Getting the most from Debt Collection Efforts

Given current legislative conditions, an anemic economy, coupled with debt collection becoming more critical to maintain cash flow for businesses, Debt Collection Attorneys, like Florida Debt Collectors Marcadis Singer, are faced with more work, and fewer qualified agents to collect them.

A recent study buy Ninzi-Connect software found that over 40% of all calls handled by agents are bad numbers, busy signal and unanswered calls.  When a collector actually connects with a debtor, the same study found that the call was productive approximately 50% of the time.   That means 30% of all collections calls are actually productive.

One approach is to hire and train as many agents as possible, in the fervent hope that the new hires will break even on their training expense as soon as they are put behind a phone.  If that happens, pray that the collector isn't snatched up by  a more aggressive agency.

Throwing bodies, especially bodies that might be transient, is just not the right answer.  This "old school" approach to debt collections is ineffective, and does not lead to high quality professionals collecting debt for the law firm.

Improved training and scripts, however, do add incremental value to the hiring and deployment of collection professionals in a law practice.  The ins and outs of todays litigious environment need to be taught, practiced, role played in order to be effective.  This leads to a slower start up, but a more productive and professional collection agent, however it is not a panacea.

Automation also leads to incremental gain.  The built in delays in call answering using automated systems however, greatly diminish the efficacy of tools like automated call systems.   We prefer to not use tools like autodialers.  While they do lead to more calls per hour per collector, debtors and collectors alike begin their conversation at a disadvantage.

More effective in improving the productivity of the collections process is intelligent scheduling, calling the right people at times that are statistically more productive through data-mining past results buried in the collections software database.

A blend of intelligent collections, calling the right people, at the right time, with well trained collectors, working from a flexible but well crafted script are the key to optimizing collections calls.

Simply blind calling at times when no one is home, in the hope of finding a debtor may have worked in the old days when throwing labor at a project produced a proportionate gain in collections, just no longer makes the grade.

Today's smart collections professionals working for debt collections attorneys rely on good training, flexible intelligent scripts, and optimized timing based on a thorough knowledge of the years of data history within the firm.

Our industry is changing, getting smarter, becoming more profesional, and squeezing the old heavy handed poorly trained guard out of existance.

We welcome  you to talk with Marcadis Singer PA, and experience the difference smart collections make in the ROI of your collections efforts.

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.

Tampa, Florida 33611

info @ marcadislaw.com

(888) 547-1881

(813) 288-1881

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Ext. 247 Gil Singer

Ext. 240 Ralph Marcadis

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