By Chris McIntyre - April 7, 2022
Collections is one of the most important aspects of the BHPH industry. Selling cars is obviously important too; however, the ability to continually collect those periodic payments can make or break a BHPH dealer. Here are three tips for being able to maximize your collections potential:
Ensure your dealer management software (DMS) has the ability to send text messages. Being able to email and send letters to customers is important as well, but not everyone checks their mail or their email every day. The truth is many people are glued to their smartphones nowadays, and when they receive a text message they will see it. Being able to send a voice broadcast is also beneficial, but this requires the customer to answer the phone and/or check their voicemail.
Have a strategy for working collections. If you have several employees that work collections, assign them accounts that they can take ownership of and be accountable to. If you only have one employee that works collections, then they need to be held accountable for all the accounts. Create a reward system and set goals for each collector to give them incentive to drive collections.
Expect what you inspect. Don’t expect superior performance if you are not monitoring collections reports on a daily basis. This includes reports of customers that are past due, and deferment reports to see if your collectors are simply moving the customer’s due date to hide the fact that the customer is far behind in payments. Also, check reports that show payments being written off, as this could also distort true delinquencies.
Many DMS programs are not adequately equipped to handle collections, but with Deal Pack the process is streamlined. Deal Pack can send emails, print letters, send text messages, and send voice broadcasts to queues of customers. Please contact support at 800-526-5832 or support@abcoa.com to learn more.
ABCoA is a Software-as-a-Service company dedicated to the subprime industry. Our cloud-native ecosystem handles every part of business operations - improving productivity, security and accuracy, while consolidating vendors and reducing costs.
Since 1983, ABCoA has helped buy here pay here used car dealerships and subprime finance companies eliminate duplication, remain compliant, and achieve success with complete, customer-driven software and dependable support. Customers properly using Deal Pack have never lost an IRS audit.
Recently awarded Top Online Accounting Software for Deal Pack, ABCoA continuously elevates the standard for software in the subprime industry and helps customers grow through our commitment to quality, innovation, and service. Headquartered in Jacksonville, Florida with employees across four states, we remain family-owned and operated.
To learn more about ABCoA, visit www.abcoa.com.
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