All Industries Differ - How do Collections in Your Sector Compare?

Posted by James on Jul 23, 2020 1:48:50 PM

In Debt Collections Agency, Collections Timelines

Understanding the multitude of ‘moving parts’ involved in the collections process is not an easy job and often we hear our industry partners talking about their frustrations with staying abreast of the endless challenges.

The constant need to take into account things like customer trends, evolving customer journey, preferred communications channels and state of mind has meant collections teams need to stay relevant and up to date with the latest information and industry trends.

 

Don't have time to read this blogpost?

Click Here to download your Collections Ebook: Comparing Industry specific timelines, and read at your convenience

 

To lend a helping hand, over the past 6 weeks we have been sharing a 6 post blog series made up from our common Collections Timelines Whitepaper covering all of the different stages of the Collections process:

  1. Setting up for success

  2. Pre due

  3. Due date

  4. Early collections

  5. Late collections

  6. Late late collections

 

Following a deep dive into our data from thousands of clients and over two million live accounts, the blog series allowed us to share best practice, bring together the average time periods from the overall industry and offer examples of how we go about business to deal with each step of the process.

Looking at the feedback from our partners and internally from our team members we decided to go one step further to dive even deeper into our numbers and break down the common collections timelines into the 5 largest industry sectors we service:

  1. Business to Business (B2B)

  2. Telco

  3. Financial

  4. Insurance

  5. Utilities

 

Once again, we have turned our findings into a free download called Collections: comparing industry-specific timelines.

So, if you're curious whether your collections are measuring up against your specific sector's average timelines then this is the download for you,. Even if you just want to know how other sectors individually go about their business and the best practice they deploy then there may be a nugget or two of development opportunities here for you.

 

Click Here to download your Collections Ebook: Comparing Industry specific timelines