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Integrated Collections Management Solution 5Rs
Bevertec’s 5Rs Collection Management Philosophy
The key to having your customers pay on a timely basis is to let them know you are closely monitoring the relationship; ICMS software incorporates our credit collection philosophy, and is based on the principles of the five “R’s”:
- Relationship Building With the Customer
— shows all relationships and customer profiles to allow collectors to assess the complete situation. Provides logging and access to all customer collection activity history, to allow collectors to know what was said in previous contacts.
- Retaining The Customer
— our knowledge-based Script (KBS) allows the organization to present a standard corporate image to the customer.
— service by multiple collectors reduces the possibility of personality conflict.
- Reminding The Customer
—- timely customer contact by letter or phone call based on prioritized work queues, usually brings the collection process to a satisfactory conclusion.
— timely follow-up shows the customer you care and again contributes to speeding the collection process.
- Rehabilitate The Customer
— different scripts for different occasions ensures that every effort is made to help the customer to get back on track financially.
— use of corporate knowledge in scripts provides greatest opportunity of success in collection.
— provides information that allows the financial officer to restructure payment arrangements.
- Recover Your Assets
— timely determination of impending recovery ensures maximum dollar value to be recovered.
— tracking and monitoring of recoveries easily allows third party recovery.
— our Knowledge-Based Scripts (KBS) encourages the collector to quickly get to the salient points of the conversation and minimizes the time spent on the phone.
— automatic generation of work queues ensures the most exposed risks are processed first.
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