How to apply payment intent within collections management
In the current economic climate strategic collections and recoveries management could make all the difference between reporting a profit or a loss this year. Whilst the principles of targeted collections is well understood, the tools available to effect such an approach have been thin on the ground. Payment intent coding, from Fraudscreen, has proven to fulfil this very need - providing powerful insight to assist decision and activities in pre-delinquency, collections and recoveries.
This quick guide gives practical advice and examples of how to apply payment intent to:
- Ensure you have the most up-to-date contact details for people who are most likely to fall into arrears, without wasting resource in cleansing records for people who won't.
- Target resources to the most urgent or most likely recoveries.
- Undertake effective telephone collections.
- Reduce the negative impact of perceived unfair treatment.
- Identify customers who can be assisted through a temporary crisis to return to profitability in the long term.
