Deal Pack Blog
BHPH: Focusing On Collections
For Buy Here Pay Here (BHPH) dealerships, focus on collecting payment on overdue accounts should always be a top priority. The method of how to best reach customers may vary from dealership to dealership. However, the analysis of collector performance is at the heart of bottom line performance. Deal Pack allows collectors to be assigned to specific accounts at the creation of the loan. Collectors can be assigned to accounts randomly or at the direction of management through a feature of the Deal Pack software, called the Collector Assignment Tool.
This feature allows collectors to be assigned to accounts through various methods. Among the options available is separation of accounts by days overdue, by name of customer, or by the balance remaining on the account. Additionally, Deal Pack gives the ability to create teams of collectors. This can ensure that not only individual users but groups of users can be assigned to specific accounts.
These users can utilize another feature of the Collector Assignment Tool, which is the ability to create individual collection queues with the click of a button. These queues allow collectors to work all of their accounts within Deal Pack. No more wasted paper from printing out lists of customers who need to be contacted. With the queue, a collector can call a customer, take their payment over the phone and continue on to the next customer quickly and easily. This improves work flow within the collections department.
Assigning accounts is an important part of collection performance, but how do you ensure that no account is missed or worse yet, that accounts are not being utilized to their fullest collection potential. With the click of a button, a report can be run to ensure that every open loan is being accounted for by a collector and that no account has been missed. A useful report for this purpose is the No Activity Report. This report allows the user to see which open accounts have not had any activity within a date range.
Users can also run reports to analyze individual collector performance. The Collection Log Report lets you see every note that was made on an account, as well as how many accounts were worked in the process. Run the report by individual collector and analyze statistics such as percentage collected on past due accounts. These reports will not only help you track employee performance, they will allow strategic decisions to be made in the way you assign and work accounts, within your dealership. Using Deal Pack’s collector reports is a sure fire way to key in on the strengths and weaknesses of your collection team, which will help get your collections up to the next level!