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Better Collections...Fewer Rejections
There are several tools available to you to mitigate returns, all of these tools are available to you as the merchant or lender:
1) to give a customer a payment reprieve or time to provide new account information, you can turn off or turn on auto-pay,
2) you can set reminders to turn auto-pay back on,
3) to postpone payments, you can change next payment due dates,
4) you can skip payments,
5) you can communicate inside the loan contract using the Post tab in order to maintain a permanent record of agreements and changes,
6) you can temporarily or permanently change payment amounts.
The best practice for collections is good for land sellers/lenders/landlords/car dealers today. When a payment is rejected, contact the borrower/payer, and see if it was an oversite, a legitimate error or if making a minor change in the due date or payment amount would solve the recurring nature of the rejections.
One call from a person on your team, and a temporary or permanent payment adjustment, will significantly reduce your returns, keep the loan ontrack, and help your payer.
1) to give a customer a payment reprieve or time to provide new account information, you can turn off or turn on auto-pay,
2) you can set reminders to turn auto-pay back on,
3) to postpone payments, you can change next payment due dates,
4) you can skip payments,
5) you can communicate inside the loan contract using the Post tab in order to maintain a permanent record of agreements and changes,
6) you can temporarily or permanently change payment amounts.
The best practice for collections is good for land sellers/lenders/landlords/car dealers today. When a payment is rejected, contact the borrower/payer, and see if it was an oversite, a legitimate error or if making a minor change in the due date or payment amount would solve the recurring nature of the rejections.
One call from a person on your team, and a temporary or permanent payment adjustment, will significantly reduce your returns, keep the loan ontrack, and help your payer.