Thinking ahead

First things first, we hope this message finds you well during these challenging and unprecedented times. It is our goal to help you ride out the storm and, when you are ready, to do what we can to help with what might feel like an insurmountable hurdle of aged receivables.

As we all await Shelter-in-Place orders to expire, along with the moratorium on collection calls, we are focusing on a new planning issue – and that is how do we return to the office?  How do we return to collections of your past due balances?

Like many companies in the financial industry, we realize that the world is going to look and feel a lot different in the coming months and year ahead. For those of you that have accounts we are actively working, our negotiators remain at the forefront and are keeping the lines of communication open with your customers. They are rearranging payment plans and making sure your customers are not panicked by their open balances. When we are talking to your customers, we listen and discuss with them that you asked us to reach out and let them know we are here to help and that you want us to work with them.

For those of you who we have been in a hold pattern, we are planning to address your customers in the manner mentioned above. Our team is used to dealing with people in crisis every day. And we are happy to help you with verbiage that will mitigate panic.

Our main focus is to protect your good name (and ours). We are hyper-aware that no one wants to be “THAT Person” or “THAT Company” to make the bad impression.

As we all prepare for the slow reopening, and to help everyone with their revised budgets and writeoffs, we are offering to run all the accounts we have through a “COVID Impact Tool”. This data, which comes from a trusted vendor, will provide you additional insight on the customer base that has been impacted by this shut down and the pandemic. We invite you to utilize this resource on any of your accounts, not just those you place for collections.

As for collection items that are placed and determined uncollectible based on COVID-19, our new reporting features will identify the losses associated with COVID-19. We believe knowledge is power and will do all we can to ensure you have as much information at your fingertips to better understand the overall impact of COVID-19 had on your accounts.

We remain committed to providing you with resources and relevant solutions to address your needs, and in navigating during these challenging and changing times. If there’s anything more we can be doing for you, please let us know.

We are in this together, and we can’t tell you how much we appreciate all of your support.

Meg Scotty

CEO