Debt collection tips and tricks

Every business will have to deal with debt collection, but there are so many options for connecting with late payers in today's tech-driven world. According to Business 2 Community, utilizing multiple communication channels and modern technology can help track down debtors and collect payments. The first step in debt collection is typically a form letter used to initiate contact. How the debtor responds - for example, whether they pay the full amount due, attempt to start a payment plan or deny the debt, typically determines what the next step with be in the process. Other letters could follow, or telephone calls and doorstep visits could come next. All of these actions depend on the policy of each debt collection agency. Another technique used in recent years to reach debtors is text messaging. Bulk messages can be sent out, or collectors can implement new technology that allows consumers to dial a number included in a message and make a payment automatically. "Some debt collectors now use a business text account that allows them to send bulk text messages to debtors," writes the source. "These messages can be automated, and different messages can be sent to different debtors, ensuring that each person gets the message that is applicable to their circumstances."