Tax Season Tips for Collections
Growing up in operations at a large collection agency in the high volume telecom world, it never ceased to amaze me how early we needed to start preparing for the tax season. Whether you have competitive portfolios or not, you’re always trying to outperform other agencies. If your competitors are doing it better, that can be a steep hill to climb all year on those scorecards. Here’s a few things you can do to prepare for tax season now:
1. Tax Season Talk-Offs
Start getting those tax season talk-offs ready and in the front of your agents. (Voice analytics is a really effective way to monitor “tax” mentions.) An RPC in December that doesn’t pay can be teed up by asking the right questions and since every tax season is a little different, gathering info straight from consumers across the country paints a nice timeline on those returns and helps manage expectations.
2. Payment & Letter Strategies for Tax Season
Prepare a settlement letter strategy for those clients that allow it or aggressive payment plans that include a lump sum, upfront payment and smaller payments thereafter. A strong letter strategy is important. I’ve found that including different payment options within a single letter can be very effective.
3. Accurate Contact Information
Get the best contact information for your consumers. When was the last time you assessed your data provider(s)? Dialing efficiency is crucial during tax season, so you’ll want to make sure you’re partnered with someone who cares about delivering the best phone numbers. Running a phone append test in December will ensure that you have the best data provider implemented before consumers start throwing around their extra money. (Click here to fill out a form to have someone contact you about a test with LocateSmarter.)
What other ideas and strategies do you have for the upcoming tax season? Email me (DJ Perry) and let’s talk shop.
Author: DJ Perry
DJ Perry’s career in the collection industry began a little less than a decade ago. Starting on the phones as a collector, DJ quickly moved up the ladder into Operations Management. DJ has been closely involved with dialing strategies, performance metrics, skip tracing and risk management.
DJ carries a passion for moving the needle and creating win-win situations.