customer’s needs you can work with him or her towards a resolution. Sometimes, the only resolution left may be to hire a third party debt collection agency for assistance. Radiologybill will take on such a task for a contingency fee, or in other words, no up-front cost and a commission percentage is due only if and when collection is successful. Once an account is placed with us, a series of data analysis and account scoring is performed on each account to unlock addition information about the consumers who are most likely to pay and those who are most likely unable to pay. Statistics show that about 35% of Americans move to a new address in any given year. Our professional skip tracers sift through billions of demographic and financial records to locate those missing customers and execute the collection of their accounts. These are just a few examples of the many collection tools we possess, all of which are included at no additional charge outside of the fixed collection fee percentage.
If you’re having difficulty collecting payment, we can help. Contact us today to find out how we can start finding your money everywhere.