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CEO Moment
Lesson's to be learned from typing the wrong email address!
A Minneapolis couple decided to go to Florida to thaw out during a particularly icy winter. They planned to stay at the same hotel where they spent their honeymoon 20 years earlier. Because of hectic schedules, it was difficult to coordinate their travel schedules. So, the husband left Minnesota and flew to Florida on Thursday, with his wife flying down the following day. The husband checked into the hotel. There was a computer in his room, so he decided to send an email to his wife.
However, he accidentally left out one letter in her email address, and without realizing his error, sent the email.
Meanwhile, somewhere in Houston, a widow had just returned home from her husband's funeral. He was a minister who was called home to glory following a heart attack. The widow decided to check her email expecting messages from relatives and friends. After reading the first message, she screamed and fainted.
The widow's son rushed into the room, found his mother on the floor, and saw the computer screen which read:
To: My Loving Wife
Subject: I've Arrived
Date: October 16, 2004
I know you're surprised to hear from me. They have computers here now and you are allowed to send emails to your loved ones. I've just arrived and have been checked in. I see that everything has been prepared for your arrival tomorrow. Looking forward to seeing you then! Hope your journey is as uneventful as mine was.
P.S. Sure is hot down here!
David Ward, CEO
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Greetings!
Welcome back to the Delta Recovery Systems monthly
newsletter. This month we'll take a detailed look at our agency
objectives and how to best handle direct payment collections. Have a
Happy Thanksgiving, everyone! As always, we welcome any comments,
suggestions and/or questions you may have concerning our newsletter
and industry issues in general.
Comments,
Suggestions and Feedback
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 Improve
cost of working capital through a lower DSO.
- Gain control of profit leakage caused by late customer
payments.
- Faster identification and processing of disputes focusing
on increasing recoveries on invalid disputes.
- Eliminate the cost of waste, rework and extra
administrative costs in areas within the company that are
involved with collection issue resolution.
- Improve customer relationships thru professional customer
contact designed to work with the customer towards clearing
up their debts in a timely manner.
- Identify, and address customer ability to pay.
Skip trace accounts to identify contact person, validate
phone numbers and addresses of customer.
Review contracts/invoices for verbiage that will allow Delta
Recovery Systems to add the costs of collection and/or legal
expenses minimizing the cost to the company.
Forward monthly Client Status Reports.
Provide clients access to the Client Access Web Portal where
they can access accounts in real time, compile reports and
submit data with a keystroke.
Remittance checks forwarded twice monthly.
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 One
question frequently asked by clients is, “Once a file has been
referred to Delta Recovery Systems for collections, how do we
handle payments subsequently received at our location?”
We
refer to such transactions as Direct Payments. Direct Payments
are valid collections and Delta Recovery Systems is entitled to
fees earned. It is a common debtor practice to attempt Direct
Payment to avoid paying finance charges, interest and contracted
collection costs. Sometimes a debtor simply does not want to add
another vendor to their accounting files. They think that no one
will notice if they sneak this payment in.
Experience
has proven that all calls, correspondence and payments debtors
may send subsequent to referral must be forwarded to Delta
Recovery Systems for handling. That way our skilled, trained
negotiators can effectively, professionally and quickly do the
job you have asked us to do!
There
are two ways to process a direct payment collection:
1.
The preferred option is to mail the check to Delta for
processing. That way we can monitor the account should the bank
return the check. Also, we can continue to assert the correct
amount of pressure for any remaining balance, interest and
collection costs.
2.
Oops! Already deposit the check? (Try to make a copy of the
check so Delta can have the debtor’s banking information on
file.) Immediately report the payment via fax, mail, email or
telephone to Delta Recovery Systems and we will include the
transaction and our fee on the next remittance statement.
Unreported
Direct Payment Collections can open you and Delta Recovery
Systems to unnecessary exposure on those accounts with our
Consumer Division. Give us a call today. We welcome your
questions regarding direct payments! |
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