A Payment plan is an agreed payment schedule to pay off an outstanding amount at regular intervals with regular amounts.
Main benefits of using payment plans
Offers debtors a chance to pay off their debt in more manageable amounts.
Builds a stronger relationship as shows compassion in difficult times.
Avoid collection costs.
How to monitor a payment plan
Organise the payment plan with the debtor
Put all the details of the proposed payment plan in a note and pin it to the top of the page.
You’ll need to know the frequency of payments, amount to be paid and the day/date payments will be made.Select the Payment Plan button. Snooze the contact until the next payment is expected.
When the contact comes back into “ready to call” check that the total amount has gone down by the agreed upon amount.
Write the amount paid and the new total in a call note and select the progressed button each time you check in.
Snooze till the next payment is expected.
If no payment has come through give the contact a follow up call.