One can compare cash recovery to selling.
A key point of the comparison is the need to qualify the prospective customer. Just as a salesperson cannot justify spending equal time with all prospects, a recovery specialist cannot spend identical amounts of time with each customer.
To maximize cash recovery, the recovery specialist should make judgments on how much time to spend on each account by considering the following:
- Size of the account and the amount in dollars
- Age of the account
- Previous payment history
- Existing credit information on the account
- Amount of other accounts to be worked
- Likelihood that collector intervention will pay off
Not only is this a practical tool for enabling a recovery specialist to make realistic judgments about whether customers are going to pay or not, it helps in making the decision on how much added effort to put into recovery by determining the likelihood of success.
Please visit Dynamic Legal Recovery’s website or call us at 877-777-7564 for your complimentary evaluation.