Having a follow-up schedule
The probability of collecting a delinquent account drops dramatically with the length of the delinquency. the probability of collecting an account 90 days past due drops to just 68.9%. At 6 months past due, there is only a 51.3% chance of collection. If the account ages to 1 year past due, the likelihood of a successful collection is 21.4%.
-In order to be efficient with your debt collection follow-ups, you need a solid follow-up schedule. You need to keep a record of what stage prospects are in, what the next steps are, and when they’ll occur. It is very important to record any promises made by the customer, including the date they were made and the date payment was promised.
Here’s a standard follow-up schedule that can be adapted as needed.
Debt Collection Ethics