National Skip Tracing Month

4 Questions to Ask to Get the Most from Your Collection Letters

  • Written by Heather Taylor

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4 Questions to Ask to Get the Most from Your Collection LettersSchedule Your Review Link

You make time for routine auto maintenance and annual physicals because it is easier, and less expensive, to resolve potential issues early instead of waiting until they become a serious problem.

For the same reason, it is wise to review your products and services from your collection letter partner on a regular basis. In order to make sure you are getting the most bang for your buck, below there are four questions you should ask your collection letter partner.

1.   Are there services I should consider adding to lower my overall lettering costs?
Your business is constantly evolving. A service that might not have made sense three years ago could save you thousands of dollars today. Many services are billed only when there is a hit - so you have nothing to lose. If your clients will permit it, letter householding can reduce your costs by more than 10 percent. A careful review of your usage reports and your invoice can reveal simple changes that make a significant difference in your bottom line.

2.   Are there lower-cost products appropriate for my letter types?
Most collection letter providers have released self-mailers in the past few years. Some are launching e-mail collection letters. Both will have a positive impact on your bottom line. While not appropriate for every collection letter type, you may be able to convert some of your letters to these lower-cost products.

3.   How can you help our organization increase our regulatory compliance?
Security expectations have risen dramatically even in the last 24 months. In order to protect your business, you may need to update your data transfer methods to your collection letter provider. And given the litigious business environment in which we all operate, you should consider services such as a duplicate record check to ensure the same letter is not accidentally sent to the same individual.

Of course, you need to review your provider's security certifications annually to ensure they are complying with all applicable regulations and legislation.

4.   What new products or services have you introduced in the past 24 months or will introduce in the next 12 months?
In the hectic pace of everyday business operations, it is difficult to review every new product on the market. Taking a few minutes annually to review new products or services can reveal the solution to a persistent problem or inefficiency your organization struggles to resolve. Even if you opt not to use any of the new products, it is wise to spend a few minutes investigating if you can increase your security, provide better customer service or positively impact your bottom line.