Deal Pack Blog
Your collections practices are easily one of the most important aspects of any buy here pay here or related finance company’s day to day business. Not only do you need to collect payments from customers who don’t necessarily have the best history paying on time, you must stay within state and federal guidelines when contacting these customers. Analyzing and understanding your portfolio has never been more important.
One way that data management can come into play is prioritizing your collections. Knowing your customers and their prior history will allow you to reach out to customers you know are more likely to pay than the ones who have missed prior promised payments. In addition to a customer’s history, details about their loans can help as well. Reviewing your collections by balance, payment amount and frequency and the trends among similar customers can also assist with recognizing trends and finding who you should focus collection efforts on.
Finance companies have another layer concerning their collections efforts. They are able to focus on the dealers they purchase their loans from and can adjust their purchasing trends based upon the payment trends of customers from each dealer. Recognizing these trends can be the difference between a portfolio of good paying customers and a portfolio of repossessions and charge offs.
Deal Pack Pro has tools to help you review, analyze and recognize these trends and assist you with making the best-informed decision. These tools range from a fully integrated collections module, reports and even an export to MS Excel where you can manipulate and view your data the way you want. Reach out to a Deal Pack Pro representative at 1-800-526-5832 to learn more.