A great question to ask yourself and one that needs to be clarified before you start your business. Your ideal customer is going to be the one that pays your bills. It will be the source of your revenue and ultimately the success or failure of your business. In the debt collection world, your clients are either the people you are collecting debt for, or the debtors themselves depending on whether you are collecting debt for a 3rd party or collecting your own or purchased debt.
If your client is a 3rd party that you are collecting debt for you need to have a solid business plan for keeping them happy and informed while making sure your business is successful as well. Generally agreement are made between you and the 3rd party client supplying you with the debt that you will receive a percentage of everything that is collected. Make sure you have the proper tools in place to keep your client comfortable and informed as to how their accounts are progressing and how you are helping them to collect money on their outstanding accounts. Remember, if they don’t trust you, your business will suffer.
If debtors are your customers you must always remember that they are the source of your income and ultimately the success of your business. In these tough economic times make sure you are patient and kind, and offer your debtor realistic solutions to their debt problems. You still need to be firm but remember ultimately you are the one who suffers if they don’t pay their bills. Remember to change things up and be creative in your approach with this kind of customer.