If you want to do it in-house, it’s expensive, frustrating and distracting, but if you outsource debt collection to a third-party collection company (or individual), you end up losing a high percentage of the debt in fees.
It’s also risky, because you might be assigned a debt collector who is rude to your clients or too passive. So, what if you could get the best of both worlds… and outsource collections to an offshore team member instead?
Like an in-house debt collection team or a third-party company (or freelancer), and offshore debt collection specialist is responsible for:
Monitoring accounts to identify outstanding debts
Investigating historical data for each debt or bill
Finding and contacting clients to ask about their overdue payments
Taking actions to encourage timely debt payments
Processing payments and refunds if necessary
Resolving billing and customer credit issues
Updating account status records and collection efforts
Reporting on collection activity and accounts receivable status
Tips for employing a debt/billing collections specialist in El Salvador
It takes a minimum of 4 weeks to hire an outsourced debt collection specialist in El Salvador
An experienced debt collection specialist can adapt quickly to the debt collection processes of any business. If you allocate time to conduct a brief training session on your product or service, results tend to exceed expectations. It is good to note that experience isn’t always necessary in your industry for an excellent debt collections specialist.
It’s natural for companies to allocate part of the on-boarding period to training new hires on their internal tools. For experienced candidates, minimal training is required as they’ve typically used a lot of CRMs, so they usually get up to speed very quickly.
Establishing collection targets and other key performance metrics (KPMs) at the outset is important. KPMs during the first 60 days of employment should be different from ongoing KPMs (to accommodate the early learning curve).
As in any collection or sales environment, a commission-based incentive system is expected by debt collection specialists.
A typical debt collection team consists of a group of debt collection specialists reporting to a team leader. Team leaders usually come from the ranks (from senior agents) as this is the career progression in a normal operation.