A Collector’s Work Method and Tasks in a Multifinance Company
What comes to your mind when you first hear of a collector’s task?
The imagery of a debt collector who comes to see the client is one of the most familiar images of a collector. Not to mention, stories of debt collectors are embellished with details about them terrorizing the client’s relatives or forcing a fight with the clients for the sake of collecting debts from the clients.
However, behind these dramatized stories, the important role of a debt collector is nonetheless cannot be underestimated. Now let us see the following explanation.
Collectors’ Role Based on Their Work Methods
Generally, collectors’ tasks are divided into three different levels based on their work methods.
- Desk collector
This task is given to collectors who work in the back office and not in the field. They only have to remind the due date to the clients through telephone. Because they serve as reminders, the task of desk collectors are oriented to customer service, so they have to use a more professional and well-mannered communication style.
- Field collector
They will be sent on to the field when the customers fail to pay their due debts after some time. Collectors will visit these customers to figure the customers’ reason behind the payment failure and their current financial status.
Field collectors will persuade the customers to comply with the customers’ obligations as a client. They also will point out the consequences of not paying the debts immediately after the due date has passed.
Moreover, the collector will also provide a new deadline to the customers to pay the remaining debts, usually takes up about seven days. This deadline is related to the collectors’ target that they should fulfill monthly.
Customers can also pay their debts immediately to the field collectors. Therefore, the collectors are obliged to provide official proof of payment to the customers on this occasion and not merely receipt.
- Remedial Collector
If some time has passed since the customers received their deadline without any payment whatsoever, the multifinance company will assign remedial collectors (or bailiffs) to see the customers. The remedial collectors can come from the company’s internal departments or from external parties, based on the complexity of the situation. This group of collectors will confiscate properties that serve as collaterals when the customers applied their loan requests.
When the remedial collectors are working, they will offer different treatments based on the customers’ response to their responsibilities. If the customer comprehends the situation well and is willing to submit the collateral as per the previous agreement, the collectors will act politely to the customer.
On the contrary, the collectors will use force if the customer is unwilling to show good faith, such as deliberately leaving calls on hang, running away, and hiding to avoid persecution. When using force, the collectors will resort to intimidation and forceful confiscation other than processing the situation with the authorities.
However, the collectors must not abuse the authority and force that they possess so that they will not be subject to multiple criminal offenses, such as damaging properties and smearing reputation.
Skills of a Capable Collector
A collector has to be adept in communicating, negotiating, and analyzing things during their work hours. A collector also has to be able to work under pressure, while maintaining composure and situation during work time. Furthermore, a collector has a set of targets that should be fulfilled every month. In the same time, a collector needs to build a trusted image whenever the collector is meeting the clients.
The harsh and stern image of a collector is not entirely correct in its regard. This less than ideal image needs to be changed by showing that collectors can be friendly consultants who can offer solutions to every single problem the customers may face. This change of image can be started from using neat clothes and being humble to the customers and everyone around the collectors.
To support the collector’s task, you can provide them with the Debt Collector – Mobile Collection application from AdIns. By installing this application in the smartphone, collectors can easily access the customers’ data.
As the management, you can also freely manage and monitor your collectors. You can manage the collectors by limiting the admission rate of cash money and location validation. All of these features can run on real-time and the data will be immediately stored in the system.
So, are you ready to immerse your collectors’ work methods with technological features in your company?